SHM vs. FMUN
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. SHM is passively managed, while FMUN is actively managed. Over the past year, SHM returned 3.47% vs 7.61% for FMUN. A 0.51 correlation means they provide meaningful diversification when combined. SHM charges 0.20%/yr vs 0.05%/yr for FMUN.
Performance
SHM vs. FMUN - 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 FMUN's 1.69% 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%
FMUN
- 1D
- 0.03%
- 1M
- 0.93%
- YTD
- 1.69%
- 6M
- 2.24%
- 1Y
- 7.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHM vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.78% | 3.12% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.69% | 4.25% |
Correlation
The correlation between SHM and FMUN is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025 | 0.51 |
The correlation between SHM and FMUN has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.
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Return for Risk
SHM vs. FMUN — Risk / Return Rank
SHM
FMUN
SHM vs. FMUN - 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 Fidelity Systematic Municipal Bond Index ETF (FMUN). 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 | FMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.53 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 2.38 | +0.69 |
| Martin ratioReturn relative to average drawdown | 7.88 | 7.88 | 0.00 |
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 | FMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 2.45 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | — | — |
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 | 1.28 | -0.81 |
Drawdowns
SHM vs. FMUN - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, which is greater than FMUN's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for SHM and FMUN.
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Drawdown Indicators
| SHM | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -3.21% | -8.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -3.21% | +2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -2.03% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.66% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -0.82% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.97% | -0.53% |
Volatility
SHM vs. FMUN - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.35%, while Fidelity Systematic Municipal Bond Index ETF (FMUN) has a volatility of 1.27%. This indicates that SHM experiences smaller price fluctuations and is considered to be less risky than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHM | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 1.27% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 0.85% | 2.27% | -1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 3.12% | -1.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 4.06% | -1.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 4.06% | -0.75% |
SHM vs. FMUN - Expense Ratio Comparison
SHM has a 0.20% expense ratio, which is higher than FMUN's 0.05% 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. FMUN - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.67%, less than FMUN's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 FMUN have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUN has higher volatility (1.27%) compared to SHM (0.35%). In terms of maximum drawdown, SHM dropped -11.61% vs FMUN's -3.21%.
On 1-year performance, FMUN leads with 7.61% vs 3.47% for SHM. On fees, FMUN is cheaper at 0.05% 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 1-year period, FMUN has performed better with a 7.61% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.20% for SHM.
FMUN has the higher dividend yield at 3.29%, compared with 2.67% for SHM.
They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.20% for SHM and 0.05% for FMUN.
SHM currently has the higher Sharpe Ratio (2.76 vs 2.45), 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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