BMN vs SPY
BlackRock 2037 Municipal Target Term Trust vs State Street SPDR S&P 500 ETF Trust
Which is better, BMN or SPY?
SPY has been ahead.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BMN | SPY |
|---|---|---|
| Expense Ratio | 2.17% | 0.09%Best |
| AUM | $152M | $804.7B |
| Dividend Yield | 4.50% | 0.98% |
| Holdings | 170 | 505 |
| YTD Return | -5.80% | +12.09%Best |
| 1Y Return | -1.09% | +16.29%Best |
| 3Y Return (annualized) | +4.36% | +21.20%Best |
| 5Y Return (annualized) | - | +13.37% |
| Volatility (annualized) | 10.5%Best | 13.0% |
| Max Drawdown | -13.0%Best | -18.8% |
| $10,000 over 3.9 years | $11,184 | $21,085Best |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management |
| Category | Fixed Income | Equity |
| Style | - | Large Cap Blend |
| Inception | Oct 26, 2022 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 3.9 years row, are measured over the window both funds cover: Oct 27, 2022 to Sep 18, 2026 (3.9 years).
BMN vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3.9 years both funds cover.
BMN vs SPY Performance
BlackRock 2037 Municipal Target Term Trust (BMN) is an ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BMN returned -1.09% while SPY returned +16.29%. Year to date, BMN is down 5.80% versus a gain of 12.09% for SPY.
Over three years, BMN compounded at +4.36% per year against +21.20% for SPY. Across the full 4-year window we track, SPY has the edge at +21.08% annualized vs +2.91%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.0% compared with 10.5% for BMN. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.0% for BMN and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.54. They move together some of the time, and apart the rest.
Fees and Cost Over Time
BMN charges 2.17% per year while SPY charges 0.09%. On a $10,000 position that is $217 vs $9 annually, a gap of $208 per year that compounds over a long holding period. On income, BMN currently yields 4.50% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 63 holdings in BMN and 504 in SPY, totalling 68.6% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 154 days apart, BMN as of Mar 31, 2026 and SPY as of Sep 1, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 63 positions we hold weights for in BMN and 504 in SPY, against full books of 170 and 505.
You are not choosing between two funds in isolation.
Whichever of BMN and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BMN or SPY?
BMN has an expense ratio of 2.17% while SPY charges 0.09%. SPY is the cheaper option, by $208 a year on a $10,000 investment.
Which performed better, BMN or SPY?
Over the past year BMN returned -1.09% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), BMN annualized +2.91% vs +21.08% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BMN or SPY?
SPY has been the more volatile fund at 13.0% annualized versus 10.5% for BMN. Worst drawdown: BMN -13.0% vs SPY -18.8%.
Should I hold both BMN and SPY?
BMN and SPY have a monthly-return correlation of 0.54, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, BMN or SPY?
BMN yields 4.50% while SPY yields 0.98%, so BMN currently pays the higher dividend yield.
Is SPY better than BMN?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.