BMN vs SPY
BlackRock 2037 Municipal Target Term Trust vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | BMN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 2.17% | 0.09% | |
| AUM | $156M | $789.1B | |
| Dividend Yield | 4.32% | 1.01% | |
| Holdings | 170 | 505 | |
| YTD Return | -0.70% | +13.75% | |
| 1Y Return | +8.90% | +22.91% | |
| 3Y Return (annualized) | +5.28% | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 9.5% | 15.3% | |
| Max Drawdown | -13.0% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Oct 26, 2022 | Jan 22, 1993 |
BMN vs SPY Performance
BlackRock 2037 Municipal Target Term Trust (BMN) is a ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BMN returned +8.90% while SPY returned +22.91%. Year to date, BMN is down 0.70% versus a gain of 13.75% for SPY.
Over three years, BMN compounded at +5.28% per year against +21.67% for SPY. Across the full 4-year window we track, SPY has the edge at +8.85% annualized vs +4.44%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 9.5% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.55. They move independently enough that combining them can meaningfully diversify a portfolio.
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 4.32% against 1.01% for SPY.
Holdings Overlap
BMN and SPY share 0 holdings out of 566 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $208 per year of difference.
Which performed better, BMN or SPY?
Over the past year BMN returned +8.90% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), BMN annualized +4.44% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BMN or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 9.5% for BMN. Worst drawdown: BMN -13.0% vs SPY -56.5%.
Should I hold both BMN and SPY?
BMN and SPY have a monthly-return correlation of 0.55, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BMN and SPY?
BMN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 566 unique securities.
Which pays a higher dividend, BMN or SPY?
BMN yields 4.32% while SPY yields 1.01%, so BMN currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.