PMIO vs. INMU

Last updated Jun 23, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and INMU (BlackRock Intermediate Muni Income Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, PMIO returned 6.62% vs 6.89% for INMU. A 0.68 correlation means they provide meaningful diversification when combined. PMIO charges 0.25%/yr vs 0.30%/yr for INMU.

Performance

PMIO vs. INMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) and BlackRock Intermediate Muni Income Bond ETF (INMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PMIO having a 1.96% return and INMU slightly higher at 2.02%.

PMIO

• 1D: -0.03%
• 1M: 1.29%
• YTD: 1.96%
• 6M: 2.15%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

INMU

• 1D: 0.00%
• 1M: 1.45%
• YTD: 2.02%
• 6M: 2.15%
• 1Y: 6.89%
• 3Y*: 4.62%
• 5Y*: 1.86%
• 10Y*: —

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

PMIO vs. INMU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.96%	5.30%	2.41%
INMU BlackRock Intermediate Muni Income Bond ETF	2.02%	5.52%	2.13%

Correlation

The correlation between PMIO and INMU is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024	0.68

The correlation between PMIO and INMU has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

PMIO vs. INMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PMIO

PMIO Risk / Return Rank: 80
PMIO Sharpe Ratio Rank: 91
PMIO Sortino Ratio Rank: 94
PMIO Omega Ratio Rank: 95
PMIO Calmar Ratio Rank: 62
PMIO Martin Ratio Rank: 58

INMU

INMU Risk / Return Rank: 76
INMU Sharpe Ratio Rank: 88
INMU Sortino Ratio Rank: 91
INMU Omega Ratio Rank: 93
INMU Calmar Ratio Rank: 56
INMU Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMIO vs. INMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) and BlackRock Intermediate Muni Income Bond ETF (INMU). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PMIO	INMU	Difference
Sharpe ratio: Return per unit of total volatility	3.01	2.78	+0.23
Sortino ratio: Return per unit of downside risk	4.52	4.09	+0.42
Omega ratio: Gain probability vs. loss probability	1.69	1.62	+0.07
Calmar ratio: Return relative to maximum drawdown	2.97	2.68	+0.29
Martin ratio: Return relative to average drawdown	9.87	9.02	+0.84

PMIO vs. INMU - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 3.01, which is comparable to the INMU Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of PMIO and INMU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PMIO vs. INMU - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum INMU drawdown of -10.67%. Use the drawdown chart below to compare losses from any high point for PMIO and INMU.

Drawdown Indicators

	PMIO	INMU	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-10.67%	+7.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-2.58%	+0.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.67%	—
Current Drawdown Current decline from peak	-0.06%	-0.37%	+0.31%
Average Drawdown Average peak-to-trough decline	-0.65%	-2.79%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.76%	-0.09%

Volatility

PMIO vs. INMU - Volatility Comparison

The current volatility for PGIM Municipal Income Opportunities ETF (PMIO) is 0.60%, while BlackRock Intermediate Muni Income Bond ETF (INMU) has a volatility of 0.67%. This indicates that PMIO experiences smaller price fluctuations and is considered to be less risky than INMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMIO	INMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	0.67%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	1.91%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	2.49%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	3.61%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.06%	3.53%	-0.47%

PMIO vs. INMU - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than INMU's 0.30% expense ratio.

Dividends

PMIO vs. INMU - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.91%, more than INMU's 3.35% yield.

Position	TTM	2025	2024	2023	2022	2021
INMU BlackRock Intermediate Muni Income Bond ETF	3.35%	3.48%	3.47%	3.44%	1.92%	1.14%
PMIO PGIM Municipal Income Opportunities ETF	3.91%	4.00%	2.11%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIO and INMU in my portfolio?

PMIO and INMU have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or INMU?

INMU has higher volatility (0.67%) compared to PMIO (0.60%). In terms of maximum drawdown, PMIO dropped -3.39% vs INMU's -10.67%.

Which ETF is better, PMIO or INMU?

On 1-year performance, INMU leads with 6.89% vs 6.62% for PMIO. On fees, PMIO is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PMIO or INMU?

Over the 1-year period, INMU has performed better with a 6.89% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or INMU?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.30% for INMU.

Which ETF pays a higher dividend yield, PMIO or INMU?

PMIO has the higher dividend yield at 3.91%, compared with 3.35% for INMU.

What is the main difference between PMIO and INMU?

They also come from different issuers: PGIM and BlackRock. Their fees differ too: 0.25% for PMIO and 0.30% for INMU.

Which has better risk-adjusted returns?

PMIO currently has the higher Sharpe Ratio (3.01 vs 2.78), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.