SMMUvsIROCETF Comparison
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PIMCO Short Term Municipal Bond Active ETF (SMMU) belongs to the Municipal Bonds segment. Invesco Rochester High Yield Municipal ETF (IROC) is part of the US Aggregate Bonds segment. SMMU's top 3 sector exposures are Municipal, Sovereign and Government Agencies. In contrast, IROC's top sector exposures are Municipal. SMMU is less expensive with a Total Expense Ratio (TER) of 0.35%, versus 0.4% for IROC. SMMU is up 0.95% year-to-date (YTD) with +$276M in YTD flows. IROC performs worse with -3.2% YTD performance, and +$93M in YTD flows. Run a side-by-side ETF comparison of SMMU and IROC 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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SMMU vs IROC performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SMMU IROC | +0.24%-0.98% | -0.24%-4.70% | +0.95%-3.20% | +1.50%-2.41% | +11.04%+11.52% | +9.77%n/a |
| Flows | SMMU IROC | +$51M+$34M | +$110M+$67M | +$276M+$93M | +$272M+$142M | +$695M+$169M | +$707M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SMMU IROC | +2.02%+5.64% | +1.19%+3.51% | +1.38%+3.52% | +1.34%n/a |
| Max drawdown | SMMU IROC | -1.87%-6.59% | -1.87%-7.11% | -1.87%-7.11% | -4.42%n/a |
| Max drawdown duration | SMMU IROC | 52d92d | 52d102d | 52d102d | 738dn/a |
Trading data
SMMU | IROC | |
Last sale 10/16/2026 at 1:30 PM | $49.82 | $48.45 |
| Previous close 10/15/2026 | $49.83 | $48.46 |
| Consolidated volume 10/15/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
SMMU | IROC | |
|---|---|---|
| Last price | $49.82 | $48.45 |
| 1D performance | -0.02% | -0.02% |
| AuM | $1.24 B | $192.11 M |
| E/R | 0.35% | 0.4% |
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Exposure
Countries
SMMU
USA
42.82%
Other
57.18%
IROC
USA
40.88%
Other
59.12%
Sectors
SMMU
Municipal
27.39%
Sovereign
10.62%
Other
61.99%
IROC
Municipal
40.88%
Other
59.12%
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Diversification
SMMU
Total weight of top 15 holdings out of 15
24.02%
IROC
Total weight of top 15 holdings out of 15
18.23%
Top 15 holdings
Data as of August 31, 2026
SMMU
USA, Bills 0% 20oct2026, USD (119D)
5.93%
FHLB, 0% 21sep2026, USD (364D)
2.62%
USA, Notes 4.25% 31jul2028, USD (BE-2028)
1.69%
US20775DL830
1.65%
USA, Bills 0% 15sep2026, USD (119D)
1.42%
FHLB, 0% 4sep2026, USD (365D)
1.40%
New York Municipal Water Finance Authority, FRN 15jun2050, USD
1.27%
Tarrant Cultural Education Facilities Finance Corp., FRN 15nov2063, USD (2026A&B)
1.16%
Fort Bend Independent School District, FRN 1aug2055, USD (2025B)
1.15%
US593344CB87
1.04%
US20775DZL99
1.03%
US20775DTS17
0.98%
US57585BRA88
0.91%
US678604AC33
0.90%
US13063EUT18
0.86%
IROC
Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A)
1.28%
Kentucky Public Energy Authority, 5% 1dec2033, USD (2025)
1.28%
US13013JGF75
1.25%
US37353PWV74
1.25%
US812643H643
1.24%
US121342PQ61
1.24%
City of New York, FRN 1dec2047, USD
1.24%
US677561LA84
1.24%
Washington Suburban Sanitary District, FRN 1jun2027, USD
1.24%
US686507NQ33
1.24%
Gulf Coast Industrial Development Authority, FRN 1nov2041, USD (2012)
1.24%
Mississippi Business Finance Corp., FRN 1nov2035, USD (2010I)
1.24%
US63608TBR05
1.09%
Texas, 5% 1aug2041, USD
1.07%
Massachusetts Development Finance Agency, 5% 1jan2047, USD
1.05%
Frequently asked questions about SMMU and IROC
How have the SMMU and IROC ETFs performed in 2026?
As of October 16, 2026, SMMU is up 0.95% year-to-date (YTD), while IROC has lost -3.2%. That puts SMMU better performer ahead so far this year.
Which ETF is attracting more investor money: SMMU or IROC?
Year-to-date, the SMMU ETF saw +$276M in flows, compared to +$93M for IROC.
Which ETF is more volatile: SMMU or IROC?
Over the past year, SMMU had a volatility of 1.19%, while IROC experienced 3.51%.
Which ETF is bigger: SMMU or IROC?
As of October 16, 2026, SMMU holds $1.24 B in assets under management (AUM), while IROC manages $192.11 M.
What sectors do the SMMU and IROC ETFs invest in?
SMMU leans toward sectors like Municipal and Sovereign. Meanwhile, IROC focuses on Municipal.
What are the top holdings of the SMMU ETF and IROC ETF?
SMMU top holdings include USA, Bills 0% 20oct2026, USD (119D), FHLB, 0% 21sep2026, USD (364D) and USA, Notes 4.25% 31jul2028, USD (BE-2028). IROC holds in its top three: Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A), Kentucky Public Energy Authority, 5% 1dec2033, USD (2025) and US13013JGF75.
Which ETF is more diversified: SMMU or IROC?
SMMU holds 344 securities with 24.02% of its assets in the top 15. IROC has 174 securities and a top 15 weight of 18.23%.
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