SHM vs. BSMR
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds - SHM tracks the Bloomberg Municipal Managed Money Short while BSMR tracks the Invesco BulletShares Municipal Bond 2027 Index. Both are passively managed. Over the past 5 years, SHM returned 0.91%/yr vs 0.48%/yr for BSMR. At a 0.47 correlation, their price movements are largely independent. SHM charges 0.20%/yr vs 0.18%/yr for BSMR.
Performance
SHM vs. BSMR - Performance Comparison
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Returns By Period
In the year-to-date period, SHM achieves a 0.78% return, which is significantly lower than BSMR's 1.04% 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%
BSMR
- 1D
- 0.05%
- 1M
- 0.41%
- YTD
- 1.04%
- 6M
- 1.31%
- 1Y
- 4.16%
- 3Y*
- 3.03%
- 5Y*
- 0.48%
- 10Y*
- —
SHM vs. BSMR - 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% |
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 1.04% | 3.10% | 1.51% | 4.47% | -7.60% | 1.09% | 4.97% | 0.16% |
Correlation
The correlation between SHM and BSMR is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.47 |
The correlation between SHM and BSMR shifts across timeframes, from 0.41 (1 year) to 0.56 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHM vs. BSMR — Risk / Return Rank
SHM
BSMR
SHM vs. BSMR - 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 2027 Municipal Bond ETF (BSMR). 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 | BSMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.74 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 7.37 | -4.30 |
| Martin ratioReturn relative to average drawdown | 7.88 | 23.41 | -15.52 |
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 | BSMR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 3.33 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.16 | +0.28 |
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 | 0.22 | +0.26 |
Drawdowns
SHM vs. BSMR - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for SHM and BSMR.
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Drawdown Indicators
| SHM | BSMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -13.49% | +1.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -0.57% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -2.03% | -3.50% | +1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | -12.02% | +5.35% |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | 0.00% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -3.49% | +2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.18% | +0.26% |
Volatility
SHM vs. BSMR - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR) have volatilities of 0.35% and 0.34%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHM | BSMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.34% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 0.85% | 0.92% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 1.25% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 3.03% | -0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 5.72% | -2.41% |
SHM vs. BSMR - Expense Ratio Comparison
SHM has a 0.20% expense ratio, which is higher than BSMR'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. BSMR - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.67%, less than BSMR's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.72% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% | 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 BSMR have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHM has higher volatility (0.35%) compared to BSMR (0.34%). In terms of maximum drawdown, SHM dropped -11.61% vs BSMR's -13.49%.
On 5-year performance, SHM leads with 0.91% vs 0.48% for BSMR. On fees, BSMR 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 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMR is cheaper with a 0.18% expense ratio, compared with 0.20% for SHM.
BSMR has the higher dividend yield at 2.72%, compared with 2.67% for SHM.
SHM tracks Bloomberg Municipal Managed Money Short, while BSMR tracks Invesco BulletShares Municipal Bond 2027 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for SHM and 0.18% for BSMR.
BSMR currently has the higher Sharpe Ratio (3.33 vs 2.76), 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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