MBNE vs. DIA

Last updated Jun 21, 2026

MBNE (SPDR Nuveen Municipal Bond ESG ETF) and DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) are both exchange-traded funds - MBNE is a Municipal Bonds fund actively managed by State Street, while DIA is a Large Cap Blend Equities fund tracking the Dow Jones Industrial Average. MBNE is actively managed, while DIA is passively managed. Over the past 3 years, MBNE returned 2.84%/yr vs 17.24%/yr for DIA. At a 0.19 correlation, their price movements are largely independent. MBNE charges 0.43%/yr vs 0.16%/yr for DIA.

Performance

MBNE vs. DIA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ESG ETF (MBNE) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBNE achieves a 0.84% return, which is significantly lower than DIA's 8.40% return.

MBNE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.84%
• 6M: 0.95%
• 1Y: 4.47%
• 3Y*: 2.84%
• 5Y*: —
• 10Y*: —

DIA

• 1D: 0.30%
• 1M: 2.44%
• YTD: 8.40%
• 6M: 7.75%
• 1Y: 24.46%
• 3Y*: 17.24%
• 5Y*: 10.75%
• 10Y*: 13.70%

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

MBNE vs. DIA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	2.45%	1.27%	5.82%	-0.83%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	8.40%	14.71%	14.82%	16.02%	-3.70%

Correlation

The correlation between MBNE and DIA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.19

Return for Risk

MBNE vs. DIA — Risk / Return Rank

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

MBNE

MBNE Risk / Return Rank: 52
MBNE Sharpe Ratio Rank: 52
MBNE Sortino Ratio Rank: 51
MBNE Omega Ratio Rank: 66
MBNE Calmar Ratio Rank: 47
MBNE Martin Ratio Rank: 43

DIA

DIA Risk / Return Rank: 59
DIA Sharpe Ratio Rank: 62
DIA Sortino Ratio Rank: 65
DIA Omega Ratio Rank: 59
DIA Calmar Ratio Rank: 52
DIA Martin Ratio Rank: 57

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.

MBNE vs. DIA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) and State Street SPDR Dow Jones Industrial Average ETF Trust (DIA). 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.

	MBNE	DIA	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.98	-0.25
Sortino ratio: Return per unit of downside risk	2.40	2.87	-0.47
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.03
Calmar ratio: Return relative to maximum drawdown	2.28	2.52	-0.24
Martin ratio: Return relative to average drawdown	6.66	9.72	-3.07

MBNE vs. DIA - Sharpe Ratio Comparison

The current MBNE Sharpe Ratio is 1.73, which is comparable to the DIA Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of MBNE and DIA, 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

MBNE vs. DIA - Drawdown Comparison

The maximum MBNE drawdown since its inception was -6.19%, smaller than the maximum DIA drawdown of -51.87%. Use the drawdown chart below to compare losses from any high point for MBNE and DIA.

Drawdown Indicators

	MBNE	DIA	Difference
Max Drawdown Largest peak-to-trough decline	-6.19%	-51.87%	+45.68%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-9.76%	+7.74%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-15.95%	+10.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.70%	—
Current Drawdown Current decline from peak	-1.04%	-0.57%	-0.47%
Average Drawdown Average peak-to-trough decline	-1.40%	-7.13%	+5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	2.52%	-1.83%

Volatility

MBNE vs. DIA - Volatility Comparison

The current volatility for SPDR Nuveen Municipal Bond ESG ETF (MBNE) is 0.00%, while State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) has a volatility of 4.16%. This indicates that MBNE experiences smaller price fluctuations and is considered to be less risky than DIA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBNE	DIA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	4.16%	-4.16%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	9.76%	-7.86%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	12.45%	-9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	14.84%	-11.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.68%	17.57%	-13.89%

MBNE vs. DIA - Expense Ratio Comparison

MBNE has a 0.43% expense ratio, which is higher than DIA's 0.16% expense ratio.

Dividends

MBNE vs. DIA - Dividend Comparison

MBNE's dividend yield for the trailing twelve months is around 3.15%, more than DIA's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.39%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%
MBNE SPDR Nuveen Municipal Bond ESG ETF	3.15%	3.63%	3.32%	3.01%	1.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBNE and DIA in my portfolio?

MBNE and DIA have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBNE or DIA?

DIA has higher volatility (4.16%) compared to MBNE (0.00%). In terms of maximum drawdown, MBNE dropped -6.19% vs DIA's -51.87%.

Which ETF is better, MBNE or DIA?

On 3-year performance, DIA leads with 17.24% vs 2.84% for MBNE. On fees, DIA is cheaper at 0.16% per year. On volatility, MBNE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBNE or DIA?

Over the 3-year period, DIA has performed better with a 17.24% return vs 2.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBNE or DIA?

DIA is cheaper with a 0.16% expense ratio, compared with 0.43% for MBNE.

Which ETF pays a higher dividend yield, MBNE or DIA?

MBNE has the higher dividend yield at 3.15%, compared with 1.39% for DIA.

What is the main difference between MBNE and DIA?

MBNE is categorized as Municipal Bonds, while DIA is Large Cap Blend Equities. Their fees differ too: 0.43% for MBNE and 0.16% for DIA.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.98 vs 1.73), 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.