SHM vs. MEAR
SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and MEAR (iShares Short Maturity Municipal Bond ETF) are both Municipal Bonds funds. SHM is passively managed, while MEAR is actively managed. Over the past 10 years, SHM returned 1.20%/yr vs 1.78%/yr for MEAR. At a 0.17 correlation, their price movements are largely independent. SHM charges 0.20%/yr vs 0.25%/yr for MEAR.
Performance
SHM vs. MEAR - 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 MEAR's 1.06% return. Over the past 10 years, SHM has underperformed MEAR with an annualized return of 1.20%, while MEAR has yielded a comparatively higher 1.78% annualized 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%
MEAR
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.06%
- 6M
- 1.30%
- 1Y
- 3.29%
- 3Y*
- 3.58%
- 5Y*
- 2.43%
- 10Y*
- 1.78%
SHM vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.78% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.56% | 0.99% |
MEAR iShares Short Maturity Municipal Bond ETF | 1.06% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Correlation
The correlation between SHM and MEAR is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2015 | 0.17 |
The correlation between SHM and MEAR shifts across timeframes, from 0.17 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHM vs. MEAR — Risk / Return Rank
SHM
MEAR
SHM vs. MEAR - 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 iShares Short Maturity Municipal Bond ETF (MEAR). 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 | MEAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.89 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.91 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 3.08 | 7.07 | -3.99 |
| Martin ratioReturn relative to average drawdown | 7.88 | 28.99 | -21.11 |
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 | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 3.86 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 2.48 | -2.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 1.18 | -0.82 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 1.11 | -0.63 |
Drawdowns
SHM vs. MEAR - Drawdown Comparison
The maximum SHM drawdown since its inception was -11.61%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for SHM and MEAR.
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Drawdown Indicators
| SHM | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.61% | -2.68% | -8.93% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | -0.47% | -0.66% |
Max Drawdown (3Y)Largest decline over 3 years | -2.03% | -0.86% | -1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -6.67% | -1.12% | -5.55% |
Max Drawdown (10Y)Largest decline over 10 years | -11.61% | -2.68% | -8.93% |
Current DrawdownCurrent decline from peak | -0.37% | 0.00% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -0.97% | -0.19% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.11% | +0.33% |
Volatility
SHM vs. MEAR - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) has a higher volatility of 0.35% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.24%. This indicates that SHM's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHM | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.24% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 0.85% | 0.61% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 0.86% | +0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.07% | 0.98% | +1.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.31% | 1.52% | +1.79% |
SHM vs. MEAR - Expense Ratio Comparison
SHM has a 0.20% expense ratio, which is lower than MEAR's 0.25% expense ratio. Despite the difference, 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. MEAR - Dividend Comparison
SHM's dividend yield for the trailing twelve months is around 2.67%, less than MEAR's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
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 MEAR have a correlation of 0.25, 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 MEAR (0.24%). In terms of maximum drawdown, SHM dropped -11.61% vs MEAR's -2.68%.
On 10-year performance, MEAR leads with 1.78% vs 1.20% for SHM. On fees, SHM is cheaper at 0.20% per year. On volatility, MEAR has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MEAR has performed better with a 1.78% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHM is cheaper with a 0.20% expense ratio, compared with 0.25% for MEAR.
MEAR has the higher dividend yield at 2.84%, compared with 2.67% for SHM.
They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SHM and 0.25% for MEAR.
MEAR currently has the higher Sharpe Ratio (3.86 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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