MBNE vs. MUNI

Last updated Jun 3, 2026

MBNE (SPDR Nuveen Municipal Bond ESG ETF) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, MBNE returned 2.97%/yr vs 3.97%/yr for MUNI. A 0.67 correlation means they provide meaningful diversification when combined. MBNE charges 0.43%/yr vs 0.35%/yr for MUNI.

Performance

MBNE vs. MUNI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ESG ETF (MBNE) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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 MUNI's 1.28% return.

MBNE

• 1D: 0.00%
• 1M: 0.03%
• YTD: 0.84%
• 6M: 1.25%
• 1Y: 4.86%
• 3Y*: 2.97%
• 5Y*: —
• 10Y*: —

MUNI

• 1D: 0.13%
• 1M: 0.40%
• YTD: 1.28%
• 6M: 1.55%
• 1Y: 6.54%
• 3Y*: 3.97%
• 5Y*: 1.30%
• 10Y*: 2.17%

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

MBNE vs. MUNI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	2.45%	1.27%	5.82%	-0.71%
MUNI PIMCO Intermediate Municipal Bond Active ETF	1.28%	4.72%	1.43%	6.07%	-1.18%

Correlation

The correlation between MBNE and MUNI is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022	0.67

The correlation between MBNE and MUNI shifts across timeframes, from 0.56 (1 year) to 0.67 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MBNE vs. MUNI — Risk / Return Rank

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

MBNE

MBNE Risk / Return Rank: 48
MBNE Sharpe Ratio Rank: 48
MBNE Sortino Ratio Rank: 48
MBNE Omega Ratio Rank: 58
MBNE Calmar Ratio Rank: 46
MBNE Martin Ratio Rank: 43

MUNI

MUNI Risk / Return Rank: 76
MUNI Sharpe Ratio Rank: 87
MUNI Sortino Ratio Rank: 91
MUNI Omega Ratio Rank: 93
MUNI Calmar Ratio Rank: 56
MUNI Martin Ratio Rank: 53

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. MUNI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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.

	MBNE	MUNI	Difference
Sharpe ratio Return per unit of total volatility	1.71	2.90	-1.19
Sortino ratio Return per unit of downside risk	2.40	4.35	-1.95
Omega ratio Gain probability vs. loss probability	1.36	1.65	-0.29
Calmar ratio Return relative to maximum drawdown	2.31	2.83	-0.52
Martin ratio Return relative to average drawdown	7.16	9.33	-2.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBNE vs. MUNI - Sharpe Ratio Comparison

The current MBNE Sharpe Ratio is 1.71, which is lower than the MUNI Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of MBNE and MUNI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MBNE	MUNI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.90	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.39	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.78	-0.16

Drawdowns

MBNE vs. MUNI - Drawdown Comparison

The maximum MBNE drawdown since its inception was -6.19%, smaller than the maximum MUNI drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for MBNE and MUNI.

Drawdown Indicators

	MBNE	MUNI	Difference
Max Drawdown Largest peak-to-trough decline	-6.19%	-11.15%	+4.96%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-2.29%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-4.09%	-0.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.15%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-11.15%	—
Current Drawdown Current decline from peak	-1.04%	-0.75%	-0.29%
Average Drawdown Average peak-to-trough decline	-1.41%	-1.73%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	0.69%	-0.04%

Volatility

MBNE vs. MUNI - Volatility Comparison

The current volatility for SPDR Nuveen Municipal Bond ESG ETF (MBNE) is 0.42%, while PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a volatility of 0.78%. This indicates that MBNE experiences smaller price fluctuations and is considered to be less risky than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBNE	MUNI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	0.78%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	1.61%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	2.27%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	3.31%	+0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	3.85%	-0.15%

MBNE vs. MUNI - Expense Ratio Comparison

MBNE has a 0.43% expense ratio, which is higher than MUNI's 0.35% expense ratio.

Dividends

MBNE vs. MUNI - Dividend Comparison

MBNE's dividend yield for the trailing twelve months is around 3.15%, less than MUNI's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MUNI PIMCO Intermediate Municipal Bond Active ETF	3.28%	3.26%	3.50%	3.09%	2.13%	1.62%	1.92%	2.44%	2.38%	2.37%	2.37%	2.20%

Frequently Asked Questions

Can I hold both MBNE and MUNI in my portfolio?

MBNE and MUNI have a correlation of 0.56, 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 MUNI?

MUNI has higher volatility (0.78%) compared to MBNE (0.42%). In terms of maximum drawdown, MBNE dropped -6.19% vs MUNI's -11.15%.

Which ETF is better, MBNE or MUNI?

On 3-year performance, MUNI leads with 3.97% vs 2.97% for MBNE. On fees, MUNI is cheaper at 0.35% per year. On volatility, MBNE has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBNE or MUNI?

Over the 3-year period, MUNI has performed better with a 3.97% return vs 2.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBNE or MUNI?

MUNI is cheaper with a 0.35% expense ratio, compared with 0.43% for MBNE.

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

MUNI has the higher dividend yield at 3.28%, compared with 3.15% for MBNE.

What is the main difference between MBNE and MUNI?

They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.43% for MBNE and 0.35% for MUNI.

Which has better risk-adjusted returns?

MUNI currently has the higher Sharpe Ratio (2.90 vs 1.71), 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.