XMPT vs. SMB
XMPT (VanEck CEF Municipal Income ETF) and SMB (VanEck Short Muni ETF) are both exchange-traded funds - XMPT is a High Yield Muni fund tracking the S-Network Municipal Bond Closed-End Fund Index, while SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short Continuous. Both are passively managed. Over the past 10 years, XMPT returned 1.94%/yr vs 1.51%/yr for SMB. At a 0.26 correlation, their price movements are largely independent. XMPT charges 1.97%/yr vs 0.20%/yr for SMB.
Performance
XMPT vs. SMB - Performance Comparison
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Returns By Period
In the year-to-date period, XMPT achieves a 2.34% return, which is significantly higher than SMB's 0.55% return. Over the past 10 years, XMPT has outperformed SMB with an annualized return of 1.94%, while SMB has yielded a comparatively lower 1.51% annualized return.
XMPT
- 1D
- -0.37%
- 1M
- 1.78%
- YTD
- 2.34%
- 6M
- 2.46%
- 1Y
- 11.93%
- 3Y*
- 7.25%
- 5Y*
- -1.17%
- 10Y*
- 1.94%
SMB
- 1D
- 0.00%
- 1M
- 0.53%
- YTD
- 0.55%
- 6M
- 1.25%
- 1Y
- 3.81%
- 3Y*
- 3.62%
- 5Y*
- 1.17%
- 10Y*
- 1.51%
XMPT vs. SMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMPT VanEck CEF Municipal Income ETF | 2.34% | 8.01% | 7.01% | 2.55% | -24.02% | 7.94% | 7.70% | 20.36% | -5.85% | 8.28% |
SMB VanEck Short Muni ETF | 0.55% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.86% | 1.16% |
Correlation
The correlation between XMPT and SMB is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011 | 0.26 |
The correlation between XMPT and SMB shifts across timeframes, from 0.26 (all time) to 0.42 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XMPT vs. SMB — Risk / Return Rank
XMPT
SMB
XMPT vs. SMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck CEF Municipal Income ETF (XMPT) and VanEck Short Muni ETF (SMB). 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.
| XMPT | SMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.66 | 2.33 | -0.67 |
Sortino ratioReturn per unit of downside risk | 2.46 | 3.43 | -0.97 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.46 | -0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.82 | 3.27 | -1.45 |
Martin ratioReturn relative to average drawdown | 7.45 | 9.20 | -1.75 |
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
| XMPT | SMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | 2.33 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 0.48 | -0.60 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.36 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.42 | 0.00 |
Drawdowns
XMPT vs. SMB - Drawdown Comparison
The maximum XMPT drawdown since its inception was -35.24%, which is greater than SMB's maximum drawdown of -12.64%. Use the drawdown chart below to compare losses from any high point for XMPT and SMB.
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Drawdown Indicators
| XMPT | SMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.24% | -12.64% | -22.60% |
Max Drawdown (1Y)Largest decline over 1 year | -6.57% | -1.17% | -5.40% |
Max Drawdown (3Y)Largest decline over 3 years | -15.04% | -1.80% | -13.24% |
Max Drawdown (5Y)Largest decline over 5 years | -35.24% | -7.48% | -27.76% |
Max Drawdown (10Y)Largest decline over 10 years | -35.24% | -12.64% | -22.60% |
Current DrawdownCurrent decline from peak | -8.94% | -0.25% | -8.69% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -1.14% | -7.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 0.41% | +1.19% |
Volatility
XMPT vs. SMB - Volatility Comparison
VanEck CEF Municipal Income ETF (XMPT) has a higher volatility of 2.69% compared to VanEck Short Muni ETF (SMB) at 0.42%. This indicates that XMPT's price experiences larger fluctuations and is considered to be riskier than SMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XMPT | SMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 0.42% | +2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 1.20% | +4.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.21% | 1.64% | +5.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.35% | 2.48% | +6.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.36% | 4.26% | +6.10% |
XMPT vs. SMB - Expense Ratio Comparison
XMPT has a 1.97% expense ratio, which is higher than SMB's 0.20% expense ratio.
Dividends
XMPT vs. SMB - Dividend Comparison
XMPT's dividend yield for the trailing twelve months is around 6.34%, more than SMB's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 2.70% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
XMPT VanEck CEF Municipal Income ETF | 6.34% | 5.87% | 5.35% | 3.81% | 5.12% | 3.74% | 3.79% | 4.08% | 5.05% | 4.84% | 5.35% | 5.24% |
Frequently Asked Questions
XMPT and SMB have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMPT has higher volatility (2.69%) compared to SMB (0.42%). In terms of maximum drawdown, XMPT dropped -35.24% vs SMB's -12.64%.
On 10-year performance, XMPT leads with 1.94% vs 1.51% for SMB. On fees, SMB is cheaper at 0.20% per year. On volatility, SMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XMPT has performed better with a 1.94% return vs 1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMB is cheaper with a 0.20% expense ratio, compared with 1.97% for XMPT.
XMPT has the higher dividend yield at 6.34%, compared with 2.70% for SMB.
XMPT is categorized as High Yield Muni, while SMB is Municipal Bonds. XMPT tracks S-Network Municipal Bond Closed-End Fund Index, while SMB tracks Bloomberg AMT-Free Short Continuous. Their fees differ too: 1.97% for XMPT and 0.20% for SMB.
SMB currently has the higher Sharpe Ratio (2.33 vs 1.66), 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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