MUNC vs. IBMM

Last updated Jun 7, 2026

MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds. MUNC is actively managed, while IBMM is passively managed. Both charge a 0.18% expense ratio.

Performance

MUNC vs. IBMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MUNC

• 1D: -0.12%
• 1M: 0.15%
• YTD: 0.96%
• 6M: 1.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MUNC vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	-0.60%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

MUNC vs. IBMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MUNC	IBMM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	—	—

Drawdowns

MUNC vs. IBMM - Drawdown Comparison

The maximum MUNC drawdown since its inception was -3.17%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for MUNC and IBMM.

Drawdown Indicators

	MUNC	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-3.17%	0.00%	-3.17%
Current Drawdown Current decline from peak	-1.32%	0.00%	-1.32%
Average Drawdown Average peak-to-trough decline	-0.68%	0.00%	-0.68%

Volatility

Volatility by Period

	MUNC	IBMM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	0.00%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	0.00%	+2.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	0.00%	+2.71%

MUNC vs. IBMM - Expense Ratio Comparison

Both MUNC and IBMM have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MUNC vs. IBMM - Dividend Comparison

MUNC's dividend yield for the trailing twelve months is around 2.51%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	2.51%	1.15%

Frequently Asked Questions

Which ETF is better, MUNC or IBMM?

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNC or IBMM?

MUNC and IBMM have the same expense ratio: 0.18% per year.

Which ETF pays a higher dividend yield, MUNC or IBMM?

MUNC has the higher dividend yield at 2.51%, compared with 0.00% for IBMM.

What is the main difference between MUNC and IBMM?

They also come from different issuers: Northern Trust and iShares.