VanEck Intermediate Muni ETF (ITM) Performance
ITM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.4% since Dec 31, 2025
- 1 year
- −0.6% total return
- 5 years
- +0.3% a year
- 10 years
- +1.7% a year
- Since first price
- +3.1% a year since 2007
ITM trailing returns vs AGG, TLT, SPY
| Period | ITM total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.3% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.1% | −0.9% | −0.4% | −1.0% | +3.2% |
| 6 months | −1.8% | −3.3% | −1.5% | −3.8% | +7.8% |
| YTD | −1.4% | −3.7% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.6% | −3.6% | −1.1% | −6.9% | +14.4% |
| 3 years | +13.7%+4.4%/yr | +4.4% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +1.4%+0.3%/yr | −10.7% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +18.0%+1.7%/yr | −6.6% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +46.9%+2.6%/yr | +2.7% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionDec 6, 2007 | +79.1%+3.1%/yr | +9.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ITM vs AGG
From Dec 6, 2007: ITM grew to $17,908, AGG to $16,585.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ITM returns by calendar year
14 of 18 full years positive. Best 2011 (+13.2%), worst 2022 (−9.3%). 2026 is year to date.
ITM annual returns table
| Year | ITM | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.4% | −7.4% | −1.0% | −3.4% | +12.3% |
| 2025 | +5.3% | −4.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +0.7% | −2.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.7% | −6.2% | +5.7% | +2.8% | +26.2% |
| 2022 | −9.3% | −14.2% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.2% | −2.5% | −1.8% | −4.6% | +28.7% |
| 2020 | +5.7% | −24.7% | +7.5% | +18.2% | +18.3% |
| 2019 | +8.2% | −2.0% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.0% | −3.1% | +0.1% | −1.6% | −4.6% |
| 2017 | +6.1% | −1.7% | +3.6% | +9.2% | +21.7% |
| 2016 | −1.1% | −7.6% | +2.4% | +1.2% | +12.0% |
| 2015 | +3.6% | −4.0% | +0.5% | −1.8% | +1.2% |
| 2014 | +10.3% | −2.3% | +6.0% | +27.3% | +13.5% |
| 2013 | −4.5% | −10.7% | −2.0% | −13.4% | +32.3% |
| 2012 | +6.2% | −3.2% | +3.8% | +2.6% | +16.0% |
| 2011 | +13.2% | −3.9% | +7.7% | +34.0% | +1.9% |
| 2010 | +1.6% | −7.3% | +6.4% | +9.0% | +15.1% |
| 2009 | +10.7% | −5.2% | +3.0% | −21.8% | +26.4% |
| 2008 | −1.1% | −13.6% | +7.9% | +33.9% | −36.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ITM largest drawdowns
Now 3.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −24.7% | Mar 19, 2020 | Jul 30, 2020 | 10 days | 5 months |
| Jul 20, 2021 | −15.1% | Oct 24, 2022 | Nov 11, 2025 | 1.3 years | 4.3 years |
| Sep 11, 2008 | −13.6% | Oct 16, 2008 | Jan 9, 2009 | 35 days | 4 months |
| Nov 30, 2012 | −11.0% | Jun 24, 2013 | May 16, 2014 | 7 months | 1.5 years |
| Aug 26, 2010 | −8.9% | Feb 7, 2011 | Aug 3, 2011 | 5 months | 11 months |
| Jul 6, 2016 | −7.6% | Dec 1, 2016 | Sep 5, 2017 | 5 months | 1.2 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
ITM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.8% | −0.5% | +1.2% | +2.9% |
| Volatility (annualized) | 5.9% | 7.0% | 6.3% | 5.9% |
| Sharpe ratio | -0.25 | -0.56 | -0.14 | 0.29 |
| Sortino ratio | -0.34 | -0.72 | -0.18 | 0.42 |
| Best month | +5.6% | +5.6% | +5.8% | +5.8% |
| Worst month | −3.6% | −4.1% | −5.5% | −5.5% |
| Best 12 months | +9.3% | +9.3% | +11.4% | +18.6% |
| Worst 12 months | −2.7% | −13.5% | −13.5% | −13.5% |
| Positive months | 58% | 52% | 58% | 61% |
| Beta vs S&P 500 | 0.29 | 0.29 | 0.17 | — |
| Correlation with S&P 500 | 0.62 | 0.66 | 0.43 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ITM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 215 | −13.5% | +3.6% | +18.6% | 81% |
| 3-year (a year) | 191 | −3.3% | +3.3% | +8.5% | 83% |
| 5-year (a year) | 167 | −0.5% | +3.2% | +6.4% | 95% |
| 10-year (a year) | 107 | +1.2% | +2.7% | +5.0% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
ITM performance overview
VanEck Intermediate Muni ETF (ITM) returned −0.6% over the past year and +1.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +3.1% a year, turning $10,000 into about $17,908. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −24.7%, from Mar 9, 2020 to Mar 19, 2020, and it took 4 months to get back to the old high. ITM finished 14 of its 18 full calendar years with a gain; the best year was 2011 (+13.2%) and the worst 2022 (−9.3%). Volatility has been 5.9% a year.
Related: ITM chart, ITM dividends, ITM bond profile. See the ITM overview for the latest quote and fund facts.
ITM performance FAQ
What is the ITM return over the past year?
ITM returned −0.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.6%.
What is the average annual return of ITM?
ITM has returned +0.3% a year over 5 years, +1.7% a year over 10 years, +3.1% a year since December 6, 2007 (total return, distributions reinvested).
How much would $10,000 invested in ITM be worth?
$10,000 invested in ITM at its first recorded close on December 6, 2007 would be worth about $17,908 on October 23, 2026 with distributions reinvested.
What was the worst year for ITM?
The worst calendar year was 2022, with a total return of −9.3%. The best was 2011 at +13.2%.
What is the biggest drawdown of ITM?
The largest peak-to-trough decline was −24.7% between March 9, 2020 and March 19, 2020. It recovered to the old high on July 30, 2020, 4 months after the bottom.
How volatile is ITM?
Over the past 3 years ITM had an annualized volatility of 5.9% and a Sharpe ratio of -0.25 (excess return over 1–3 month T-bills per unit of risk).