MBNE vs. MUNI
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 2.76%/yr vs 3.44%/yr for MUNI. Their 0.65 correlation means they have sometimes moved together and sometimes differently. MBNE charges 0.43%/yr vs 0.35%/yr for MUNI.
Performance
MBNE vs. MUNI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MBNE achieves a 0.84% return, which is significantly higher than MUNI's 0.37% return.
MBNE
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 0.21%
- YTD
- 0.84%
- 1Y
- 4.38%
- 3Y*
- 2.76%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.19%
MUNI
- 1D
- 0.02%
- 1M
- -1.39%
- 6M
- -0.43%
- YTD
- 0.37%
- 1Y
- 4.13%
- 3Y*
- 3.44%
- 5Y*
- 0.95%
- 10Y*
- 1.96%
- ALL TIME*
- 2.67%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $17.11K | |
| $16.93M | $15.70M | $16.66M |
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% | -0.83% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 0.37% | 4.72% | 1.43% | 6.07% | -1.33% |
Correlation
The correlation between MBNE and MUNI is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.65 |
The correlation between MBNE and MUNI shifts across timeframes, from 0.51 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MBNE vs. MUNI — Risk / Return Rank
MBNE
MUNI
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.
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 | MUNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.42 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.01 | +0.38 |
| Martin ratioReturn relative to average drawdown | 6.52 | 5.92 | +0.60 |
Loading charts...
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.
Loading charts...
Drawdown Indicators
| MBNE | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -3.67% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.05% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.15% | — |
Current DrawdownCurrent decline from peak | -1.04% | -1.64% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -1.72% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 0.78% | -0.04% |
Volatility
MBNE vs. MUNI - Volatility Comparison
The current volatility for SPDR Nuveen Municipal Bond ESG ETF (MBNE) is 0.00%, while PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a volatility of 0.86%. 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.
Loading charts...
Volatility by Period
| MBNE | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.86% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 1.83% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.50% | 2.35% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 3.33% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.63% | 3.85% | -0.22% |
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 2.84%, less than MUNI's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MBNE SPDR Nuveen Municipal Bond ESG ETF | 2.54% | 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 | 3.07% | 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
MBNE and MUNI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUNI has higher volatility (0.86%) compared to MBNE (0.00%). In terms of maximum drawdown, MBNE dropped -6.19% vs MUNI's -11.15%.
On 3-year performance, MUNI leads with 3.44% vs 2.76% for MBNE. On fees, MUNI is cheaper at 0.35% 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.
Over the 3-year period, MUNI has performed better with a 3.44% return vs 2.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNI is cheaper with a 0.35% expense ratio, compared with 0.43% for MBNE.
MUNI has the higher dividend yield at 3.07%, compared with 2.54% for MBNE.
They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.43% for MBNE and 0.35% for MUNI.
MUNI currently has the higher Sharpe Ratio (1.97 vs 1.94), 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.
Find the right allocation for MBNE and MUNI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer