INMU vs SPY
iShares Intermediate Muni Income Active ETF 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 505 holdings.
Side-by-Side Comparison
| Metric | INMU | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.09% | |
| AUM | $553M | $821.1B | |
| Dividend Yield | 3.40% | 1.01% | |
| Holdings | 456 | 505 | |
| YTD Return | +1.12% | +14.24% | |
| 1Y Return | +5.21% | +21.71% | |
| 3Y Return (annualized) | +4.40% | +22.10% | |
| 5Y Return (annualized) | +1.47% | +13.21% | |
| Volatility (annualized) | 5.2% | 15.3% | |
| Max Drawdown | -10.7% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Mar 16, 2021 | Jan 22, 1993 |
INMU vs SPY Performance
iShares Intermediate Muni Income Active ETF (INMU) 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 INMU returned +5.21% while SPY returned +21.71%. Year to date, INMU is up 1.12% versus a gain of 14.24% for SPY.
Over three years, INMU compounded at +4.40% per year against +22.10% for SPY; over five years the annualized figures are +1.47% and +13.21% respectively. Across the full 5-year window we track, SPY has the edge at +8.86% annualized vs +1.88%. 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 5.2% for INMU. 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 -10.7% for INMU 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
INMU charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, INMU currently yields 3.40% against 1.01% for SPY.
Holdings Overlap
INMU and SPY share 0 holdings out of 625 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, INMU or SPY?
INMU has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $21 per year of difference.
Which performed better, INMU or SPY?
Over the past year INMU returned +5.21% vs +21.71% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), INMU annualized +1.88% vs +8.86% for SPY. Past performance does not guarantee future results.
Which is riskier, INMU or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.2% for INMU. Worst drawdown: INMU -10.7% vs SPY -56.5%.
Should I hold both INMU and SPY?
INMU and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between INMU and SPY?
INMU and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 625 unique securities.
Which pays a higher dividend, INMU or SPY?
INMU yields 3.40% while SPY yields 1.01%, so INMU currently pays the higher dividend yield.
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