VanEck Short Muni ETF (SMB) Performance
SMB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.9% since Dec 31, 2025
- 1 year
- +2.0% total return
- 5 years
- +1.3% a year
- 10 years
- +1.5% a year
- Since first price
- +1.9% a year since 2008
SMB trailing returns vs AGG, TLT, SPY
| Period | SMB total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.5% | +1.3% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.7% | −0.1% | −0.4% | −1.0% | +3.2% |
| 6 months | +0.8% | −0.7% | −1.5% | −3.8% | +7.8% |
| YTD | +0.9% | −1.2% | −1.0% | −3.4% | +12.3% |
| 1 year | +2.0% | −0.8% | −1.1% | −6.9% | +14.4% |
| 3 years | +11.6%+3.7%/yr | +3.4% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +6.7%+1.3%/yr | −4.0% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +16.3%+1.5%/yr | −2.4% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +25.1%+1.5%/yr | −1.8% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionFeb 26, 2008 | +43.1%+1.9%/yr | +3.1% | — | — | — |
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: SMB vs AGG
From Feb 26, 2008: SMB grew to $14,310, AGG to $16,407.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SMB returns by calendar year
14 of 17 full years positive. Best 2009 (+7.9%), worst 2022 (−4.5%). 2026 is year to date.
SMB annual returns table
| Year | SMB | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +0.9% | −2.3% | −1.0% | −3.4% | +12.3% |
| 2025 | +4.6% | −1.8% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.4% | −0.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +3.1% | −2.2% | +5.7% | +2.8% | +26.2% |
| 2022 | −4.5% | −6.9% | −13.0% | −31.2% | −18.2% |
| 2021 | −0.0% | −1.1% | −1.8% | −4.6% | +28.7% |
| 2020 | +3.3% | −12.6% | +7.5% | +18.2% | +18.3% |
| 2019 | +4.5% | −1.2% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.9% | −1.3% | +0.1% | −1.6% | −4.6% |
| 2017 | +1.2% | −1.8% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.5% | −4.1% | +2.4% | +1.2% | +12.0% |
| 2015 | +1.1% | −1.8% | +0.5% | −1.8% | +1.2% |
| 2014 | +1.0% | −1.0% | +6.0% | +27.3% | +13.5% |
| 2013 | +0.8% | −4.1% | −2.0% | −13.4% | +32.3% |
| 2012 | +1.5% | −1.4% | +3.8% | +2.6% | +16.0% |
| 2011 | +5.5% | −1.9% | +7.7% | +34.0% | +1.9% |
| 2010 | +1.2% | −2.8% | +6.4% | +9.0% | +15.1% |
| 2009 | +7.9% | −3.8% | +3.0% | −21.8% | +26.4% |
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.
SMB largest drawdowns
Now 0.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −12.6% | Mar 19, 2020 | Jun 10, 2020 | 10 days | 3 months |
| Jul 28, 2021 | −7.6% | Oct 25, 2022 | Aug 20, 2024 | 1.2 years | 3.1 years |
| Sep 11, 2008 | −5.6% | Dec 16, 2008 | Jan 6, 2009 | 3 months | 4 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
SMB risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +3.0% | +0.9% | +1.3% | +1.9% |
| Volatility (annualized) | 2.3% | 3.1% | 3.0% | 2.8% |
| Sharpe ratio | -0.60 | -0.90 | -0.31 | 0.23 |
| Sortino ratio | -0.75 | -1.04 | -0.38 | 0.33 |
| Best month | +2.4% | +2.4% | +2.4% | +3.2% |
| Worst month | −1.5% | −2.2% | −3.1% | −3.1% |
| Best 12 months | +5.9% | +5.9% | +5.9% | +9.1% |
| Worst 12 months | −0.1% | −6.9% | −6.9% | −6.9% |
| Positive months | 64% | 57% | 62% | 62% |
| Beta vs S&P 500 | 0.10 | 0.10 | 0.08 | — |
| Correlation with S&P 500 | 0.54 | 0.49 | 0.41 | — |
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.
SMB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 213 | −6.9% | +2.1% | +9.1% | 81% |
| 3-year (a year) | 189 | −1.3% | +1.5% | +5.1% | 87% |
| 5-year (a year) | 165 | +0.2% | +1.2% | +3.8% | 100% |
| 10-year (a year) | 105 | +0.5% | +1.5% | +2.3% | 100% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
SMB performance overview
VanEck Short Muni ETF (SMB) returned +2.0% over the past year and +1.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned +1.9% a year, turning $10,000 into about $14,310. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −12.6%, from Mar 9, 2020 to Mar 19, 2020, and it took 3 months to get back to the old high. SMB finished 14 of its 17 full calendar years with a gain; the best year was 2009 (+7.9%) and the worst 2022 (−4.5%). Volatility has been 2.8% a year.
Related: SMB chart, SMB dividends, SMB bond profile. See the SMB overview for the latest quote and fund facts.
SMB performance FAQ
What is the SMB return over the past year?
SMB returned +2.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 0.8%.
What is the average annual return of SMB?
SMB has returned +1.3% a year over 5 years, +1.5% a year over 10 years, +1.9% a year since February 26, 2008 (total return, distributions reinvested).
How much would $10,000 invested in SMB be worth?
$10,000 invested in SMB at its first recorded close on February 26, 2008 would be worth about $14,310 on October 23, 2026 with distributions reinvested.
What was the worst year for SMB?
The worst calendar year was 2022, with a total return of −4.5%. The best was 2009 at +7.9%.
What is the biggest drawdown of SMB?
The largest peak-to-trough decline was −12.6% between March 9, 2020 and March 19, 2020. It recovered to the old high on June 10, 2020, 3 months after the bottom.
How volatile is SMB?
Over the past 3 years SMB had an annualized volatility of 2.3% and a Sharpe ratio of -0.60 (excess return over 1–3 month T-bills per unit of risk).