SPDR Nuveen Bloomberg Short Term Municipal… (SHM) Performance
SHM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.6% since Dec 31, 2025
- 1 year
- +1.1% total return
- 5 years
- +0.9% a year
- 10 years
- +1.2% a year
- Since first price
- +1.8% a year since 2007
SHM trailing returns vs AGG, TLT, SPY
| Period | SHM total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.2% | +0.9% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.2% | −0.5% | −0.4% | −1.0% | +3.2% |
| 6 months | +0.1% | −1.3% | −1.5% | −3.8% | +7.8% |
| YTD | +0.6% | −1.4% | −1.0% | −3.4% | +12.3% |
| 1 year | +1.1% | −1.6% | −1.1% | −6.9% | +14.4% |
| 3 years | +9.9%+3.2%/yr | +2.4% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +4.6%+0.9%/yr | −4.1% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +12.3%+1.2%/yr | −2.8% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +19.6%+1.2%/yr | −1.9% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionOct 15, 2007 | +39.6%+1.8%/yr | +5.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: SHM vs AGG
From Oct 15, 2007: SHM grew to $13,960, AGG to $17,051.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SHM returns by calendar year
15 of 18 full years positive. Best 2008 (+6.0%), worst 2022 (−3.8%). 2026 is year to date.
SHM annual returns table
| Year | SHM | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +0.6% | −2.7% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.9% | −1.7% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.2% | −1.7% | +1.3% | −8.1% | +24.9% |
| 2023 | +2.9% | −2.8% | +5.7% | +2.8% | +26.2% |
| 2022 | −3.8% | −6.0% | −13.0% | −31.2% | −18.2% |
| 2021 | −0.5% | −0.8% | −1.8% | −4.6% | +28.7% |
| 2020 | +2.6% | −11.6% | +7.5% | +18.2% | +18.3% |
| 2019 | +3.6% | −1.1% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.6% | −1.1% | +0.1% | −1.6% | −4.6% |
| 2017 | +1.0% | −2.0% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.6% | −2.7% | +2.4% | +1.2% | +12.0% |
| 2015 | +1.2% | −1.1% | +0.5% | −1.8% | +1.2% |
| 2014 | +0.9% | −1.0% | +6.0% | +27.3% | +13.5% |
| 2013 | +0.9% | −2.6% | −2.0% | −13.4% | +32.3% |
| 2012 | +1.3% | −0.9% | +3.8% | +2.6% | +16.0% |
| 2011 | +3.9% | −2.1% | +7.7% | +34.0% | +1.9% |
| 2010 | +1.0% | −2.7% | +6.4% | +9.0% | +15.1% |
| 2009 | +4.2% | −1.9% | +3.0% | −21.8% | +26.4% |
| 2008 | +6.0% | −7.0% | +7.9% | +33.9% | −36.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
SHM largest drawdowns
Now 0.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −11.6% | Mar 19, 2020 | May 19, 2020 | 10 days | 2 months |
| Sep 23, 2008 | −7.0% | Oct 1, 2008 | Dec 5, 2008 | 8 days | 2 months |
| Aug 4, 2021 | −6.8% | Oct 25, 2022 | Sep 6, 2024 | 1.2 years | 3.1 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
SHM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.6% | +0.6% | +1.0% | +1.6% |
| Volatility (annualized) | 2.7% | 3.4% | 2.7% | 2.6% |
| Sharpe ratio | -0.66 | -0.90 | -0.46 | 0.13 |
| Sortino ratio | -0.80 | -1.04 | -0.57 | 0.18 |
| Best month | +2.6% | +2.6% | +2.6% | +2.6% |
| Worst month | −2.0% | −2.0% | −2.0% | −2.6% |
| Best 12 months | +6.0% | +6.0% | +6.0% | +9.0% |
| Worst 12 months | −0.6% | −6.1% | −6.1% | −6.1% |
| Positive months | 67% | 57% | 62% | 64% |
| Beta vs S&P 500 | 0.12 | 0.13 | 0.07 | — |
| Correlation with S&P 500 | 0.55 | 0.58 | 0.42 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
SHM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 217 | −6.1% | +1.7% | +9.0% | 84% |
| 3-year (a year) | 193 | −1.7% | +1.3% | +4.6% | 85% |
| 5-year (a year) | 169 | +0.0% | +1.0% | +3.5% | 100% |
| 10-year (a year) | 109 | +0.4% | +1.2% | +2.2% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
SHM performance overview
SPDR Nuveen Bloomberg Short Term Municipal… (SHM) returned +1.1% over the past year and +1.2% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +1.8% a year, turning $10,000 into about $13,960. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −11.6%, from Mar 9, 2020 to Mar 19, 2020, and it took 2 months to get back to the old high. SHM finished 15 of its 18 full calendar years with a gain; the best year was 2008 (+6.0%) and the worst 2022 (−3.8%). Volatility has been 2.6% a year.
Related: SHM chart, SHM dividends, SHM bond profile. See the SHM overview for the latest quote and fund facts.
SHM performance FAQ
What is the SHM return over the past year?
SHM returned +1.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.6%.
What is the average annual return of SHM?
SHM has returned +0.9% a year over 5 years, +1.2% a year over 10 years, +1.8% a year since October 15, 2007 (total return, distributions reinvested).
How much would $10,000 invested in SHM be worth?
$10,000 invested in SHM at its first recorded close on October 15, 2007 would be worth about $13,960 on October 23, 2026 with distributions reinvested.
What was the worst year for SHM?
The worst calendar year was 2022, with a total return of −3.8%. The best was 2008 at +6.0%.
What is the biggest drawdown of SHM?
The largest peak-to-trough decline was −11.6% between March 9, 2020 and March 19, 2020. It recovered to the old high on May 19, 2020, 2 months after the bottom.
How volatile is SHM?
Over the past 3 years SHM had an annualized volatility of 2.7% and a Sharpe ratio of -0.66 (excess return over 1–3 month T-bills per unit of risk).