SCMB vs. SPEU

Last updated Jun 14, 2026

SCMB (Schwab Municipal Bond ETF) and SPEU (SPDR Portfolio Europe ETF) are both exchange-traded funds - SCMB is a Municipal Bonds fund tracking the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross, while SPEU is a Europe Equities fund tracking the STOXX Europe Total Market. Both are passively managed. Over the past 3 years, SCMB returned 3.26%/yr vs 16.58%/yr for SPEU. At a 0.23 correlation, their price movements are largely independent. SCMB charges 0.03%/yr vs 0.09%/yr for SPEU.

Performance

SCMB vs. SPEU - Performance Comparison

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

Returns By Period

In the year-to-date period, SCMB achieves a 1.07% return, which is significantly lower than SPEU's 7.38% return.

SCMB

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.07%
• 6M: 1.59%
• 1Y: 6.26%
• 3Y*: 3.26%
• 5Y*: —
• 10Y*: —

SPEU

• 1D: 0.18%
• 1M: 2.29%
• YTD: 7.38%
• 6M: 9.85%
• 1Y: 19.59%
• 3Y*: 16.58%
• 5Y*: 8.33%
• 10Y*: 10.17%

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

SCMB vs. SPEU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SCMB Schwab Municipal Bond ETF	1.07%	3.78%	0.91%	5.86%	2.88%
SPEU SPDR Portfolio Europe ETF	7.38%	35.80%	1.93%	19.85%	21.31%

Correlation

The correlation between SCMB and SPEU is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 12, 2022	0.23

Return for Risk

SCMB vs. SPEU — Risk / Return Rank

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

SCMB

SCMB Risk / Return Rank: 67
SCMB Sharpe Ratio Rank: 76
SCMB Sortino Ratio Rank: 80
SCMB Omega Ratio Rank: 84
SCMB Calmar Ratio Rank: 47
SCMB Martin Ratio Rank: 47

SPEU

SPEU Risk / Return Rank: 35
SPEU Sharpe Ratio Rank: 35
SPEU Sortino Ratio Rank: 35
SPEU Omega Ratio Rank: 34
SPEU Calmar Ratio Rank: 34
SPEU Martin Ratio Rank: 39

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.

SCMB vs. SPEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Municipal Bond ETF (SCMB) and SPDR Portfolio Europe ETF (SPEU). 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.

	SCMB	SPEU	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.13	+0.98
Sortino ratio: Return per unit of downside risk	3.08	1.67	+1.41
Omega ratio: Gain probability vs. loss probability	1.44	1.20	+0.24
Calmar ratio: Return relative to maximum drawdown	2.08	1.48	+0.60
Martin ratio: Return relative to average drawdown	6.87	5.42	+1.45

SCMB vs. SPEU - Sharpe Ratio Comparison

The current SCMB Sharpe Ratio is 2.11, which is higher than the SPEU Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of SCMB and SPEU, 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

SCMB vs. SPEU - Drawdown Comparison

The maximum SCMB drawdown since its inception was -6.13%, smaller than the maximum SPEU drawdown of -62.45%. Use the drawdown chart below to compare losses from any high point for SCMB and SPEU.

Drawdown Indicators

	SCMB	SPEU	Difference
Max Drawdown Largest peak-to-trough decline	-6.13%	-62.45%	+56.32%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-12.09%	+9.17%
Max Drawdown (3Y) Largest decline over 3 years	-5.57%	-14.17%	+8.60%
Max Drawdown (5Y) Largest decline over 5 years	—	-32.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.83%	—
Current Drawdown Current decline from peak	-0.87%	-0.67%	-0.20%
Average Drawdown Average peak-to-trough decline	-1.32%	-13.83%	+12.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.31%	-2.43%

Volatility

SCMB vs. SPEU - Volatility Comparison

The current volatility for Schwab Municipal Bond ETF (SCMB) is 0.96%, while SPDR Portfolio Europe ETF (SPEU) has a volatility of 5.81%. This indicates that SCMB experiences smaller price fluctuations and is considered to be less risky than SPEU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCMB	SPEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	5.81%	-4.85%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	13.40%	-11.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	15.92%	-13.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	17.60%	-13.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	18.51%	-14.36%

SCMB vs. SPEU - Expense Ratio Comparison

SCMB has a 0.03% expense ratio, which is lower than SPEU's 0.09% 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

SCMB vs. SPEU - Dividend Comparison

SCMB's dividend yield for the trailing twelve months is around 3.54%, more than SPEU's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCMB Schwab Municipal Bond ETF	3.54%	3.36%	3.34%	3.10%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPEU SPDR Portfolio Europe ETF	3.33%	3.47%	3.29%	2.91%	3.08%	2.67%	2.29%	3.19%	3.99%	2.82%	3.66%	3.62%

Frequently Asked Questions

Can I hold both SCMB and SPEU in my portfolio?

SCMB and SPEU have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCMB or SPEU?

SPEU has higher volatility (5.81%) compared to SCMB (0.96%). In terms of maximum drawdown, SCMB dropped -6.13% vs SPEU's -62.45%.

Which ETF is better, SCMB or SPEU?

On 3-year performance, SPEU leads with 16.58% vs 3.26% for SCMB. On fees, SCMB is cheaper at 0.03% per year. On volatility, SCMB has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCMB or SPEU?

Over the 3-year period, SPEU has performed better with a 16.58% return vs 3.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCMB or SPEU?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.09% for SPEU.

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

SCMB has the higher dividend yield at 3.54%, compared with 3.33% for SPEU.

What is the main difference between SCMB and SPEU?

SCMB is categorized as Municipal Bonds, while SPEU is Europe Equities. SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross, while SPEU tracks STOXX Europe Total Market. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.03% for SCMB and 0.09% for SPEU.

Which has better risk-adjusted returns?

SCMB currently has the higher Sharpe Ratio (2.11 vs 1.13), 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.