RJMI vs. IBMN

Last updated Jun 4, 2026

RJMI (RJ Eagle Municipal Income ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds. RJMI is actively managed, while IBMN is passively managed. At a 0.16 correlation, their price movements are largely independent. RJMI charges 0.41%/yr vs 0.18%/yr for IBMN.

Performance

RJMI vs. IBMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RJ Eagle Municipal Income ETF (RJMI) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RJMI

• 1D: -0.06%
• 1M: 0.87%
• YTD: 1.64%
• 6M: 2.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMN

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 1.20%
• 3Y*: 2.44%
• 5Y*: 0.47%
• 10Y*: —

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

RJMI vs. IBMN - Yearly Performance Comparison

	2026 (YTD)	2025
RJMI RJ Eagle Municipal Income ETF	1.64%	2.82%
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	0.00%	0.37%

Correlation

The correlation between RJMI and IBMN is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.16

Return for Risk

RJMI vs. IBMN — Risk / Return Rank

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

IBMN

IBMN Risk / Return Rank: 84
IBMN Sharpe Ratio Rank: 64
IBMN Sortino Ratio Rank: 78
IBMN Omega Ratio Rank: 93
IBMN Calmar Ratio Rank: 92
IBMN Martin Ratio Rank: 93

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.

RJMI vs. IBMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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

	RJMI	IBMN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.12	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	0.58	+1.66

Drawdowns

RJMI vs. IBMN - Drawdown Comparison

The maximum RJMI drawdown since its inception was -3.04%, smaller than the maximum IBMN drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for RJMI and IBMN.

Drawdown Indicators

	RJMI	IBMN	Difference
Max Drawdown Largest peak-to-trough decline	-3.04%	-12.40%	+9.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-7.36%	—
Current Drawdown Current decline from peak	-0.60%	-0.05%	-0.55%
Average Drawdown Average peak-to-trough decline	-0.66%	-1.81%	+1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	RJMI	IBMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	0.71%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	1.80%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	3.89%	-0.81%

RJMI vs. IBMN - Expense Ratio Comparison

RJMI has a 0.41% expense ratio, which is higher than IBMN's 0.18% expense ratio.

Dividends

RJMI vs. IBMN - Dividend Comparison

RJMI's dividend yield for the trailing twelve months is around 1.95%, more than IBMN's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	1.14%	2.03%	2.03%	1.72%	0.97%	0.70%	1.11%	1.65%	0.23%
RJMI RJ Eagle Municipal Income ETF	1.95%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RJMI and IBMN in my portfolio?

RJMI and IBMN have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RJMI or IBMN?

On fees, IBMN is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RJMI or IBMN?

IBMN is cheaper with a 0.18% expense ratio, compared with 0.41% for RJMI.

Which ETF pays a higher dividend yield, RJMI or IBMN?

RJMI has the higher dividend yield at 1.95%, compared with 1.14% for IBMN.

What is the main difference between RJMI and IBMN?

They also come from different issuers: Carillon Tower Advisers and iShares. Their fees differ too: 0.41% for RJMI and 0.18% for IBMN.