Which returned more over the last year, ITM or MUNI?

In the year to Oct 28, 2026, with distributions reinvested, ITM returned −0.5% and MUNI +0.1%.

Which is cheaper, ITM or MUNI?

ITM is cheaper, by 0.17 percentage points a year. That is about $17 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

ITM vs MUNI: Differences, Returns & Fees

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ITM's duration was 5.6 years on Jul 31, 2026 and MUNI's 4.5 on Jun 30, 2026; ITM charges 0.18% to MUNI's 0.35%.

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Net assets: $2.3bn on Oct 27, 2026 for VanEck Intermediate Muni ETF, and $3.1bn on Jun 30, 2026 for PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund.

ITM on its own →MUNI on its own →

At a glance

−0.5%

ITM total return, 1 year

+0.1%

MUNI total return, 1 year

0.18%

ITM expense ratio

0.35%

MUNI expense ratio

Pair scorecard

ITM costs 0.17 points a year less; their one-year returns differ by 0.6 points.

ITM vs MUNI: Differences, Returns & Fees
Measure	ITM	MUNI
Return
Measure	ITM	MUNI
Total return, 1 year	−0.5%	+0.1%
Drawdown
Measure	ITM	MUNI
Below its high	3.0%, high on Feb 27, 2026
Benchmark
Measure	ITM	MUNI
What it tracks	ICE Intermediate AMT-Free Broad National Municipal Index	No index, actively managed
Cost and size
Measure	ITM	MUNI
Expense ratio	0.18%	0.35%
Net assets, ITM as of Oct 27, 2026 and MUNI as of Jun 30, 2026	$2.3bn	$3.1bn
Holdings
Measure	ITM	MUNI
Holdings in common	4%

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026. Method

Risk and return

Dec 24, 2009 to Oct 23, 2026 · 878 weekly returns

ITM MUNI

Return

Total return edge ITM +63.2% +54.0%

Annualized edge ITM +2.9% +2.6%

Price return edge ITM +6.5% +1.9%

Risk

Volatility edge MUNI 7.5% 4.1%

Max drawdown edge MUNI −19.3% −10.9%

Risk-adjusted

Sharpe edge MUNI 0.22 0.27

Sortino edge MUNI 0.33 0.38

Calmar edge MUNI 0.15 0.24

Reading

ITM returned more: +63.2% to +54.0%. MUNI swung less: 4.1% to 7.5%. MUNI fell less at its worst: −10.9% to −19.3%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: ITM vs MUNI: Differences, Returns & Fees
Measure	ITM	MUNI	Edge	How it is measured
Return
Total return	+63.2%	+54.0%	ITM	Price change plus distributions, reinvested.
Annualized	+2.9%	+2.6%	ITM	Total return as a yearly rate.
Price return	+6.5%	+1.9%	ITM	Price change alone, distributions left out.
Risk
Volatility	7.5%	4.1%	MUNI	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	5.0%	2.9%	MUNI	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−19.3%	−10.9%	MUNI	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.22	0.27	MUNI	Return above Treasury bills per unit of volatility.
Sortino	0.33	0.38	MUNI	Return above Treasury bills per unit of downside deviation.
Calmar	0.15	0.24	MUNI	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 878 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, ITM and MUNI hold 4% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.

50%

0 half 100%

half

4% in common

Positions both hold · largest shared weight first ITM MUNI

NEW YORK ENERGY FIN DEV CORP, due Jul 1, 2056 0.24% 0.25%

CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV, due Jun 1, 2039 0.26% 0.24%

NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT, due May 1, 2034 0.21% 0.22%

NATIONAL FIN AUTH NH MUNI CTFS, due Jan 20, 2041 0.27% 0.20%

MICHIGAN ST HOSP FIN AUTH, due Aug 15, 2035 0.21% 0.17%

N TX TOLLWAY AUTH REVENUE, due Jan 1, 2034 0.16% 0.19%

GREAT LAKES MI WTR AUTH SEWAGE DISPOSAL SYS REVENUE, due Jul 1, 2037 0.15% 0.18%

HENRICO CNTY VA ECON DEV AUTH HLTH FACS REVENUE, due Nov 1, 2035 0.16% 0.15%

KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE, due May 1, 2036 0.12% 0.59%

BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE, due Dec 1, 2055 0.23% 0.11%

INDIANA ST FIN AUTH HLTH SYS REVENUE, due Oct 1, 2057 0.10% 0.11%

CALIFORNIA ST, due Sep 1, 2043 0.14% 0.10%

Only in one fund ↓

Only in ITM

NEW JERSEY ST EDUCTNL FACS AUTH REVENUE, due Jul 1, 2064 0.53%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Aug 1, 2055 0.50%

CALIFORNIA ST, due Mar 1, 2036 0.45%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Feb 1, 2055 0.44%

CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE, due Jul 1, 2064 0.39%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Jan 1, 2056 0.37%

CALIFORNIA ST, due Aug 1, 2032 0.30%

NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE, due Jun 15, 2034 0.28%

Only in MUNI

U.S. Treasury Notes, due Feb 29, 2028 2.20%

U.S. Treasury Notes, due Feb 28, 2031 1.78%

U.S. Treasury Notes, due Apr 30, 2031 1.16%

U.S. Treasury Notes, due Feb 28, 2031 0.86%

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, due Jul 1, 2046 0.81%

Connecticut State Health & Educational Facilities Authority, due Jul 1, 2057 0.81%

Texas Municipal Gas Acquisition & Supply Corp. V, due Apr 1, 2036 0.80%

Fort Bend Independent School District, due Aug 1, 2055 0.79%

Check overlap with more funds →

Side by side

ITM VanEck Intermediate Muni ETF MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund

Where it sits Bond ETF Bond ETF

Issuer VanEck PIMCO

What it is Tracks an index Actively managed

Total return, 1 year −0.5% +0.1%

Expense ratio 0.18% 0.35%

Holdings 1410 647

Net assets, ITM as of Oct 27, 2026 and MUNI as of Jun 30, 2026 $2.3bn $3.1bn

ITM and MUNI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-6845937C61

ITM and MUNI are built for the same job. How do they differ in cost, holdings and results?

What each follows. ITM follows ICE Intermediate AMT-Free Broad National Municipal Index and MUNI follows No index, actively managed.
Holdings in common. 4% of the weight is in the same securities (holdings dated Jul 31, 2026 and Jun 30, 2026).
Cost. ITM charges 0.18% of assets a year and MUNI 0.35%, a gap of 0.17 points.

Data as of Oct 28, 2026.

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About each fund

ITM

ITM tracks an index. Over the year to Oct 28, 2026 it returned −0.5% with distributions reinvested. The prospectus expense ratio is 0.18% a year. It sat 3.0% below its high of Feb 27, 2026 on Oct 28, 2026.

MUNI

MUNI is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.1% with distributions reinvested. The prospectus expense ratio is 0.35% a year.

Questions people ask

Which returned more over the last year, ITM or MUNI?: In the year to Oct 28, 2026, with distributions reinvested, ITM returned −0.5% and MUNI +0.1%.
Which is cheaper, ITM or MUNI?: ITM is cheaper, by 0.17 percentage points a year. That is about $17 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

ITM vs MMIT DFNM vs ITM ITM vs VTEI CGMU vs ITM MUNI vs VTEI MMIT vs MUNI MUNI vs VSDM CGMU vs MUNI

Where to next

ITM on its own →MUNI on its own →Hold both: look the portfolio through →Rankings →ITM dividend history →ITM holdings →MUNI dividend history →MUNI holdings →Standards and sources →

Sources and dates

ITM filings on SEC EDGAR ↗

ITM prospectus with the expense ratio (SEC) ↗

VanEck website ↗

MUNI filings on SEC EDGAR ↗

MUNI prospectus with the expense ratio (SEC) ↗

PIMCO website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, ITM against MUNI, data as of Oct 28, 2026. https://etfiq.com/compare/any/itm-vs-muni

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.