VTEI vs. IBMM

Last updated Jun 5, 2026

VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds - VTEI tracks the S&P Intermediate Term National AMT-Free Municipal Bond Index while IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index. Both are passively managed. VTEI charges 0.08%/yr vs 0.18%/yr for IBMM.

Performance

VTEI vs. IBMM - Performance Comparison

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

Returns By Period

VTEI

• 1D: 0.09%
• 1M: 0.59%
• YTD: 1.21%
• 6M: 1.65%
• 1Y: 6.21%
• 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)

VTEI vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	-0.06%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

VTEI vs. IBMM — Risk / Return Rank

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

VTEI

VTEI Risk / Return Rank: 72
VTEI Sharpe Ratio Rank: 82
VTEI Sortino Ratio Rank: 88
VTEI Omega Ratio Rank: 92
VTEI Calmar Ratio Rank: 49
VTEI Martin Ratio Rank: 48

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.

VTEI vs. IBMM - Risk-Adjusted Trends Comparison

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

	VTEI	IBMM	Difference
Sharpe ratio: Return per unit of total volatility	2.63	—	—
Sortino ratio: Return per unit of downside risk	3.99	—	—
Omega ratio: Gain probability vs. loss probability	1.62	—	—
Calmar ratio: Return relative to maximum drawdown	2.39	—	—
Martin ratio: Return relative to average drawdown	7.83	—	—
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

	VTEI	IBMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	—	—

Drawdowns

VTEI vs. IBMM - Drawdown Comparison

The maximum VTEI drawdown since its inception was -3.64%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VTEI and IBMM.

Drawdown Indicators

	VTEI	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-3.64%	0.00%	-3.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	—	—
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-0.78%	0.00%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	—	—

Volatility

Volatility by Period

	VTEI	IBMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	0.00%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.04%	0.00%	+3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.04%	0.00%	+3.04%

VTEI vs. IBMM - Expense Ratio Comparison

VTEI has a 0.08% 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

VTEI vs. IBMM - Dividend Comparison

VTEI's dividend yield for the trailing twelve months is around 3.05%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025	2024
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	3.05%	3.00%	2.65%

Frequently Asked Questions

Which ETF is better, VTEI or IBMM?

On fees, VTEI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTEI or IBMM?

VTEI is cheaper with a 0.08% expense ratio, compared with 0.18% for IBMM.

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

VTEI has the higher dividend yield at 3.05%, compared with 0.00% for IBMM.

What is the main difference between VTEI and IBMM?

VTEI tracks S&P Intermediate Term 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: 0.08% for VTEI and 0.18% for IBMM.