VTEI vs. IBMN
VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds - VTEI tracks the S&P Intermediate Term National AMT-Free Municipal Bond Index while IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index. Both are passively managed. Over the past year, VTEI returned 6.21% vs 1.20% for IBMN. At a 0.29 correlation, their price movements are largely independent. VTEI charges 0.08%/yr vs 0.18%/yr for IBMN.
Performance
VTEI vs. IBMN - Performance Comparison
Loading charts...
Returns By Period
VTEI
- 1D
- 0.09%
- 1M
- 0.59%
- YTD
- 1.21%
- 6M
- 1.65%
- 1Y
- 6.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.40%
- 5Y*
- 0.47%
- 10Y*
- —
VTEI vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 1.21% | 4.59% | 1.55% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.62% |
Correlation
The correlation between VTEI and IBMN is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024 | 0.29 |
The correlation between VTEI and IBMN shifts across timeframes, from 0.18 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTEI vs. IBMN — Risk / Return Rank
VTEI
IBMN
VTEI vs. IBMN - 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 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.
| VTEI | IBMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.66 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 6.02 | -3.62 |
| Martin ratioReturn relative to average drawdown | 7.83 | 24.18 | -16.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VTEI | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 2.12 | +0.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 0.58 | +0.45 |
Drawdowns
VTEI vs. IBMN - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum IBMN drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for VTEI and IBMN.
Loading charts...
Drawdown Indicators
| VTEI | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -12.40% | +8.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -0.25% | -2.36% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.10% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -7.36% | — |
Current DrawdownCurrent decline from peak | -0.76% | -0.05% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -1.81% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.10% | +0.69% |
Volatility
VTEI vs. IBMN - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) has a higher volatility of 0.78% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that VTEI'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.
Loading charts...
Volatility by Period
| VTEI | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.00% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 0.50% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 0.71% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 1.79% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.04% | 3.89% | -0.85% |
VTEI vs. IBMN - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is lower than IBMN'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. IBMN - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VTEI and IBMN have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEI has higher volatility (0.78%) compared to IBMN (0.00%). In terms of maximum drawdown, VTEI dropped -3.64% vs IBMN's -12.40%.
On 1-year performance, VTEI leads with 6.21% vs 1.20% for IBMN. On fees, VTEI is cheaper at 0.08% 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 1-year period, VTEI has performed better with a 6.21% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEI is cheaper with a 0.08% expense ratio, compared with 0.18% for IBMN.
VTEI has the higher dividend yield at 3.05%, compared with 1.14% for IBMN.
VTEI tracks S&P Intermediate Term National AMT-Free Municipal Bond Index, while IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.08% for VTEI and 0.18% for IBMN.
VTEI currently has the higher Sharpe Ratio (2.63 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.
Find the right allocation for VTEI and IBMN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer