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SHM vs. MUB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHM vs. MUB

Last updated Jun 4, 2026

SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - SHM tracks the Bloomberg Municipal Managed Money Short while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, SHM returned 1.20%/yr vs 2.00%/yr for MUB. At a 0.40 correlation, their price movements are largely independent. SHM charges 0.20%/yr vs 0.07%/yr for MUB.

Performance

SHM vs. MUB - 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 iShares National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SHM achieves a 0.78% return, which is significantly lower than MUB's 1.24% return. Over the past 10 years, SHM has underperformed MUB with an annualized return of 1.20%, while MUB has yielded a comparatively higher 2.00% 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%

MUB

1D
-0.08%
1M
0.56%
YTD
1.24%
6M
1.74%
1Y
6.95%
3Y*
3.43%
5Y*
0.86%
10Y*
2.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHM vs. MUB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
MUB
iShares National AMT-Free Muni Bond ETF		1.24%3.78%1.26%5.56%-7.34%1.02%5.12%7.06%0.93%4.72%

Correlation

The correlation between SHM and MUB is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.49

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.63

Correlation (10Y)
Calculated over the trailing 10-year period

0.56

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2007

0.40

The correlation between SHM and MUB shifts across timeframes, from 0.40 (all time) to 0.66 (3 years), reflecting how their relationship changes across market environments.

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SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

iShares National AMT-Free Muni Bond ETF

Often compared with SHM:
SHM vs. SUBSHM vs. SOXXSHM vs. JMSTSHM vs. VOOSHM vs. VCSHSHM vs. VWAHXSHM vs. FLOT
Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX

Return for Risk

SHM vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHM
SHM Risk / Return Rank: 7575
Overall Rank
SHM Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
SHM Sortino Ratio Rank: 9090
Sortino Ratio Rank
SHM Omega Ratio Rank: 9090
Omega Ratio Rank
SHM Calmar Ratio Rank: 6262
Calmar Ratio Rank
SHM Martin Ratio Rank: 4747
Martin Ratio Rank
MUB
MUB Risk / Return Rank: 6666
Overall Rank
MUB Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 7676
Sortino Ratio Rank
MUB Omega Ratio Rank: 8181
Omega Ratio Rank
MUB Calmar Ratio Rank: 5050
Calmar Ratio Rank
MUB Martin Ratio Rank: 5151
Martin Ratio Rank
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. MUB - 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 National AMT-Free Muni Bond ETF (MUB). 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.

SHMMUBDifference

Sharpe ratio

Return per unit of total volatility

2.76

2.39

+0.37

Sortino ratio

Return per unit of downside risk

4.29

3.49

+0.80

Omega ratio

Gain probability vs. loss probability

1.59

1.50

+0.09

Calmar ratio

Return relative to maximum drawdown

3.08

2.50

+0.57

Martin ratio

Return relative to average drawdown

7.88

8.85

-0.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHM vs. MUB - Sharpe Ratio Comparison

The current SHM Sharpe Ratio is 2.76, which is comparable to the MUB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SHM and MUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SHMMUBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.76

2.39

+0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.21

+0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.36

0.41

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.48

0.58

-0.11

Drawdowns

SHM vs. MUB - Drawdown Comparison

The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for SHM and MUB.

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Drawdown Indicators

SHMMUBDifference

Max Drawdown

Largest peak-to-trough decline

-11.61%

-13.68%

+2.07%

Max Drawdown (1Y)

Largest decline over 1 year

-1.13%

-2.79%

+1.66%

Max Drawdown (3Y)

Largest decline over 3 years

-2.03%

-5.34%

+3.31%

Max Drawdown (5Y)

Largest decline over 5 years

-6.67%

-11.88%

+5.21%

Max Drawdown (10Y)

Largest decline over 10 years

-11.61%

-13.68%

+2.07%

Current Drawdown

Current decline from peak

-0.37%

-0.70%

+0.33%

Average Drawdown

Average peak-to-trough decline

-0.97%

-2.23%

+1.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.44%

0.79%

-0.35%

Volatility

SHM vs. MUB - Volatility Comparison

The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.35%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.97%. This indicates that SHM experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SHMMUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.35%

0.97%

-0.62%

Volatility (6M)

Calculated over the trailing 6-month period

0.85%

2.22%

-1.37%

Volatility (1Y)

Calculated over the trailing 1-year period

1.26%

2.92%

-1.66%

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%

4.92%

-1.61%

SHM vs. MUB - Expense Ratio Comparison

SHM has a 0.20% expense ratio, which is higher than MUB's 0.07% 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. MUB - Dividend Comparison

SHM's dividend yield for the trailing twelve months is around 2.67%, less than MUB's 3.17% yield.

PositionTTM20252024202320222021202020192018201720162015
MUB
iShares National AMT-Free Muni Bond ETF		3.17%3.14%3.01%2.65%2.11%1.81%2.11%2.42%2.46%2.26%2.21%2.51%
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 MUB have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MUB has higher volatility (0.97%) compared to SHM (0.35%). In terms of maximum drawdown, SHM dropped -11.61% vs MUB's -13.68%.

On 10-year performance, MUB leads with 2.00% vs 1.20% for SHM. On fees, MUB is cheaper at 0.07% 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 10-year period, MUB has performed better with a 2.00% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MUB is cheaper with a 0.07% expense ratio, compared with 0.20% for SHM.

MUB has the higher dividend yield at 3.17%, compared with 2.67% for SHM.

SHM tracks Bloomberg Municipal Managed Money Short, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SHM and 0.07% for MUB.

SHM currently has the higher Sharpe Ratio (2.76 vs 2.39), 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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