STAX vs. IBMO

Last updated Jun 4, 2026

STAX (Macquarie Tax-Free USA Short Term ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds. STAX is actively managed, while IBMO is passively managed. Over the past year, STAX returned 3.87% vs 2.71% for IBMO. At a 0.40 correlation, their price movements are largely independent. STAX charges 0.29%/yr vs 0.18%/yr for IBMO.

Performance

STAX vs. IBMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Tax-Free USA Short Term ETF (STAX) and iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO). 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 STAX having a 0.93% return and IBMO slightly higher at 0.94%.

STAX

• 1D: -0.08%
• 1M: 0.13%
• YTD: 0.93%
• 6M: 1.25%
• 1Y: 3.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMO

• 1D: 0.01%
• 1M: 0.26%
• YTD: 0.94%
• 6M: 1.23%
• 1Y: 2.71%
• 3Y*: 2.97%
• 5Y*: 0.67%
• 10Y*: —

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

STAX vs. IBMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
STAX Macquarie Tax-Free USA Short Term ETF	0.93%	4.12%	2.55%	1.45%
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF	0.94%	3.11%	1.97%	1.01%

Correlation

The correlation between STAX and IBMO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.40

Over the past year, the correlation between STAX and IBMO has dropped to 0.09 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

STAX vs. IBMO — Risk / Return Rank

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

STAX

STAX Risk / Return Rank: 86
STAX Sharpe Ratio Rank: 95
STAX Sortino Ratio Rank: 97
STAX Omega Ratio Rank: 98
STAX Calmar Ratio Rank: 74
STAX Martin Ratio Rank: 65

IBMO

IBMO Risk / Return Rank: 86
IBMO Sharpe Ratio Rank: 76
IBMO Sortino Ratio Rank: 87
IBMO Omega Ratio Rank: 83
IBMO Calmar Ratio Rank: 94
IBMO Martin Ratio Rank: 91

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.

STAX vs. IBMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) 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.

	STAX	IBMO	Difference
Sharpe ratio: Return per unit of total volatility	3.86	2.47	+1.39
Sortino ratio: Return per unit of downside risk	6.16	3.97	+2.19
Omega ratio: Gain probability vs. loss probability	1.99	1.51	+0.49
Calmar ratio: Return relative to maximum drawdown	3.70	7.20	-3.50
Martin ratio: Return relative to average drawdown	11.77	21.39	-9.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STAX vs. IBMO - Sharpe Ratio Comparison

The current STAX Sharpe Ratio is 3.86, which is higher than the IBMO Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of STAX and IBMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	STAX	IBMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.86	2.47	+1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.64	0.41	+2.23

Drawdowns

STAX vs. IBMO - Drawdown Comparison

The maximum STAX drawdown since its inception was -1.42%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for STAX and IBMO.

Drawdown Indicators

	STAX	IBMO	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-14.77%	+13.35%
Max Drawdown (1Y) Largest decline over 1 year	-1.05%	-0.38%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.86%	—
Current Drawdown Current decline from peak	-0.43%	0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-0.23%	-2.32%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.13%	+0.20%

Volatility

STAX vs. IBMO - Volatility Comparison

Macquarie Tax-Free USA Short Term ETF (STAX) has a higher volatility of 0.35% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.21%. This indicates that STAX'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.

Volatility by Period

	STAX	IBMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.21%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	0.84%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	1.11%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.38%	2.15%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.38%	4.52%	-3.14%

STAX vs. IBMO - Expense Ratio Comparison

STAX has a 0.29% expense ratio, which is higher than IBMO's 0.18% expense ratio.

Dividends

STAX vs. IBMO - Dividend Comparison

STAX's dividend yield for the trailing twelve months is around 3.22%, more than IBMO's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
STAX Macquarie Tax-Free USA Short Term ETF	3.22%	3.16%	3.43%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both STAX and IBMO in my portfolio?

STAX and IBMO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STAX or IBMO?

STAX has higher volatility (0.35%) compared to IBMO (0.21%). In terms of maximum drawdown, STAX dropped -1.42% vs IBMO's -14.77%.

Which ETF is better, STAX or IBMO?

On 1-year performance, STAX leads with 3.87% vs 2.71% for IBMO. On fees, IBMO is cheaper at 0.18% per year. On volatility, IBMO has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STAX or IBMO?

Over the 1-year period, STAX has performed better with a 3.87% return vs 2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STAX or IBMO?

IBMO is cheaper with a 0.18% expense ratio, compared with 0.29% for STAX.

Which ETF pays a higher dividend yield, STAX or IBMO?

STAX has the higher dividend yield at 3.22%, compared with 2.39% for IBMO.

What is the main difference between STAX and IBMO?

They also come from different issuers: Macquarie and iShares. Their fees differ too: 0.29% for STAX and 0.18% for IBMO.

Which has better risk-adjusted returns?

STAX currently has the higher Sharpe Ratio (3.86 vs 2.47), 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.