SHM vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) and State Street SPDR S&P 500 ETF (SPY).

SHM and SPY 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. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both SHM and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SHM vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

SHM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF	0.11%	3.95%	1.22%	2.92%	-3.82%	-0.37%	2.65%	3.64%	1.56%	0.99%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, SHM achieves a 0.11% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, SHM has underperformed SPY with an annualized return of 1.16%, while SPY has yielded a comparatively higher 13.98% annualized 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%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

SHM vs. SPY - Expense Ratio Comparison

SHM has a 0.20% expense ratio, which is higher than SPY's 0.09% 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

SPY

State Street SPDR S&P 500 ETF

Return for Risk

SHM vs. SPY — 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

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.74	0.93	+0.81
Sortino ratio Return per unit of downside risk	2.20	1.45	+0.75
Omega ratio Gain probability vs. loss probability	1.42	1.22	+0.20
Calmar ratio Return relative to maximum drawdown	1.97	1.53	+0.45
Martin ratio Return relative to average drawdown	6.17	7.30	-1.13
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. SPY - Sharpe Ratio Comparison

The current SHM Sharpe Ratio is 1.74, which is higher than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of SHM and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHM	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	0.93	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.69	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.78	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.56	-0.09

Correlation

The correlation between SHM and SPY is -0.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SHM vs. SPY - Dividend Comparison

SHM's dividend yield for the trailing twelve months is around 2.64%, more than SPY's 1.14% 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%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

SHM vs. SPY - Drawdown Comparison

The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SHM and SPY.

Drawdown Indicators

	SHM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-11.61%	-55.19%	+43.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.67%	-12.05%	+10.38%
Max Drawdown (5Y) Largest decline over 5 years	-6.67%	-24.50%	+17.83%
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	-33.72%	+22.11%
Current Drawdown Current decline from peak	-1.03%	-6.24%	+5.21%
Average Drawdown Average peak-to-trough decline	-0.97%	-9.09%	+8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	2.52%	-1.99%

Volatility

SHM vs. SPY - Volatility Comparison

The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.53%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. This indicates that SHM experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.53%	5.31%	-4.78%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	9.47%	-8.58%
Volatility (1Y) Calculated over the trailing 1-year period	1.83%	19.05%	-17.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	17.06%	-14.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.31%	17.92%	-14.61%