IVV vs TMNL
iShares Core S&P 500 ETF vs T. Rowe Price Long Municipal Income ETF
Which is better, IVV or TMNL?
Large Cap Blend against Long Term Municipal Bond.
IVV has a lower expense ratio. IVV led over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | TMNL |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.26% |
| AUM | $850.0B | $25M |
| Dividend Yield | 1.09% | 4.02% |
| Holdings | 1,018 | 264 |
| YTD Return | +8.54%Best | +2.14% |
| 1Y Return | +10.97%Best | +2.57% |
| 3Y Return (annualized) | +20.51% | - |
| 5Y Return (annualized) | +10.97% | - |
| Volatility (annualized) | 13.9% | 6.6%Best |
| Fund Family | iShares by BlackRock (US) | T.Rowe Price |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Long Term Municipal Bond |
| Inception | May 15, 2000 | Nov 19, 2025 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
IVV vs TMNL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
IVV vs TMNL Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and T. Rowe Price Long Municipal Income ETF (TMNL) is an ETF from T.Rowe Price. Over the past year IVV returned +10.97% while TMNL returned +2.57%. Year to date, IVV is up 8.54% versus a gain of 2.14% for TMNL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 13.9% compared with 6.6% for TMNL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.24. They move largely independently of each other.
Fees and Cost Over Time
IVV charges 0.03% per year while TMNL charges 0.26%. On a $10,000 position that is $3 vs $26 annually, a gap of $23 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 4.02% for TMNL.
Holdings Overlap
We hold position weights for 505 holdings in IVV and 46 in TMNL, totalling 100.1% and 33.2% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 505 positions we hold weights for in IVV and 46 in TMNL, against full books of 1,018 and 264.
You are not choosing between two funds in isolation.
Whichever of IVV and TMNL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or TMNL?
IVV has an expense ratio of 0.03% while TMNL charges 0.26%. IVV is the cheaper option, by $23 a year on a $10,000 investment.
Which performed better, IVV or TMNL?
Over the past year IVV returned +10.97% vs +2.57% for TMNL, so IVV leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or TMNL?
IVV has been the more volatile fund at 13.9% annualized versus 6.6% for TMNL.
Should I hold both IVV and TMNL?
IVV and TMNL have a monthly-return correlation of 0.24, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or TMNL?
IVV yields 1.09% while TMNL yields 4.02%, so TMNL currently pays the higher dividend yield.
Is TMNL better than IVV?
IVV has a lower expense ratio. IVV led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.