SMMU vs. HYMB
SMMU (PIMCO Short Term Municipal Bond Active ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds. SMMU is actively managed, while HYMB is passively managed. Over the past 10 years, SMMU returned 1.82%/yr vs 2.46%/yr for HYMB. At a 0.27 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
SMMU vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, SMMU achieves a 1.10% return, which is significantly lower than HYMB's 2.87% return. Over the past 10 years, SMMU has underperformed HYMB with an annualized return of 1.82%, while HYMB has yielded a comparatively higher 2.46% annualized return.
SMMU
- 1D
- 0.07%
- 1M
- 0.31%
- YTD
- 1.10%
- 6M
- 1.36%
- 1Y
- 3.92%
- 3Y*
- 3.67%
- 5Y*
- 1.90%
- 10Y*
- 1.82%
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%
SMMU vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 4.06% | 2.68% | 4.39% | -2.45% | 0.17% | 2.87% | 3.47% | 1.51% | 2.34% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between SMMU and HYMB is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | 0.27 |
Over the past year, SMMU and HYMB have become more correlated (0.51) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
SMMU vs. HYMB — Risk / Return Rank
SMMU
HYMB
SMMU vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) 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.
| SMMU | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.00 | ||
| Sortino ratioReturn per unit of downside risk | +3.18 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.37 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | 2.40 | +2.70 |
| Martin ratioReturn relative to average drawdown | 18.24 | 8.51 | +9.73 |
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
| SMMU | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | 1.84 | +2.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | 0.06 | +1.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.22 | +0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.45 | +0.16 |
Drawdowns
SMMU vs. HYMB - Drawdown Comparison
The maximum SMMU drawdown since its inception was -5.09%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for SMMU and HYMB.
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Drawdown Indicators
| SMMU | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -29.57% | +24.48% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -3.11% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | -7.44% | +5.49% |
Max Drawdown (5Y)Largest decline over 5 years | -4.76% | -20.15% | +15.39% |
Max Drawdown (10Y)Largest decline over 10 years | -5.09% | -29.57% | +24.48% |
Current DrawdownCurrent decline from peak | -0.03% | -0.04% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -3.81% | +3.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.88% | -0.66% |
Volatility
SMMU vs. HYMB - Volatility Comparison
The current volatility for PIMCO Short Term Municipal Bond Active ETF (SMMU) is 0.31%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that SMMU 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
| SMMU | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 1.35% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | 3.14% | -2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.02% | 4.05% | -3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 6.66% | -4.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 11.36% | -8.63% |
SMMU vs. HYMB - Expense Ratio Comparison
Both SMMU and HYMB have an expense ratio of 0.35%.
Dividends
SMMU vs. HYMB - Dividend Comparison
SMMU's dividend yield for the trailing twelve months is around 2.84%, 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% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.84% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
Frequently Asked Questions
SMMU and HYMB have a correlation of 0.51, 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 SMMU (0.31%). In terms of maximum drawdown, SMMU dropped -5.09% vs HYMB's -29.57%.
On 10-year performance, HYMB leads with 2.46% vs 1.82% for SMMU. Both ETFs have the same 0.35% expense ratio. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.46% return vs 1.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMMU and HYMB have the same expense ratio: 0.35% per year.
HYMB has the higher dividend yield at 4.54%, compared with 2.84% for SMMU.
They also come from different issuers: PIMCO and State Street.
SMMU currently has the higher Sharpe Ratio (3.84 vs 1.84), 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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