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SOXX vs. SHM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SOXX vs. SHM

Last updated Jun 4, 2026

SOXX (iShares Semiconductor ETF) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both exchange-traded funds - SOXX is a Semiconductors fund tracking the NYSE Semiconductor Index, while SHM is a Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short. Both are passively managed. Over the past 10 years, SOXX returned 35.79%/yr vs 1.20%/yr for SHM. At a correlation of -0.01, they often move in opposite directions. SOXX charges 0.34%/yr vs 0.20%/yr for SHM.

Performance

SOXX vs. SHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Semiconductor ETF (SOXX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SOXX achieves a 104.57% return, which is significantly higher than SHM's 0.78% return. Over the past 10 years, SOXX has outperformed SHM with an annualized return of 35.79%, while SHM has yielded a comparatively lower 1.20% annualized return.

SOXX

1D
1.76%
1M
33.25%
YTD
104.57%
6M
99.43%
1Y
190.05%
3Y*
57.39%
5Y*
34.50%
10Y*
35.79%

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

SOXX vs. SHM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SOXX
iShares Semiconductor ETF		104.57%40.74%12.92%67.12%-35.09%44.09%52.72%62.42%-6.49%39.79%
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%

Correlation

The correlation between SOXX and SHM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.11

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2007

-0.01

The correlation between SOXX and SHM shifts across timeframes, from -0.01 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Semiconductor ETF

SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF

Often compared with SOXX:
SOXX vs. SMHSOXX vs. QQQSOXX vs. SOXLSOXX vs. SOXQSOXX vs. FSELXSOXX vs. VGTSOXX vs. VOO
Often compared with SHM:
SHM vs. SUBSHM vs. JMSTSHM vs. MUBSHM vs. VOOSHM vs. VCSHSHM vs. VWAHXSHM vs. FLOT

Return for Risk

SOXX vs. SHM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SOXX
SOXX Risk / Return Rank: 9797
Overall Rank
SOXX Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
SOXX Sortino Ratio Rank: 9595
Sortino Ratio Rank
SOXX Omega Ratio Rank: 9595
Omega Ratio Rank
SOXX Calmar Ratio Rank: 9797
Calmar Ratio Rank
SOXX Martin Ratio Rank: 9797
Martin Ratio Rank
SHM
SHM Risk / Return Rank: 7575
Overall Rank
SHM Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
SHM Sortino Ratio Rank: 9090
Sortino Ratio Rank
SHM Omega Ratio Rank: 9090
Omega Ratio Rank
SHM Calmar Ratio Rank: 6262
Calmar Ratio Rank
SHM Martin Ratio Rank: 4747
Martin Ratio Rank
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.

SOXX vs. SHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Semiconductor ETF (SOXX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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.

SOXXSHMDifference

Sharpe ratio

Return per unit of total volatility

5.61

2.76

+2.85

Sortino ratio

Return per unit of downside risk

5.36

4.29

+1.06

Omega ratio

Gain probability vs. loss probability

1.74

1.59

+0.15

Calmar ratio

Return relative to maximum drawdown

12.13

3.08

+9.06

Martin ratio

Return relative to average drawdown

46.43

7.88

+38.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SOXX vs. SHM - Sharpe Ratio Comparison

The current SOXX Sharpe Ratio is 5.61, which is higher than the SHM Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of SOXX and SHM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SOXXSHMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.61

2.76

+2.85

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.96

0.44

+0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.07

0.36

+0.71

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.48

-0.03

Drawdowns

SOXX vs. SHM - Drawdown Comparison

The maximum SOXX drawdown since its inception was -70.21%, which is greater than SHM's maximum drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for SOXX and SHM.

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Drawdown Indicators

SOXXSHMDifference

Max Drawdown

Largest peak-to-trough decline

-70.21%

-11.61%

-58.60%

Max Drawdown (1Y)

Largest decline over 1 year

-15.77%

-1.13%

-14.64%

Max Drawdown (3Y)

Largest decline over 3 years

-41.36%

-2.03%

-39.33%

Max Drawdown (5Y)

Largest decline over 5 years

-45.75%

-6.67%

-39.08%

Max Drawdown (10Y)

Largest decline over 10 years

-45.75%

-11.61%

-34.14%

Current Drawdown

Current decline from peak

0.00%

-0.37%

+0.37%

Average Drawdown

Average peak-to-trough decline

-19.97%

-0.97%

-19.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.11%

0.44%

+3.67%

Volatility

SOXX vs. SHM - Volatility Comparison

iShares Semiconductor ETF (SOXX) has a higher volatility of 14.03% compared to SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) at 0.35%. This indicates that SOXX's price experiences larger fluctuations and is considered to be riskier than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SOXXSHMDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.03%

0.35%

+13.68%

Volatility (6M)

Calculated over the trailing 6-month period

27.35%

0.85%

+26.50%

Volatility (1Y)

Calculated over the trailing 1-year period

34.18%

1.26%

+32.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.11%

2.07%

+34.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.43%

3.31%

+30.12%

SOXX vs. SHM - Expense Ratio Comparison

SOXX has a 0.34% expense ratio, which is higher than SHM's 0.20% expense ratio.

Dividends

SOXX vs. SHM - Dividend Comparison

SOXX's dividend yield for the trailing twelve months is around 0.27%, less than SHM's 2.67% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SOXX
iShares Semiconductor ETF		0.27%0.57%0.67%0.78%1.26%0.64%0.81%1.23%1.37%0.90%1.08%1.29%

Frequently Asked Questions

SOXX and SHM have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SOXX has higher volatility (14.03%) compared to SHM (0.35%). In terms of maximum drawdown, SOXX dropped -70.21% vs SHM's -11.61%.

On 10-year performance, SOXX leads with 35.79% vs 1.20% for SHM. On fees, SHM is cheaper at 0.20% 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.

Over the 10-year period, SOXX has performed better with a 35.79% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SHM is cheaper with a 0.20% expense ratio, compared with 0.34% for SOXX.

SHM has the higher dividend yield at 2.67%, compared with 0.27% for SOXX.

SOXX is categorized as Semiconductors, while SHM is Municipal Bonds. SOXX tracks NYSE Semiconductor Index, while SHM tracks Bloomberg Municipal Managed Money Short. They also come from different issuers: iShares and State Street. Their fees differ too: 0.34% for SOXX and 0.20% for SHM.

SOXX currently has the higher Sharpe Ratio (5.61 vs 2.76), 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.

Portfolio Optimizer

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