SPMB vs. SHM
SPMB (SPDR Portfolio Mortgage Backed Bond ETF) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both exchange-traded funds - SPMB is a Mortgage Backed Securities fund tracking the Bloomberg US Aggregate Securitized - MBS, while SHM is a Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short. Both are passively managed. Over the past 10 years, SPMB returned 1.26%/yr vs 1.20%/yr for SHM. At a 0.30 correlation, their price movements are largely independent. SPMB charges 0.04%/yr vs 0.20%/yr for SHM.
Performance
SPMB vs. SHM - Performance Comparison
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Returns By Period
In the year-to-date period, SPMB achieves a 0.65% return, which is significantly lower than SHM's 0.88% return. Both investments have delivered pretty close results over the past 10 years, with SPMB having a 1.26% annualized return and SHM not far behind at 1.20%.
SPMB
- 1D
- 0.14%
- 1M
- 0.22%
- YTD
- 0.65%
- 6M
- 0.95%
- 1Y
- 6.29%
- 3Y*
- 4.42%
- 5Y*
- 0.31%
- 10Y*
- 1.26%
SHM
- 1D
- 0.10%
- 1M
- 0.47%
- YTD
- 0.88%
- 6M
- 1.23%
- 1Y
- 3.45%
- 3Y*
- 3.00%
- 5Y*
- 0.93%
- 10Y*
- 1.20%
SPMB vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 0.65% | 8.29% | 1.35% | 5.09% | -12.05% | -1.46% | 4.19% | 6.16% | 1.01% | 2.13% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.88% | 3.95% | 1.22% | 2.92% | -3.82% | -0.37% | 2.65% | 3.64% | 1.56% | 0.99% |
Correlation
The correlation between SPMB and SHM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2009 | 0.30 |
The correlation between SPMB and SHM shifts across timeframes, from 0.30 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPMB vs. SHM — Risk / Return Rank
SPMB
SHM
SPMB vs. SHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Mortgage Backed Bond ETF (SPMB) 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.
| SPMB | SHM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.59 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 3.06 | -0.87 |
| Martin ratioReturn relative to average drawdown | 7.16 | 7.83 | -0.67 |
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
| SPMB | SHM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 2.75 | -1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 0.45 | -0.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.36 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.48 | -0.14 |
Drawdowns
SPMB vs. SHM - Drawdown Comparison
The maximum SPMB drawdown since its inception was -18.03%, which is greater than SHM's maximum drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for SPMB and SHM.
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Drawdown Indicators
| SPMB | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -11.61% | -6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -1.13% | -1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -7.66% | -2.03% | -5.63% |
Max Drawdown (5Y)Largest decline over 5 years | -17.49% | -6.67% | -10.82% |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | -11.61% | -6.42% |
Current DrawdownCurrent decline from peak | -1.45% | -0.27% | -1.18% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.97% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.44% | +0.44% |
Volatility
SPMB vs. SHM - Volatility Comparison
SPDR Portfolio Mortgage Backed Bond ETF (SPMB) has a higher volatility of 1.58% compared to SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) at 0.36%. This indicates that SPMB'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
| SPMB | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.36% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | 0.86% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.28% | 1.27% | +3.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.77% | 2.07% | +4.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.61% | 3.31% | +4.30% |
SPMB vs. SHM - Expense Ratio Comparison
SPMB has a 0.04% expense ratio, which is lower than SHM's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPMB vs. SHM - Dividend Comparison
SPMB's dividend yield for the trailing twelve months is around 4.08%, more than SHM's 2.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.66% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
SPMB SPDR Portfolio Mortgage Backed Bond ETF | 4.08% | 3.98% | 3.76% | 3.21% | 2.98% | 2.59% | 2.95% | 3.24% | 3.36% | 3.13% | 2.99% | 3.05% |
Frequently Asked Questions
SPMB and SHM have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMB has higher volatility (1.58%) compared to SHM (0.36%). In terms of maximum drawdown, SPMB dropped -18.03% vs SHM's -11.61%.
On 10-year performance, SPMB leads with 1.26% vs 1.20% for SHM. On fees, SPMB is cheaper at 0.04% per year. On volatility, SHM has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMB has performed better with a 1.26% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMB is cheaper with a 0.04% expense ratio, compared with 0.20% for SHM.
SPMB has the higher dividend yield at 4.08%, compared with 2.66% for SHM.
SPMB is categorized as Mortgage Backed Securities, while SHM is Municipal Bonds. SPMB tracks Bloomberg US Aggregate Securitized - MBS, while SHM tracks Bloomberg Municipal Managed Money Short. Their fees differ too: 0.04% for SPMB and 0.20% for SHM.
SHM currently has the higher Sharpe Ratio (2.75 vs 1.49), 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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