SUB vs. SHM
Compare and contrast key facts about iShares Short-Term National Muni Bond ETF (SUB) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM).
SUB and SHM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SUB is a passively managed fund by iShares that tracks the performance of the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. It was launched on Nov 5, 2008. 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. Both SUB and SHM are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: SUB or SHM.
Key characteristics
| SUB | SHM | |
|---|---|---|
| YTD Return | 1.75% | 1.40% |
| 1Y Return | 3.58% | 3.70% |
| 3Y Return (Ann) | 0.89% | 0.19% |
| 5Y Return (Ann) | 1.10% | 0.75% |
| 10Y Return (Ann) | 1.13% | 1.01% |
| Sharpe Ratio | 2.44 | 1.75 |
| Sortino Ratio | 3.84 | 2.67 |
| Omega Ratio | 1.51 | 1.34 |
| Calmar Ratio | 2.72 | 1.08 |
| Martin Ratio | 11.85 | 6.03 |
| Ulcer Index | 0.31% | 0.65% |
| Daily Std Dev | 1.49% | 2.23% |
| Max Drawdown | -9.46% | -11.61% |
| Current Drawdown | -0.59% | -0.86% |
Correlation
The correlation between SUB and SHM is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
SUB vs. SHM - Performance Comparison
In the year-to-date period, SUB achieves a 1.75% return, which is significantly higher than SHM's 1.40% return. Over the past 10 years, SUB has outperformed SHM with an annualized return of 1.13%, while SHM has yielded a comparatively lower 1.01% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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SUB vs. SHM - Expense Ratio Comparison
SUB has a 0.07% 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%.
Risk-Adjusted Performance
SUB vs. SHM - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) 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.
Dividends
SUB vs. SHM - Dividend Comparison
SUB's dividend yield for the trailing twelve months is around 2.05%, more than SHM's 1.89% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SUB iShares Short-Term National Muni Bond ETF | 2.05% | 1.73% | 0.86% | 0.72% | 1.23% | 1.59% | 1.32% | 0.94% | 0.75% | 0.77% | 0.76% | 0.84% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 1.89% | 1.22% | 0.76% | 1.00% | 1.65% | 1.41% | 1.33% | 1.15% | 1.02% | 0.91% | 0.92% | 0.98% |
Drawdowns
SUB vs. SHM - Drawdown Comparison
The maximum SUB drawdown since its inception was -9.46%, smaller than the maximum SHM drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for SUB and SHM. For additional features, visit the drawdowns tool.
Volatility
SUB vs. SHM - Volatility Comparison
The current volatility for iShares Short-Term National Muni Bond ETF (SUB) is 0.65%, while SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) has a volatility of 0.87%. This indicates that SUB experiences smaller price fluctuations and is considered to be less risky than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.