SHM vs. FMUN

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) and Fidelity Systematic Municipal Bond Index ETF (FMUN).

SHM and FMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SHM is a passively managed fund by State Street that tracks the performance of the Bloomberg Municipal Managed Money Short. It was launched on Oct 10, 2007. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019.

Performance

SHM vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

SHM vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF	0.11%	3.12%
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.40%	4.25%

Returns By Period

In the year-to-date period, SHM achieves a 0.11% return, which is significantly higher than FMUN's -0.40% return.

SHM

• 1D: 0.10%
• 1M: -1.01%
• YTD: 0.11%
• 6M: 0.53%
• 1Y: 3.17%
• 3Y*: 2.26%
• 5Y*: 0.83%
• 10Y*: 1.16%

FMUN

• 1D: 0.22%
• 1M: -2.71%
• YTD: -0.40%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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%.

SHM

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

SHM vs. FMUN — Risk / Return Rank

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

SHM

SHM Risk / Return Rank: 81
SHM Sharpe Ratio Rank: 86
SHM Sortino Ratio Rank: 84
SHM Omega Ratio Rank: 93
SHM Calmar Ratio Rank: 77
SHM Martin Ratio Rank: 64

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.

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 ratio Return per unit of total volatility	1.74	—	—
Sortino ratio Return per unit of downside risk	2.20	—	—
Omega ratio Gain probability vs. loss probability	1.42	—	—
Calmar ratio Return relative to maximum drawdown	1.97	—	—
Martin ratio Return relative to average drawdown	6.17	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SHM	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.95	-0.47

Correlation

The correlation between SHM and FMUN is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SHM vs. FMUN - Dividend Comparison

SHM's dividend yield for the trailing twelve months is around 2.64%, less than FMUN's 3.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF	2.64%	2.61%	2.06%	1.15%	0.69%	0.86%	1.24%	1.40%	1.23%	1.06%	0.94%	0.92%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	SHM	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-11.61%	-3.21%	-8.40%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	—	—
Current Drawdown Current decline from peak	-1.03%	-2.71%	+1.68%
Average Drawdown Average peak-to-trough decline	-0.97%	-0.67%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	—	—

Volatility

Volatility by Period

	SHM	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.83%	4.16%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	4.16%	-2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	4.16%	-0.85%