SPDR Nuveen Bloomberg Municipal Bond ETF (TFI) Performance
TFI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.6% since Dec 31, 2025
- 1 year
- −1.1% total return
- 5 years
- −0.4% a year
- 10 years
- +1.2% a year
- Since first price
- +2.8% a year since 2007
TFI trailing returns vs AGG, TLT, SPY
| Period | TFI total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +1.2% | +0.9% | +1.5% | −1.0% |
| 3 months | −1.4% | −2.3% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.4% | −4.2% | −1.5% | −3.8% | +7.8% |
| YTD | −1.6% | −4.2% | −1.0% | −3.4% | +12.3% |
| 1 year | −1.1% | −4.6% | −1.1% | −6.9% | +14.4% |
| 3 years | +11.6%+3.7%/yr | +1.2% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −2.1%−0.4%/yr | −14.6% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +12.8%+1.2%/yr | −11.5% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +38.9%+2.2%/yr | −6.0% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionSep 13, 2007 | +70.5%+2.8%/yr | −1.4% | — | — | — |
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: TFI vs AGG
From Sep 13, 2007: TFI grew to $17,045, AGG to $17,062.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TFI returns by calendar year
13 of 18 full years positive. Best 2011 (+13.9%), worst 2022 (−10.2%). 2026 is year to date.
TFI annual returns table
| Year | TFI | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.6% | −6.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.6% | −5.1% | +7.2% | +4.3% | +17.7% |
| 2024 | −0.0% | −3.3% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.6% | −7.8% | +5.7% | +2.8% | +26.2% |
| 2022 | −10.2% | −14.7% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.2% | −2.4% | −1.8% | −4.6% | +28.7% |
| 2020 | +5.8% | −15.5% | +7.5% | +18.2% | +18.3% |
| 2019 | +7.4% | −2.0% | +8.5% | +14.1% | +31.2% |
| 2018 | +0.5% | −2.9% | +0.1% | −1.6% | −4.6% |
| 2017 | +5.5% | −1.6% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.4% | −6.7% | +2.4% | +1.2% | +12.0% |
| 2015 | +3.4% | −3.6% | +0.5% | −1.8% | +1.2% |
| 2014 | +9.8% | −1.9% | +6.0% | +27.3% | +13.5% |
| 2013 | −3.9% | −8.7% | −2.0% | −13.4% | +32.3% |
| 2012 | +6.3% | −2.8% | +3.8% | +2.6% | +16.0% |
| 2011 | +13.9% | −3.6% | +7.7% | +34.0% | +1.9% |
| 2010 | −0.5% | −8.2% | +6.4% | +9.0% | +15.1% |
| 2009 | +10.0% | −3.7% | +3.0% | −21.8% | +26.4% |
| 2008 | +0.0% | −15.1% | +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.
TFI largest drawdowns
Now 4.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 19, 2021 | −15.5% | Oct 25, 2022 | not yet | 1.3 years | 5.3 years so far |
| Mar 9, 2020 | −15.5% | Mar 19, 2020 | Jul 16, 2020 | 10 days | 4 months |
| Sep 15, 2008 | −15.1% | Oct 16, 2008 | Jan 13, 2009 | 31 days | 4 months |
| Sep 1, 2010 | −9.7% | Jan 14, 2011 | Aug 2, 2011 | 4 months | 11 months |
| Nov 29, 2012 | −9.1% | Sep 5, 2013 | May 14, 2014 | 9 months | 1.5 years |
| Jul 7, 2016 | −6.7% | Dec 5, 2016 | Sep 7, 2017 | 5 months | 1.2 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
TFI risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.5% | −1.0% | +0.8% | +2.7% |
| Volatility (annualized) | 6.2% | 7.3% | 6.1% | 5.8% |
| Sharpe ratio | -0.27 | -0.60 | -0.21 | 0.26 |
| Sortino ratio | -0.40 | -0.79 | -0.28 | 0.37 |
| Best month | +6.8% | +6.8% | +6.8% | +6.8% |
| Worst month | −3.9% | −3.9% | −4.3% | −5.9% |
| Best 12 months | +10.3% | +10.3% | +10.3% | +17.2% |
| Worst 12 months | −2.8% | −13.9% | −13.9% | −13.9% |
| Positive months | 56% | 48% | 57% | 62% |
| Beta vs S&P 500 | 0.31 | 0.31 | 0.18 | — |
| Correlation with S&P 500 | 0.61 | 0.65 | 0.46 | — |
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.
TFI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 218 | −13.9% | +3.2% | +17.2% | 76% |
| 3-year (a year) | 194 | −4.0% | +3.3% | +8.5% | 82% |
| 5-year (a year) | 170 | −1.0% | +3.1% | +6.6% | 88% |
| 10-year (a year) | 110 | +0.8% | +2.6% | +4.8% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
TFI performance overview
SPDR Nuveen Bloomberg Municipal Bond ETF (TFI) 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 +2.8% a year, turning $10,000 into about $17,045. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −15.5%, from Jul 19, 2021 to Oct 25, 2022; the fund has not yet regained that high. TFI finished 13 of its 18 full calendar years with a gain; the best year was 2011 (+13.9%) and the worst 2022 (−10.2%). Volatility has been 5.8% a year.
Related: TFI chart, TFI dividends, TFI bond profile. See the TFI overview for the latest quote and fund facts.
TFI performance FAQ
What is the TFI return over the past year?
TFI returned −1.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 4.6%.
What is the average annual return of TFI?
TFI has returned −0.4% a year over 5 years, +1.2% a year over 10 years, +2.8% a year since September 13, 2007 (total return, distributions reinvested).
How much would $10,000 invested in TFI be worth?
$10,000 invested in TFI at its first recorded close on September 13, 2007 would be worth about $17,045 on October 23, 2026 with distributions reinvested.
What was the worst year for TFI?
The worst calendar year was 2022, with a total return of −10.2%. The best was 2011 at +13.9%.
What is the biggest drawdown of TFI?
The largest peak-to-trough decline was −15.5% between July 19, 2021 and October 25, 2022. It has not yet recovered to that high; it is 4.0% below its peak.
How volatile is TFI?
Over the past 3 years TFI had an annualized volatility of 6.2% and a Sharpe ratio of -0.27 (excess return over 1–3 month T-bills per unit of risk).