SHM vs. BTC-USD
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) is Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, SHM returned 1.17%/yr vs 57.45%/yr for BTC-USD. At a 0.02 correlation, their price movements are largely independent.
Performance
SHM vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, SHM achieves a 1.07% return, which is significantly higher than BTC-USD's -28.58% return. Over the past 10 years, SHM has underperformed BTC-USD with an annualized return of 1.17%, while BTC-USD has yielded a comparatively higher 57.45% annualized return.
SHM
- 1D
- -0.02%
- 1M
- 0.19%
- 6M
- 0.74%
- YTD
- 1.07%
- 1Y
- 2.63%
- 3Y*
- 2.79%
- 5Y*
- 0.94%
- 10Y*
- 1.17%
BTC-USD
- 1D
- -1.96%
- 1M
- -3.01%
- 6M
- -31.47%
- YTD
- -28.58%
- 1Y
- -47.54%
- 3Y*
- 27.25%
- 5Y*
- 13.75%
- 10Y*
- 57.45%
SHM vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 1.07% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.56% | 0.99% |
BTC-USD Bitcoin | -28.58% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between SHM and BTC-USD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2012 | 0.02 |
The correlation between SHM and BTC-USD shifts across timeframes, from 0.02 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHM vs. BTC-USD — Risk / Return Rank
SHM
BTC-USD
SHM vs. BTC-USD - 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 Bitcoin (BTC-USD). 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.
| SHM | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.19 | ||
| Sortino ratioReturn per unit of downside risk | +4.87 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 0.83 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | -0.90 | +3.23 |
| Martin ratioReturn relative to average drawdown | 5.91 | -1.46 | +7.36 |
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Drawdowns
SHM vs. BTC-USD - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for SHM and BTC-USD.
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Drawdown Indicators
| SHM | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -85.30% | +73.69% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -53.08% | +51.95% |
Max Drawdown (3Y)Largest decline over 3 years | -2.03% | -53.08% | +51.05% |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | -76.67% | +70.00% |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | -83.80% | +72.19% |
Current DrawdownCurrent decline from peak | -0.10% | -49.89% | +49.79% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -42.55% | +41.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 28.99% | -28.54% |
Volatility
SHM vs. BTC-USD - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.28%, while Bitcoin (BTC-USD) has a volatility of 8.86%. This indicates that SHM experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHM | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 8.86% | -8.58% |
Volatility (6M)Calculated over the trailing 6-month period | 0.86% | 34.96% | -34.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.27% | 35.56% | -34.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 43.94% | -41.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 56.32% | -53.01% |
Frequently Asked Questions
SHM and BTC-USD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (8.86%) compared to SHM (0.28%). In terms of maximum drawdown, SHM dropped -11.61% vs BTC-USD's -85.30%.
SHM currently has the higher Sharpe Ratio (2.08 vs -1.11), 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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