TMNS vs. IBMO
TMNS (T. Rowe Price Short Municipal Income ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds. TMNS is actively managed, while IBMO is passively managed. At a 0.14 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.
Performance
TMNS vs. IBMO - Performance Comparison
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Returns By Period
In the year-to-date period, TMNS achieves a 1.60% return, which is significantly higher than IBMO's 0.97% return.
TMNS
- 1D
- 0.22%
- 1M
- 0.94%
- YTD
- 1.60%
- 6M
- 1.66%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMO
- 1D
- -0.06%
- 1M
- 0.13%
- YTD
- 0.97%
- 6M
- 0.76%
- 1Y
- 2.50%
- 3Y*
- 2.78%
- 5Y*
- 0.71%
- 10Y*
- —
TMNS vs. IBMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TMNS T. Rowe Price Short Municipal Income ETF | 1.60% | 0.56% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 0.97% | 0.30% |
Correlation
The correlation between TMNS and IBMO is 0.14, 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 Nov 20, 2025 | 0.14 |
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Return for Risk
TMNS vs. IBMO — Risk / Return Rank
TMNS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IBMO
TMNS vs. IBMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Short Municipal Income ETF (TMNS) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TMNS | IBMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.46 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 6.63 | — |
| Martin ratioReturn relative to average drawdown | — | 19.69 | — |
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Drawdowns
TMNS vs. IBMO - Drawdown Comparison
The maximum TMNS drawdown since its inception was -1.28%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for TMNS and IBMO.
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Drawdown Indicators
| TMNS | IBMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.28% | -14.77% | +13.49% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.38% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.86% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.06% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -2.31% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.13% | — |
Volatility
TMNS vs. IBMO - Volatility Comparison
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Volatility by Period
| TMNS | IBMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.78% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.63% | 1.10% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.63% | 2.14% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.63% | 4.50% | -2.87% |
TMNS vs. IBMO - Expense Ratio Comparison
Both TMNS and IBMO have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TMNS vs. IBMO - Dividend Comparison
TMNS's dividend yield for the trailing twelve months is around 1.72%, less 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% |
TMNS T. Rowe Price Short Municipal Income ETF | 1.72% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TMNS and IBMO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TMNS and IBMO have the same expense ratio: 0.18% per year.
IBMO has the higher dividend yield at 2.39%, compared with 1.72% for TMNS.
They also come from different issuers: T. Rowe Price and iShares.
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