MUB vs. SHM
MUB (iShares National AMT-Free Muni Bond ETF) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both Municipal Bonds funds - MUB tracks the S&P National AMT-Free Municipal Bond Index while SHM tracks the Bloomberg Municipal Managed Money Short. Both are passively managed. Over the past 10 years, MUB returned 2.00%/yr vs 1.20%/yr for SHM. At a 0.40 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 0.20%/yr for SHM.
Performance
MUB vs. SHM - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.24% return, which is significantly higher than SHM's 0.78% return. Over the past 10 years, MUB has outperformed SHM with an annualized return of 2.00%, while SHM has yielded a comparatively lower 1.20% annualized return.
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
SHM
- 1D
- 0.04%
- 1M
- 0.39%
- YTD
- 0.78%
- 6M
- 1.08%
- 1Y
- 3.47%
- 3Y*
- 2.93%
- 5Y*
- 0.91%
- 10Y*
- 1.20%
MUB vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.78% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.56% | 0.99% |
Correlation
The correlation between MUB and SHM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007 | 0.40 |
The correlation between MUB and SHM shifts across timeframes, from 0.40 (all time) to 0.66 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUB vs. SHM — Risk / Return Rank
MUB
SHM
MUB vs. SHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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.
| MUB | SHM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.59 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 3.08 | -0.57 |
| Martin ratioReturn relative to average drawdown | 8.85 | 7.88 | +0.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUB | SHM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | 2.76 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.44 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.36 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.48 | +0.11 |
Drawdowns
MUB vs. SHM - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than SHM's maximum drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for MUB and SHM.
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Drawdown Indicators
| MUB | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -11.61% | -2.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -1.13% | -1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -2.03% | -3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -6.67% | -5.21% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -11.61% | -2.07% |
Current DrawdownCurrent decline from peak | -0.70% | -0.37% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -0.97% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.44% | +0.35% |
Volatility
MUB vs. SHM - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.97% compared to SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) at 0.35%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.35% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 0.85% | +1.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 1.26% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 2.07% | +1.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 3.31% | +1.61% |
MUB vs. SHM - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than SHM's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MUB vs. SHM - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, more than SHM's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.67% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
Frequently Asked Questions
MUB and SHM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.97%) compared to SHM (0.35%). In terms of maximum drawdown, MUB dropped -13.68% vs SHM's -11.61%.
On 10-year performance, MUB leads with 2.00% vs 1.20% for SHM. On fees, MUB is cheaper at 0.07% per year. On volatility, SHM has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUB has performed better with a 2.00% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.20% for SHM.
MUB has the higher dividend yield at 3.17%, compared with 2.67% for SHM.
MUB tracks S&P National AMT-Free Municipal Bond Index, while SHM tracks Bloomberg Municipal Managed Money Short. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for MUB and 0.20% for SHM.
SHM currently has the higher Sharpe Ratio (2.76 vs 2.39), 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.
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