SHM vs. BSMQ
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds - SHM tracks the Bloomberg Municipal Managed Money Short while BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index. Both are passively managed. Over the past 5 years, SHM returned 0.91%/yr vs 0.29%/yr for BSMQ. At a 0.45 correlation, their price movements are largely independent. SHM charges 0.20%/yr vs 0.18%/yr for BSMQ.
Performance
SHM vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, SHM achieves a 0.78% return, which is significantly higher than BSMQ's 0.73% return.
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%
BSMQ
- 1D
- -0.06%
- 1M
- 0.14%
- YTD
- 0.73%
- 6M
- 1.17%
- 1Y
- 3.08%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
SHM vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.78% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 0.81% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.73% | 3.12% | 1.99% | 3.60% | -7.62% | 1.05% | 5.26% | 0.24% |
Correlation
The correlation between SHM and BSMQ is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.45 |
Over the past year, the correlation between SHM and BSMQ has dropped to 0.24 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
SHM vs. BSMQ — Risk / Return Rank
SHM
BSMQ
SHM vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). 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.
| SHM | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.48 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 9.43 | -6.35 |
| Martin ratioReturn relative to average drawdown | 7.88 | 24.69 | -16.81 |
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
| SHM | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 2.32 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.11 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.25 | +0.23 |
Drawdowns
SHM vs. BSMQ - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for SHM and BSMQ.
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Drawdown Indicators
| SHM | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -13.18% | +1.57% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -0.33% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -2.03% | -2.53% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | -11.50% | +4.83% |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.12% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -3.48% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.12% | +0.32% |
Volatility
SHM vs. BSMQ - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.35%, while Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) has a volatility of 0.39%. This indicates that SHM experiences smaller price fluctuations and is considered to be less risky than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHM | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.39% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.85% | 0.94% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 1.33% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 2.68% | -0.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 4.79% | -1.48% |
SHM vs. BSMQ - Expense Ratio Comparison
SHM has a 0.20% expense ratio, which is higher than BSMQ's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SHM vs. BSMQ - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.67%, less than BSMQ's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
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
SHM and BSMQ have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMQ has higher volatility (0.39%) compared to SHM (0.35%). In terms of maximum drawdown, SHM dropped -11.61% vs BSMQ's -13.18%.
On 5-year performance, SHM leads with 0.91% vs 0.29% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHM has performed better with a 0.91% return vs 0.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.20% for SHM.
BSMQ has the higher dividend yield at 2.76%, compared with 2.67% for SHM.
SHM tracks Bloomberg Municipal Managed Money Short, while BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for SHM and 0.18% for BSMQ.
SHM currently has the higher Sharpe Ratio (2.76 vs 2.32), 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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