TMNL vs. IBMM

Last updated Jun 4, 2026

TMNL (T. Rowe Price Long Municipal Income ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds. TMNL is actively managed, while IBMM is passively managed. TMNL charges 0.26%/yr vs 0.18%/yr for IBMM.

Performance

TMNL vs. IBMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Long Municipal Income ETF (TMNL) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TMNL

• 1D: -0.20%
• 1M: 0.79%
• YTD: 2.28%
• 6M: 2.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMM

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

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

TMNL vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
TMNL T. Rowe Price Long Municipal Income ETF	1.40%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

TMNL vs. IBMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Long Municipal Income ETF (TMNL) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). 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

	TMNL	IBMM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	—	—

Drawdowns

TMNL vs. IBMM - Drawdown Comparison

The maximum TMNL drawdown since its inception was -2.94%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for TMNL and IBMM.

Drawdown Indicators

	TMNL	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	0.00%	-2.94%
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-0.59%	0.00%	-0.59%

Volatility

Volatility by Period

	TMNL	IBMM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	0.00%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	0.00%	+4.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	0.00%	+4.55%

TMNL vs. IBMM - Expense Ratio Comparison

TMNL has a 0.26% expense ratio, which is higher than IBMM'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

TMNL vs. IBMM - Dividend Comparison

TMNL's dividend yield for the trailing twelve months is around 2.12%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%
TMNL T. Rowe Price Long Municipal Income ETF	2.12%	0.39%

Frequently Asked Questions

Which ETF is better, TMNL or IBMM?

On fees, IBMM 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, TMNL or IBMM?

IBMM is cheaper with a 0.18% expense ratio, compared with 0.26% for TMNL.

Which ETF pays a higher dividend yield, TMNL or IBMM?

TMNL has the higher dividend yield at 2.12%, compared with 0.00% for IBMM.

What is the main difference between TMNL and IBMM?

They also come from different issuers: T. Rowe Price and iShares. Their fees differ too: 0.26% for TMNL and 0.18% for IBMM.