VTEB vs. IBMM

Last updated Jun 3, 2026

VTEB (Vanguard Tax-Exempt Bond ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds - VTEB tracks the S&P National AMT-Free Municipal Bond Index while IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index. Both are passively managed. VTEB charges 0.05%/yr vs 0.18%/yr for IBMM.

Performance

VTEB vs. IBMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Exempt Bond ETF (VTEB) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VTEB

• 1D: 0.10%
• 1M: 0.61%
• YTD: 1.52%
• 6M: 1.95%
• 1Y: 7.14%
• 3Y*: 3.59%
• 5Y*: 0.93%
• 10Y*: 2.10%

IBMM

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

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

VTEB vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
VTEB Vanguard Tax-Exempt Bond ETF	0.52%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

VTEB vs. IBMM — Risk / Return Rank

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

VTEB

VTEB Risk / Return Rank: 72
VTEB Sharpe Ratio Rank: 80
VTEB Sortino Ratio Rank: 86
VTEB Omega Ratio Rank: 89
VTEB Calmar Ratio Rank: 51
VTEB Martin Ratio Rank: 53

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.

VTEB vs. IBMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) 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.

	VTEB	IBMM	Difference
Sharpe ratio Return per unit of total volatility	2.64	—	—
Sortino ratio Return per unit of downside risk	3.92	—	—
Omega ratio Gain probability vs. loss probability	1.58	—	—
Calmar ratio Return relative to maximum drawdown	2.58	—	—
Martin ratio Return relative to average drawdown	9.21	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VTEB	IBMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	—	—

Drawdowns

VTEB vs. IBMM - Drawdown Comparison

The maximum VTEB drawdown since its inception was -17.00%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VTEB and IBMM.

Drawdown Indicators

	VTEB	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-17.00%	0.00%	-17.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.00%	—	—
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-2.33%	0.00%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	—	—

Volatility

Volatility by Period

	VTEB	IBMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	0.00%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.90%	0.00%	+3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.26%	0.00%	+5.26%

VTEB vs. IBMM - Expense Ratio Comparison

VTEB has a 0.05% expense ratio, which is lower than IBMM's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTEB vs. IBMM - Dividend Comparison

VTEB's dividend yield for the trailing twelve months is around 3.35%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTEB Vanguard Tax-Exempt Bond ETF	3.35%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

Frequently Asked Questions

Which ETF is better, VTEB or IBMM?

On fees, VTEB is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTEB or IBMM?

VTEB is cheaper with a 0.05% expense ratio, compared with 0.18% for IBMM.

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

VTEB has the higher dividend yield at 3.35%, compared with 0.00% for IBMM.

What is the main difference between VTEB and IBMM?

VTEB tracks S&P National AMT-Free Municipal Bond Index, while IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VTEB and 0.18% for IBMM.