SHMvsDFNMETF Comparison
ETF 1
SHM
State Street SPDR Nuveen ICE Short Term Municipal Bond ETF
This fund is part of
Municipal Bonds
-0.69%
VS
State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (SHM) and Dimensional National Municipal Bond ETF (DFNM) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. SHM is more expensive with a Total Expense Ratio (TER) of 0.2%, versus 0.18% for DFNM. SHM is up 0.27% year-to-date (YTD) with +$33M in YTD flows. DFNM performs worse with -0.39% YTD performance, and +$390M in YTD flows. Run a side-by-side ETF comparison of SHM and DFNM 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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SHM vs DFNM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/10/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SHM DFNM | -0.77%-1.24% | -0.58%-1.67% | +0.27%-0.39% | +0.31%+1.41% | +8.10%+8.61% | +3.82%n/a |
| Flows | SHM DFNM | +$57M+$40M | +$86M+$161M | +$33M+$390M | +$115M+$648M | -$555M+$1.32B | -$1.21B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SHM DFNM | +1.28%+1.78% | +1.02%+1.59% | +1.59%+2.17% | +1.66%n/a |
| Max drawdown | SHM DFNM | -0.87%-2.01% | -1.10%-2.01% | -2.01%-2.92% | -6.52%n/a |
| Max drawdown duration | SHM DFNM | 66d65d | 193d65d | 66d183d | 1074dn/a |
Trading data
SHM | DFNM | |
Last sale 9/11/2026 at 1:30 PM | $47.31 | $46.93 |
| Previous close 09/10/2026 | $47.30 | $46.87 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 12, 2026
1-year trailing difference
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DFNM
is actively managed and doesn’t replicate an indexSHM | DFNM | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
SHM | DFNM | |
|---|---|---|
| Last price | $47.31 | $46.93 |
| 1D performance | +0.02% | +0.13% |
| AuM | $3.49 B | $2.27 B |
| E/R | 0.2% | 0.18% |
Characteristics
SHM | DFNM | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | Dimensional |
| Benchmark | ICE 1-5 Year AMT-Free Broad Municipal Index | - |
| N° of holdings | 325 | 271 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 10, 2007 | November 15, 2021 |
| ESG | No | No |
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Exposure
Countries
SHM
USA
33.54%
Other
66.46%
DFNM
USA
32.24%
Other
67.76%
Sectors
SHM
Municipal
33.54%
Other
66.46%
DFNM
Municipal
32.24%
Other
67.76%
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Diversification
SHM
Total weight of top 15 holdings out of 15
7.09%
DFNM
Total weight of top 15 holdings out of 15
8.43%
Top 15 holdings
Data as of July 31, 2026
SHM
US84136HCT86
0.93%
California Public Works Board, 5% 1oct2027, USD
0.70%
New York Dormitory Authority, 2.5% 1jul1993, USD
0.62%
US13063ELG97
0.53%
California, 5% 1sep2028, USD
0.50%
US13063EAW66
0.46%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.41%
US91412HTD51
0.41%
City of New York, 5.7% 1feb2006, USD
0.40%
New Jersey Transportation Trust Fund Authority, 5% 15dec2027, USD
0.37%
US343137RQ01
0.37%
US574204W906
0.36%
US61334PFH10
0.36%
US13013JBJ43
0.34%
Connecticut, 5% 15jul2027, USD
0.33%
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.82%
Revere, 4% 29jul2027, USD
0.73%
City of Somerville (MA), 4% 28may2027, USD
0.68%
Hoboken, 4% 8mar2027, USD (2026)
0.68%
US562333SJ48
0.60%
US594712ZC81
0.60%
Maryland, 5% 1jun2037, USD (2025)
0.50%
US650028F992
0.50%
New Mexico, 5% 1mar2027, USD (2026)
0.50%
US686507NU45
0.49%
US30382AMM17
0.49%
US59333FR362
0.47%
Charleston School District, 5% 6may2027, USD (2026A)
0.47%
Danbury, 4% 22feb2027, USD
0.45%
US190819JY92
0.45%
Frequently asked questions about SHM and DFNM
How have the SHM and DFNM ETFs performed in 2026?
As of September 10, 2026, SHM is up 0.27% year-to-date (YTD), while DFNM has lost -0.39%. That puts SHM better performer ahead so far this year.
Which ETF is attracting more investor money: SHM or DFNM?
Year-to-date, the SHM ETF saw +$33M in flows, compared to +$390M for DFNM.
Which ETF is more volatile: SHM or DFNM?
Over the past year, SHM had a volatility of 1.02%, while DFNM experienced 1.59%.
Which ETF is bigger: SHM or DFNM?
As of September 10, 2026, SHM holds $3.49 B in assets under management (AUM), while DFNM manages $2.27 B.
What sectors do the SHM and DFNM ETFs invest in?
SHM leans toward sectors like Municipal. Meanwhile, DFNM focuses on Municipal.
What are the top holdings of the SHM ETF and DFNM ETF?
SHM top holdings include US84136HCT86, California Public Works Board, 5% 1oct2027, USD and New York Dormitory Authority, 2.5% 1jul1993, USD. DFNM holds in its top three: County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and City of Somerville (MA), 4% 28may2027, USD.
Which ETF is more diversified: SHM or DFNM?
SHM holds 1058 securities with 7.09% of its assets in the top 15. DFNM has 1204 securities and a top 15 weight of 8.43%.
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Latest news about SHM & DFNM
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