SMB vs. IBMO
SMB (VanEck Short Muni ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds - SMB tracks the Bloomberg AMT-Free Short Continuous while IBMO tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. Both are passively managed. Over the past 5 years, SMB returned 1.19%/yr vs 0.67%/yr for IBMO. At a 0.42 correlation, their price movements are largely independent. SMB charges 0.20%/yr vs 0.18%/yr for IBMO.
Performance
SMB vs. IBMO - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.61% return, which is significantly lower than IBMO's 0.95% return.
SMB
- 1D
- 0.06%
- 1M
- 0.58%
- YTD
- 0.61%
- 6M
- 1.34%
- 1Y
- 3.87%
- 3Y*
- 3.58%
- 5Y*
- 1.19%
- 10Y*
- 1.55%
IBMO
- 1D
- 0.01%
- 1M
- 0.17%
- YTD
- 0.95%
- 6M
- 1.30%
- 1Y
- 2.78%
- 3Y*
- 2.93%
- 5Y*
- 0.67%
- 10Y*
- —
SMB vs. IBMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.61% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 2.82% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 0.95% | 3.11% | 1.97% | 2.90% | -5.36% | -0.16% | 5.48% | 4.69% |
Correlation
The correlation between SMB and IBMO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2019 | 0.42 |
Over the past year, the correlation between SMB and IBMO has dropped to 0.11 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
SMB vs. IBMO — Risk / Return Rank
SMB
IBMO
SMB vs. IBMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) and iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO). 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.
| SMB | IBMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.53 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.32 | 7.38 | -4.06 |
| Martin ratioReturn relative to average drawdown | 9.34 | 21.93 | -12.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SMB | IBMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.54 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.31 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.41 | +0.01 |
Drawdowns
SMB vs. IBMO - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for SMB and IBMO.
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Drawdown Indicators
| SMB | IBMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -14.77% | +2.13% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -0.38% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -1.76% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | -8.86% | +1.38% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | 0.00% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -2.32% | +1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.13% | +0.28% |
Volatility
SMB vs. IBMO - Volatility Comparison
VanEck Short Muni ETF (SMB) has a higher volatility of 0.42% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.19%. This indicates that SMB's price experiences larger fluctuations and is considered to be riskier than IBMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMB | IBMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.19% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 0.83% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 1.10% | +0.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 2.15% | +0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 4.52% | -0.26% |
SMB vs. IBMO - Expense Ratio Comparison
SMB has a 0.20% expense ratio, which is higher than IBMO's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SMB vs. IBMO - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.69%, more than IBMO's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% | 0.00% | 0.00% | 0.00% | 0.00% |
SMB VanEck Short Muni ETF | 2.69% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and IBMO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMB has higher volatility (0.42%) compared to IBMO (0.19%). In terms of maximum drawdown, SMB dropped -12.64% vs IBMO's -14.77%.
On 5-year performance, SMB leads with 1.19% vs 0.67% for IBMO. On fees, IBMO is cheaper at 0.18% per year. On volatility, IBMO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMB has performed better with a 1.19% return vs 0.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMO is cheaper with a 0.18% expense ratio, compared with 0.20% for SMB.
SMB has the higher dividend yield at 2.69%, compared with 2.39% for IBMO.
SMB tracks Bloomberg AMT-Free Short Continuous, while IBMO tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.20% for SMB and 0.18% for IBMO.
IBMO currently has the higher Sharpe Ratio (2.54 vs 2.37), 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.
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