SHYM vs. HYMB
SHYM (iShares Short Duration High Yield Muni Active ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both exchange-traded funds - SHYM is a High Yield Muni fund actively managed by iShares, while HYMB is a Municipal Bonds fund tracking the Bloomberg Municipal Yield. SHYM is actively managed, while HYMB is passively managed. Over the past 5 years, SHYM returned 0.99%/yr vs 0.42%/yr for HYMB. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
SHYM vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, SHYM achieves a 1.93% return, which is significantly lower than HYMB's 2.87% return.
SHYM
- 1D
- 0.00%
- 1M
- 0.89%
- YTD
- 1.93%
- 6M
- 2.33%
- 1Y
- 5.18%
- 3Y*
- 6.00%
- 5Y*
- 0.99%
- 10Y*
- —
HYMB
- 1D
- -0.04%
- 1M
- 1.19%
- YTD
- 2.87%
- 6M
- 3.18%
- 1Y
- 7.43%
- 3Y*
- 5.09%
- 5Y*
- 0.42%
- 10Y*
- 2.46%
SHYM vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SHYM iShares Short Duration High Yield Muni Active ETF | 1.93% | 2.58% | 6.99% | 9.67% | -15.96% | 6.71% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 2.04% | 5.52% | 7.73% | -15.54% | 5.01% |
Correlation
The correlation between SHYM and HYMB is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021 | 0.64 |
The correlation between SHYM and HYMB has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.
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Return for Risk
SHYM vs. HYMB — Risk / Return Rank
SHYM
HYMB
SHYM vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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.
| SHYM | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.37 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.40 | -0.07 |
| Martin ratioReturn relative to average drawdown | 7.86 | 8.51 | -0.65 |
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
| SHYM | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 1.84 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.06 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.45 | -0.18 |
Drawdowns
SHYM vs. HYMB - Drawdown Comparison
The maximum SHYM drawdown since its inception was -22.55%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for SHYM and HYMB.
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Drawdown Indicators
| SHYM | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.55% | -29.57% | +7.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -3.11% | +0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -7.44% | -0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -22.55% | -20.15% | -2.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -3.81% | -2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.88% | -0.22% |
Volatility
SHYM vs. HYMB - Volatility Comparison
The current volatility for iShares Short Duration High Yield Muni Active ETF (SHYM) is 0.77%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that SHYM experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYM | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 1.35% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 1.81% | 3.14% | -1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 4.05% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.07% | 6.66% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.95% | 11.36% | -4.41% |
SHYM vs. HYMB - Expense Ratio Comparison
Both SHYM and HYMB have an expense ratio of 0.35%.
Dividends
SHYM vs. HYMB - Dividend Comparison
SHYM's dividend yield for the trailing twelve months is around 4.30%, less than HYMB's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
SHYM iShares Short Duration High Yield Muni Active ETF | 4.30% | 4.55% | 4.35% | 4.35% | 4.01% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHYM and HYMB have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.35%) compared to SHYM (0.77%). In terms of maximum drawdown, SHYM dropped -22.55% vs HYMB's -29.57%.
On 5-year performance, SHYM leads with 0.99% vs 0.42% for HYMB. Both ETFs have the same 0.35% expense ratio. On volatility, SHYM has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYM has performed better with a 0.99% return vs 0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYM and HYMB have the same expense ratio: 0.35% per year.
HYMB has the higher dividend yield at 4.54%, compared with 4.30% for SHYM.
SHYM is categorized as High Yield Muni, while HYMB is Municipal Bonds. They also come from different issuers: iShares and State Street.
HYMB currently has the higher Sharpe Ratio (1.84 vs 1.74), 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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