SHM vs. RVNU

Last updated Jun 4, 2026

SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and RVNU (Xtrackers Municipal Infrastructure Revenue Bond ETF) are both Municipal Bonds funds - SHM tracks the Bloomberg Municipal Managed Money Short while RVNU tracks the Solactive Municipal Infrastructure Revenue Bond Index. Both are passively managed. Over the past 10 years, SHM returned 1.20%/yr vs 1.90%/yr for RVNU. At a 0.34 correlation, their price movements are largely independent. SHM charges 0.20%/yr vs 0.15%/yr for RVNU.

Performance

SHM vs. RVNU - 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 Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHM achieves a 0.78% return, which is significantly lower than RVNU's 3.71% return. Over the past 10 years, SHM has underperformed RVNU with an annualized return of 1.20%, while RVNU has yielded a comparatively higher 1.90% 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%

RVNU

• 1D: -0.04%
• 1M: 1.38%
• YTD: 3.71%
• 6M: 3.08%
• 1Y: 9.62%
• 3Y*: 3.65%
• 5Y*: -0.23%
• 10Y*: 1.90%

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

SHM vs. RVNU - 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%
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF	3.71%	0.58%	1.46%	11.19%	-16.60%	2.28%	6.54%	10.16%	-0.56%	8.24%

Correlation

The correlation between SHM and RVNU is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013	0.34

The correlation between SHM and RVNU shifts across timeframes, from 0.34 (all time) to 0.52 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SHM vs. RVNU — Risk / Return Rank

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

SHM

SHM Risk / Return Rank: 75
SHM Sharpe Ratio Rank: 84
SHM Sortino Ratio Rank: 90
SHM Omega Ratio Rank: 90
SHM Calmar Ratio Rank: 62
SHM Martin Ratio Rank: 47

RVNU

RVNU Risk / Return Rank: 63
RVNU Sharpe Ratio Rank: 56
RVNU Sortino Ratio Rank: 59
RVNU Omega Ratio Rank: 57
RVNU Calmar Ratio Rank: 77
RVNU Martin Ratio Rank: 65

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. RVNU - 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 Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). 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	RVNU	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.89	+0.87
Sortino ratio: Return per unit of downside risk	4.29	2.83	+1.46
Omega ratio: Gain probability vs. loss probability	1.59	1.36	+0.24
Calmar ratio: Return relative to maximum drawdown	3.08	3.92	-0.85
Martin ratio: Return relative to average drawdown	7.88	11.69	-3.80
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. RVNU - Sharpe Ratio Comparison

The current SHM Sharpe Ratio is 2.76, which is higher than the RVNU Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of SHM and RVNU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHM	RVNU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.76	1.89	+0.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	-0.03	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.26	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.39	+0.09

Drawdowns

SHM vs. RVNU - Drawdown Comparison

The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum RVNU drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for SHM and RVNU.

Drawdown Indicators

	SHM	RVNU	Difference
Max Drawdown Largest peak-to-trough decline	-11.61%	-23.51%	+11.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-2.46%	+1.33%
Max Drawdown (3Y) Largest decline over 3 years	-2.03%	-10.35%	+8.32%
Max Drawdown (5Y) Largest decline over 5 years	-6.67%	-23.51%	+16.84%
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	-23.51%	+11.90%
Current Drawdown Current decline from peak	-0.37%	-2.80%	+2.43%
Average Drawdown Average peak-to-trough decline	-0.97%	-4.98%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.44%	0.83%	-0.39%

Volatility

SHM vs. RVNU - Volatility Comparison

The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.35%, while Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) has a volatility of 1.42%. This indicates that SHM experiences smaller price fluctuations and is considered to be less risky than RVNU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHM	RVNU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	1.42%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	0.85%	3.41%	-2.56%
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	5.12%	-3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	7.19%	-5.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	7.27%	-3.96%

SHM vs. RVNU - Expense Ratio Comparison

SHM has a 0.20% expense ratio, which is higher than RVNU's 0.15% 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. RVNU - Dividend Comparison

SHM's dividend yield for the trailing twelve months is around 2.67%, less than RVNU's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF	3.52%	3.46%	3.06%	2.79%	2.81%	2.18%	2.43%	2.75%	2.76%	2.49%	2.72%	3.01%
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 RVNU in my portfolio?

SHM and RVNU have a correlation of 0.35, 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 RVNU?

RVNU has higher volatility (1.42%) compared to SHM (0.35%). In terms of maximum drawdown, SHM dropped -11.61% vs RVNU's -23.51%.

Which ETF is better, SHM or RVNU?

On 10-year performance, RVNU leads with 1.90% vs 1.20% for SHM. On fees, RVNU is cheaper at 0.15% 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.

Which ETF has performed better, SHM or RVNU?

Over the 10-year period, RVNU has performed better with a 1.90% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHM or RVNU?

RVNU is cheaper with a 0.15% expense ratio, compared with 0.20% for SHM.

Which ETF pays a higher dividend yield, SHM or RVNU?

RVNU has the higher dividend yield at 3.52%, compared with 2.67% for SHM.

What is the main difference between SHM and RVNU?

SHM tracks Bloomberg Municipal Managed Money Short, while RVNU tracks Solactive Municipal Infrastructure Revenue Bond Index. They also come from different issuers: State Street and Deutsche Bank. Their fees differ too: 0.20% for SHM and 0.15% for RVNU.

Which has better risk-adjusted returns?

SHM currently has the higher Sharpe Ratio (2.76 vs 1.89), 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.