SHM vs. OSTAX

Last updated Jul 14, 2026

SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and OSTAX (JPMorgan Short-Intermediate Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, SHM returned 1.17%/yr vs 1.09%/yr for OSTAX. At a 0.37 correlation, their price movements are largely independent. SHM charges 0.20%/yr vs 0.87%/yr for OSTAX.

Performance

SHM vs. OSTAX - 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 JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHM achieves a 1.07% return, which is significantly higher than OSTAX's 0.57% return. Over the past 10 years, SHM has outperformed OSTAX with an annualized return of 1.17%, while OSTAX has yielded a comparatively lower 1.09% 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%

OSTAX

• 1D: 0.00%
• 1M: 0.11%
• 6M: 0.18%
• YTD: 0.57%
• 1Y: 2.40%
• 3Y*: 2.76%
• 5Y*: 0.63%
• 10Y*: 1.09%

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

SHM vs. OSTAX - 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%
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund	0.57%	3.89%	1.64%	3.13%	-5.27%	-0.26%	3.02%	4.31%	0.80%	2.01%

Correlation

The correlation between SHM and OSTAX 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	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Oct 18, 2007	0.37

The correlation between SHM and OSTAX shifts across timeframes, from 0.37 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SHM vs. OSTAX — Risk / Return Rank

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

SHM

SHM Risk / Return Rank: 72
SHM Sharpe Ratio Rank: 82
SHM Sortino Ratio Rank: 88
SHM Omega Ratio Rank: 87
SHM Calmar Ratio Rank: 59
SHM Martin Ratio Rank: 45

OSTAX

OSTAX Risk / Return Rank: 60
OSTAX Sharpe Ratio Rank: 78
OSTAX Sortino Ratio Rank: 78
OSTAX Omega Ratio Rank: 94
OSTAX Calmar Ratio Rank: 30
OSTAX Martin Ratio Rank: 22

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. OSTAX - 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 JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX). 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	OSTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.01	+0.07
Sortino ratio: Return per unit of downside risk	3.16	2.87	+0.29
Omega ratio: Gain probability vs. loss probability	1.42	1.64	-0.22
Calmar ratio: Return relative to maximum drawdown	2.33	1.58	+0.75
Martin ratio: Return relative to average drawdown	5.91	3.98	+1.93

SHM vs. OSTAX - Sharpe Ratio Comparison

The current SHM Sharpe Ratio is 2.08, which is comparable to the OSTAX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of SHM and OSTAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SHM vs. OSTAX - Drawdown Comparison

The maximum SHM drawdown since its inception was -11.61%, which is greater than OSTAX's maximum drawdown of -8.72%. Use the drawdown chart below to compare losses from any high point for SHM and OSTAX.

Drawdown Indicators

	SHM	OSTAX	Difference
Max Drawdown Largest peak-to-trough decline	-11.61%	-8.72%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-1.46%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	-2.03%	-2.39%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-6.67%	-8.72%	+2.05%
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	-8.72%	-2.89%
Current Drawdown Current decline from peak	-0.10%	-0.61%	+0.51%
Average Drawdown Average peak-to-trough decline	-0.96%	-0.86%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	0.58%	-0.13%

Volatility

SHM vs. OSTAX - Volatility Comparison

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) has a higher volatility of 0.28% compared to JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX) at 0.23%. This indicates that SHM's price experiences larger fluctuations and is considered to be riskier than OSTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHM	OSTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	0.23%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	0.94%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	1.27%	1.15%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	2.00%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	2.33%	+0.98%

SHM vs. OSTAX - Expense Ratio Comparison

SHM has a 0.20% expense ratio, which is lower than OSTAX's 0.87% expense ratio.

Dividends

SHM vs. OSTAX - Dividend Comparison

SHM's dividend yield for the trailing twelve months is around 2.67%, more than OSTAX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund	2.38%	2.62%	2.52%	1.88%	1.33%	1.03%	1.20%	1.56%	1.56%	1.03%	1.45%	0.68%
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

Can I hold both SHM and OSTAX in my portfolio?

SHM and OSTAX 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.

Which is riskier, SHM or OSTAX?

SHM has higher volatility (0.28%) compared to OSTAX (0.23%). In terms of maximum drawdown, SHM dropped -11.61% vs OSTAX's -8.72%.

Which has better risk-adjusted returns?

SHM currently has the higher Sharpe Ratio (2.08 vs 2.01), 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.