VTES vs. IBMM

Last updated Jun 4, 2026

VTES (Vanguard Short-Term Tax-Exempt Bond ETF Shares) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds - VTES tracks the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross while IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index. Both are passively managed. VTES charges 0.07%/yr vs 0.18%/yr for IBMM.

Performance

VTES vs. IBMM - Performance Comparison

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

Returns By Period

VTES

• 1D: 0.01%
• 1M: 0.29%
• YTD: 0.66%
• 6M: 1.02%
• 1Y: 3.63%
• 3Y*: 3.23%
• 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)

VTES vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	-0.30%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

VTES vs. IBMM — Risk / Return Rank

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

VTES

VTES Risk / Return Rank: 73
VTES Sharpe Ratio Rank: 87
VTES Sortino Ratio Rank: 90
VTES Omega Ratio Rank: 94
VTES Calmar Ratio Rank: 49
VTES Martin Ratio Rank: 44

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.

VTES vs. IBMM - Risk-Adjusted Trends Comparison

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

	VTES	IBMM	Difference
Sharpe ratio Return per unit of total volatility	2.94	—	—
Sortino ratio Return per unit of downside risk	4.26	—	—
Omega ratio Gain probability vs. loss probability	1.70	—	—
Calmar ratio Return relative to maximum drawdown	2.48	—	—
Martin ratio Return relative to average drawdown	7.36	—	—
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

	VTES	IBMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	—	—

Drawdowns

VTES vs. IBMM - Drawdown Comparison

The maximum VTES drawdown since its inception was -2.42%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for VTES and IBMM.

Drawdown Indicators

	VTES	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-2.42%	0.00%	-2.42%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.80%	—	—
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-0.50%	0.00%	-0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	—	—

Volatility

Volatility by Period

	VTES	IBMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	0.00%	+1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	0.00%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.72%	0.00%	+1.72%

VTES vs. IBMM - Expense Ratio Comparison

VTES has a 0.07% 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

VTES vs. IBMM - Dividend Comparison

VTES's dividend yield for the trailing twelve months is around 2.75%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%	0.00%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	2.75%	2.77%	2.99%	2.03%

Frequently Asked Questions

Which ETF is better, VTES or IBMM?

On fees, VTES is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VTES or IBMM?

VTES is cheaper with a 0.07% expense ratio, compared with 0.18% for IBMM.

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

VTES has the higher dividend yield at 2.75%, compared with 0.00% for IBMM.

What is the main difference between VTES and IBMM?

VTES tracks S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross, 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: 0.07% for VTES and 0.18% for IBMM.