FMN vs SPGM
Federated Hermes Premier Municipal Income Fund vs State Street SPDR Portfolio MSCI Global Stock Market ETF
Quick Verdict
SPGM has a lower expense ratio. SPGM delivered stronger 1-year returns. SPGM offers more diversification with 2846 holdings.
Side-by-Side Comparison
| Metric | FMN | SPGM | Winner |
|---|---|---|---|
| Expense Ratio | 0.75% | 0.09% | |
| AUM | $16M | $1.7B | |
| Dividend Yield | 4.29% | 1.80% | |
| Holdings | 150 | 2,985 | |
| YTD Return | +3.05% | +14.47% | |
| 1Y Return | +8.69% | +26.32% | |
| 3Y Return (annualized) | +6.70% | +21.02% | |
| 5Y Return (annualized) | -2.57% | +11.49% | |
| Volatility (annualized) | 14.7% | 13.6% | |
| Max Drawdown | -53.4% | -34.0% | |
| Fund Family | Federated Hermes | SPDR State Street Global Advisors | |
| Category | Tax Preferred | Equity | |
| Inception | Dec 20, 2002 | Feb 27, 2012 |
FMN vs SPGM Performance
Federated Hermes Premier Municipal Income Fund (FMN) is a ETF from Federated Hermes and State Street SPDR Portfolio MSCI Global Stock Market ETF (SPGM) is a ETF from SPDR State Street Global Advisors. Over the past year FMN returned +8.69% while SPGM returned +26.32%. Year to date, FMN is up 3.05% versus a gain of 14.47% for SPGM.
Over three years, FMN compounded at +6.70% per year against +21.02% for SPGM; over five years the annualized figures are -2.57% and +11.49% respectively. Across the full 15-year window we track, SPGM has the edge at +9.89% annualized vs -0.23%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMN has been the more volatile fund, with annualized monthly volatility of 14.7% compared with 13.6% for SPGM. 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 -53.4% for FMN and -34.0% for SPGM. 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 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FMN charges 0.75% per year while SPGM charges 0.09%. On a $10,000 position that is $75 vs $9 annually, a gap of $66 per year that compounds over a long holding period. On income, FMN currently yields 4.29% against 1.80% for SPGM.
Holdings Overlap
FMN and SPGM share 0 holdings out of 2931 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, FMN or SPGM?
FMN has an expense ratio of 0.75% while SPGM charges 0.09%. SPGM is the cheaper option. On a $10,000 investment, that is $66 per year of difference.
Which performed better, FMN or SPGM?
Over the past year FMN returned +8.69% vs +26.32% for SPGM, so SPGM leads on 1-year performance. Over the longest common window we track (15 years), FMN annualized -0.23% vs +9.89% for SPGM. Past performance does not guarantee future results.
Which is riskier, FMN or SPGM?
FMN has been the more volatile fund at 14.7% annualized versus 13.6% for SPGM. Worst drawdown: FMN -53.4% vs SPGM -34.0%.
Should I hold both FMN and SPGM?
FMN and SPGM have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FMN and SPGM?
FMN and SPGM share 0 common holdings with a 0.0% weight overlap. Combined, they hold 2931 unique securities.
Which pays a higher dividend, FMN or SPGM?
FMN yields 4.29% while SPGM yields 1.80%, so FMN currently pays the higher dividend yield.
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