TFI vs. IBMN
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds - TFI tracks the Bloomberg US Municipal Managed Money (1-25 Y) while IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index. Both are passively managed. Over the past 5 years, TFI returned -0.07%/yr vs 0.47%/yr for IBMN. At a 0.50 correlation, their price movements are largely independent. TFI charges 0.23%/yr vs 0.18%/yr for IBMN.
Performance
TFI vs. IBMN - Performance Comparison
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Returns By Period
TFI
- 1D
- -0.02%
- 1M
- 0.63%
- YTD
- 1.19%
- 6M
- 1.64%
- 1Y
- 6.67%
- 3Y*
- 2.99%
- 5Y*
- -0.07%
- 10Y*
- 1.51%
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.44%
- 5Y*
- 0.47%
- 10Y*
- —
TFI vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 1.19% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 7.41% | 2.41% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.42% | -4.43% | -0.41% | 4.83% | 6.87% | 2.91% |
Correlation
The correlation between TFI and IBMN is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018 | 0.50 |
Over the past year, the correlation between TFI and IBMN has dropped to 0.20 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.
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Return for Risk
TFI vs. IBMN — Risk / Return Rank
TFI
IBMN
TFI vs. IBMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.
| TFI | IBMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.66 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 6.02 | -3.62 |
| Martin ratioReturn relative to average drawdown | 7.91 | 24.21 | -16.31 |
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
| TFI | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.38 | 2.12 | +0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.28 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.58 | -0.07 |
Drawdowns
TFI vs. IBMN - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, which is greater than IBMN's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for TFI and IBMN.
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Drawdown Indicators
| TFI | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -12.40% | -3.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -0.25% | -2.54% |
Max Drawdown (3Y)Largest decline over 3 years | -6.81% | -1.10% | -5.71% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -7.36% | -8.05% |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | — | — |
Current DrawdownCurrent decline from peak | -1.21% | -0.05% | -1.16% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -1.81% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.10% | +0.75% |
Volatility
TFI vs. IBMN - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) has a higher volatility of 0.90% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that TFI's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFI | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.00% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 0.50% | +1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 0.71% | +2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 1.80% | +2.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 3.89% | +1.11% |
TFI vs. IBMN - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is higher than IBMN'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
TFI vs. IBMN - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.48%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.48% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
TFI and IBMN have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFI has higher volatility (0.90%) compared to IBMN (0.00%). In terms of maximum drawdown, TFI dropped -15.49% vs IBMN's -12.40%.
On 5-year performance, IBMN leads with 0.47% vs -0.07% for TFI. On fees, IBMN is cheaper at 0.18% per year. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBMN has performed better with a 0.47% return vs -0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMN is cheaper with a 0.18% expense ratio, compared with 0.23% for TFI.
TFI has the higher dividend yield at 3.48%, compared with 1.14% for IBMN.
TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.23% for TFI and 0.18% for IBMN.
TFI currently has the higher Sharpe Ratio (2.38 vs 2.12), 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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