APMU vs. SCMB

Last updated Jun 25, 2026

APMU (ActivePassive Intermediate Municipal Bond ETF) and SCMB (Schwab Municipal Bond ETF) are both Municipal Bonds funds. APMU is actively managed, while SCMB is passively managed. Over the past 3 years, APMU returned 2.95%/yr vs 3.20%/yr for SCMB. A 0.72 correlation means they provide meaningful diversification when combined. APMU charges 0.36%/yr vs 0.03%/yr for SCMB.

Performance

APMU vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Intermediate Municipal Bond ETF (APMU) and Schwab Municipal Bond ETF (SCMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APMU achieves a 0.74% return, which is significantly lower than SCMB's 1.58% return.

APMU

• 1D: 0.15%
• 1M: 1.01%
• YTD: 0.74%
• 6M: 0.84%
• 1Y: 3.91%
• 3Y*: 2.95%
• 5Y*: —
• 10Y*: —

SCMB

• 1D: 0.19%
• 1M: 1.67%
• YTD: 1.58%
• 6M: 1.70%
• 1Y: 6.50%
• 3Y*: 3.20%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APMU vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	0.74%	4.50%	0.86%	1.24%
SCMB Schwab Municipal Bond ETF	1.58%	3.78%	0.91%	3.52%

Correlation

The correlation between APMU and SCMB is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.72

The correlation between APMU and SCMB shifts across timeframes, from 0.57 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APMU vs. SCMB — Risk / Return Rank

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

APMU

APMU Risk / Return Rank: 48
APMU Sharpe Ratio Rank: 54
APMU Sortino Ratio Rank: 55
APMU Omega Ratio Rank: 61
APMU Calmar Ratio Rank: 36
APMU Martin Ratio Rank: 35

SCMB

SCMB Risk / Return Rank: 69
SCMB Sharpe Ratio Rank: 79
SCMB Sortino Ratio Rank: 83
SCMB Omega Ratio Rank: 87
SCMB Calmar Ratio Rank: 50
SCMB Martin Ratio Rank: 48

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.

APMU vs. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) and Schwab Municipal Bond ETF (SCMB). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APMU	SCMB	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.26	-0.65
Sortino ratio: Return per unit of downside risk	2.33	3.30	-0.97
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.15
Calmar ratio: Return relative to maximum drawdown	1.64	2.24	-0.60
Martin ratio: Return relative to average drawdown	4.63	7.34	-2.71

APMU vs. SCMB - Sharpe Ratio Comparison

The current APMU Sharpe Ratio is 1.60, which is comparable to the SCMB Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of APMU and SCMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APMU vs. SCMB - Drawdown Comparison

The maximum APMU drawdown since its inception was -4.39%, smaller than the maximum SCMB drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for APMU and SCMB.

Drawdown Indicators

	APMU	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-6.13%	+1.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-2.92%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.41%	-5.57%	+2.16%
Current Drawdown Current decline from peak	-0.88%	-0.36%	-0.52%
Average Drawdown Average peak-to-trough decline	-0.93%	-1.31%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.89%	-0.04%

Volatility

APMU vs. SCMB - Volatility Comparison

ActivePassive Intermediate Municipal Bond ETF (APMU) and Schwab Municipal Bond ETF (SCMB) have volatilities of 0.79% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APMU	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.76%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	2.17%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	2.89%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	4.14%	-1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.81%	4.14%	-1.33%

APMU vs. SCMB - Expense Ratio Comparison

APMU has a 0.36% expense ratio, which is higher than SCMB's 0.03% expense ratio.

Dividends

APMU vs. SCMB - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.66%, less than SCMB's 3.52% yield.

Position	TTM	2025	2024	2023	2022
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%	0.00%
SCMB Schwab Municipal Bond ETF	3.52%	3.36%	3.34%	3.10%	0.59%

Frequently Asked Questions

Can I hold both APMU and SCMB in my portfolio?

APMU and SCMB have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APMU or SCMB?

APMU has higher volatility (0.79%) compared to SCMB (0.76%). In terms of maximum drawdown, APMU dropped -4.39% vs SCMB's -6.13%.

Which ETF is better, APMU or SCMB?

On 3-year performance, SCMB leads with 3.20% vs 2.95% for APMU. On fees, SCMB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APMU or SCMB?

Over the 3-year period, SCMB has performed better with a 3.20% return vs 2.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APMU or SCMB?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.36% for APMU.

Which ETF pays a higher dividend yield, APMU or SCMB?

SCMB has the higher dividend yield at 3.52%, compared with 2.66% for APMU.

What is the main difference between APMU and SCMB?

They also come from different issuers: ActivePassive and Charles Schwab. Their fees differ too: 0.36% for APMU and 0.03% for SCMB.

Which has better risk-adjusted returns?

SCMB currently has the higher Sharpe Ratio (2.26 vs 1.60), 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.