DFNMvsSHMETF Comparison
VS
ETF 2
SHM
State Street SPDR Nuveen ICE Short Term Municipal Bond ETF
This fund is part of
Municipal Bonds
-0%
Dimensional National Municipal Bond ETF (DFNM) and State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (SHM) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. DFNM is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.2% for SHM. DFNM is down -1% year-to-date (YTD) with +$360M in YTD flows. SHM performs better with 0.16% YTD performance, and +$47M in YTD flows. Run a side-by-side ETF comparison of DFNM and SHM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFNM vs SHM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM SHM | +0.02%-0.04% | -2.31%-0.80% | -1.00%+0.16% | -0.15%+0.56% | +9.22%+8.94% | n/a+4.03% |
| Flows | DFNM SHM | -$35M+$5M | +$41M+$67M | +$360M+$47M | +$562M+$61M | +$1.29B-$416M | --$1.32B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM SHM | +3.59%+2.39% | +2.20%+1.43% | +2.31%+1.65% | n/a+1.72% |
| Max drawdown | DFNM SHM | -4.26%-2.52% | -4.56%-2.61% | -4.56%-2.61% | n/a-6.22% |
| Max drawdown duration | DFNM SHM | 92d64d | 101d229d | 101d229d | n/a1036d |
Trading data
DFNM | SHM | |
Last sale 10/16/2026 at 1:30 PM | $46.71 | $47.02 |
| Previous close 10/15/2026 | $46.71 | $47.01 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 17, 2026
1-year trailing difference
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DFNM
is actively managed and doesn’t replicate an indexDFNM | SHM | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
DFNM | SHM | |
|---|---|---|
| Last price | $46.71 | $47.02 |
| 1D performance | +0.00% | +0.02% |
| AuM | $2.22 B | $3.49 B |
| E/R | 0.18% | 0.2% |
Characteristics
DFNM | SHM | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Dimensional | State Street Investment Management |
| Benchmark | - | ICE 1-5 Year AMT-Free Broad Municipal Index |
| N° of holdings | 259 | 323 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | October 10, 2007 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
30.25%
Other
69.75%
SHM
USA
31.88%
Other
68.12%
Sectors
DFNM
Municipal
30.25%
Other
69.75%
SHM
Municipal
31.88%
Other
68.12%
Diversification
DFNM
Total weight of top 15 holdings out of 15
8.59%
SHM
Total weight of top 15 holdings out of 15
6.56%
Top 15 holdings
Data as of August 31, 2026
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.80%
Revere, 4% 29jul2027, USD
0.72%
US692160VQ47
0.67%
City of Somerville (MA), 4% 28may2027, USD
0.67%
Hoboken, 4% 8mar2027, USD (2026)
0.67%
US562333SJ48
0.59%
US594712ZC81
0.58%
US609561SR73
0.51%
US650028F992
0.49%
Maryland, 5% 1jun2037, USD (2025)
0.49%
New Mexico, 5% 1mar2027, USD (2026)
0.49%
US686507NU45
0.48%
US30382AMM17
0.48%
US59333FR362
0.46%
Charleston School District, 5% 6may2027, USD (2026A)
0.46%
SHM
US84136HCT86
0.92%
New York Dormitory Authority, 2.5% 1jul1993, USD
0.62%
US13063ELG97
0.51%
California, 5% 1sep2028, USD
0.48%
US13063EAW66
0.45%
US91412HTD51
0.41%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.40%
City of New York, 5.7% 1feb2006, USD
0.39%
US343137RQ01
0.36%
US574204W906
0.36%
US61334PFH10
0.35%
US13063EUS35
0.34%
US13013JBJ43
0.33%
US74440DFN93
0.32%
Connecticut, 5% 15jul2027, USD
0.32%
Frequently asked questions about DFNM and SHM
How have the DFNM and SHM ETFs performed in 2026?
As of October 15, 2026, DFNM is down -1% year-to-date (YTD), while SHM has returned 0.16%. That puts SHM better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or SHM?
Year-to-date, the DFNM ETF saw +$360M in flows, compared to +$47M for SHM.
Which ETF is more volatile: DFNM or SHM?
Over the past year, DFNM had a volatility of 2.2%, while SHM experienced 1.43%.
Which ETF is bigger: DFNM or SHM?
As of October 15, 2026, DFNM holds $2.22 B in assets under management (AUM), while SHM manages $3.49 B.
What sectors do the DFNM and SHM ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, SHM focuses on Municipal.
What are the top holdings of the DFNM ETF and SHM ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and US692160VQ47. SHM holds in its top three: US84136HCT86, New York Dormitory Authority, 2.5% 1jul1993, USD and US13063ELG97.
Which ETF is more diversified: DFNM or SHM?
DFNM holds 1198 securities with 8.59% of its assets in the top 15. SHM has 1087 securities and a top 15 weight of 6.56%.
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