TFI vs. SUB

Last updated Jun 4, 2026

TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - TFI tracks the Bloomberg US Municipal Managed Money (1-25 Y) while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 10 years, TFI returned 1.51%/yr vs 1.49%/yr for SUB. At a 0.36 correlation, their price movements are largely independent. TFI charges 0.23%/yr vs 0.07%/yr for SUB.

Performance

TFI vs. SUB - Performance Comparison

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

Returns By Period

In the year-to-date period, TFI achieves a 1.19% return, which is significantly higher than SUB's 0.79% return. Both investments have delivered pretty close results over the past 10 years, with TFI having a 1.51% annualized return and SUB not far behind at 1.49%.

TFI

• 1D: -0.02%
• 1M: 0.63%
• YTD: 1.19%
• 6M: 1.64%
• 1Y: 6.67%
• 3Y*: 2.99%
• 5Y*: -0.07%
• 10Y*: 1.51%

SUB

• 1D: 0.01%
• 1M: 0.32%
• YTD: 0.79%
• 6M: 1.15%
• 1Y: 3.18%
• 3Y*: 3.19%
• 5Y*: 1.46%
• 10Y*: 1.49%

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

TFI vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	1.19%	3.62%	-0.01%	5.62%	-10.17%	0.25%	5.82%	7.41%	0.52%	5.50%
SUB iShares Short-Term National Muni Bond ETF	0.79%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.85%	0.75%

Correlation

The correlation between TFI and SUB 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	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008	0.36

Over the past year, TFI and SUB have become more correlated (0.58) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

TFI vs. SUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TFI

TFI Risk / Return Rank: 65
TFI Sharpe Ratio Rank: 72
TFI Sortino Ratio Rank: 76
TFI Omega Ratio Rank: 83
TFI Calmar Ratio Rank: 48
TFI Martin Ratio Rank: 48

SUB

SUB Risk / Return Rank: 83
SUB Sharpe Ratio Rank: 90
SUB Sortino Ratio Rank: 92
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 77
SUB Martin Ratio Rank: 62

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.

TFI vs. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and iShares Short-Term National Muni Bond ETF (SUB). 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.

	TFI	SUB	Difference
Sharpe ratio: Return per unit of total volatility	2.38	3.20	-0.82
Sortino ratio: Return per unit of downside risk	3.45	4.64	-1.19
Omega ratio: Gain probability vs. loss probability	1.50	1.72	-0.21
Calmar ratio: Return relative to maximum drawdown	2.40	3.97	-1.57
Martin ratio: Return relative to average drawdown	7.91	11.24	-3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFI vs. SUB - Sharpe Ratio Comparison

The current TFI Sharpe Ratio is 2.38, which is comparable to the SUB Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of TFI and SUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TFI	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	3.20	-0.82
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.90	-0.91
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.57	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.42	+0.09

Drawdowns

TFI vs. SUB - Drawdown Comparison

The maximum TFI drawdown since its inception was -15.49%, which is greater than SUB's maximum drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for TFI and SUB.

Drawdown Indicators

	TFI	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-15.49%	-9.46%	-6.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-0.81%	-1.98%
Max Drawdown (3Y) Largest decline over 3 years	-6.81%	-1.23%	-5.58%
Max Drawdown (5Y) Largest decline over 5 years	-15.41%	-4.35%	-11.06%
Max Drawdown (10Y) Largest decline over 10 years	-15.49%	-9.46%	-6.03%
Current Drawdown Current decline from peak	-1.21%	-0.11%	-1.10%
Average Drawdown Average peak-to-trough decline	-2.97%	-0.92%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.28%	+0.57%

Volatility

TFI vs. SUB - Volatility Comparison

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) has a higher volatility of 0.90% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that TFI's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFI	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.28%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	2.10%	0.79%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	1.00%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	1.64%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	2.60%	+2.40%

TFI vs. SUB - Expense Ratio Comparison

TFI has a 0.23% expense ratio, which is higher than SUB's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TFI vs. SUB - Dividend Comparison

TFI's dividend yield for the trailing twelve months is around 3.48%, more than SUB's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	3.48%	3.32%	3.01%	2.41%	1.87%	1.71%	1.91%	2.14%	2.26%	2.16%	2.39%	2.40%

Frequently Asked Questions

Can I hold both TFI and SUB in my portfolio?

TFI and SUB 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.

Which is riskier, TFI or SUB?

TFI has higher volatility (0.90%) compared to SUB (0.28%). In terms of maximum drawdown, TFI dropped -15.49% vs SUB's -9.46%.

Which ETF is better, TFI or SUB?

On 10-year performance, TFI leads with 1.51% vs 1.49% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFI or SUB?

Over the 10-year period, TFI has performed better with a 1.51% return vs 1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFI or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.23% for TFI.

Which ETF pays a higher dividend yield, TFI or SUB?

TFI has the higher dividend yield at 3.48%, compared with 2.53% for SUB.

What is the main difference between TFI and SUB?

TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. They also come from different issuers: State Street and iShares. Their fees differ too: 0.23% for TFI and 0.07% for SUB.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (3.20 vs 2.38), 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.