MBNE vs SPY
State Street Nuveen Municipal Bond ESG ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MBNE or SPY?
Municipal Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y 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 | MBNE | SPY |
|---|---|---|
| Expense Ratio | 0.43% | 0.09%Best |
| AUM | $9M | $804.7B |
| Dividend Yield | 3.50% | 0.98% |
| Holdings | 37 | 505 |
| Volatility (annualized) | 5.5%Best | 15.5% |
| Max Drawdown | -6.2%Best | -20.3% |
| $10,000 over 4.1 years | $10,885 | $17,292Best |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Apr 4, 2022 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 128 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. MBNE has data through May 12, 2026 and SPY through Sep 17, 2026.
Volatility and max drawdown, and the $10,000 over 4.1 years row, are measured over the window both funds cover: Apr 5, 2022 to May 12, 2026 (4.1 years).
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.5% compared with 5.5% for MBNE. 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 -6.2% for MBNE and -20.3% 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 0.69. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MBNE charges 0.43% per year while SPY charges 0.09%. On a $10,000 position that is $43 vs $9 annually, a gap of $34 per year that compounds over a long holding period. On income, MBNE currently yields 3.50% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 8 holdings in MBNE and 504 in SPY, totalling 20.7% 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 214 days apart, MBNE as of Jan 30, 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 8 positions we hold weights for in MBNE and 504 in SPY, against full books of 37 and 505.
You are not choosing between two funds in isolation.
Whichever of MBNE 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, MBNE or SPY?
MBNE has an expense ratio of 0.43% while SPY charges 0.09%. SPY is the cheaper option, by $34 a year on a $10,000 investment.
Which is riskier, MBNE or SPY?
SPY has been the more volatile fund at 15.5% annualized versus 5.5% for MBNE. Worst drawdown: MBNE -6.2% vs SPY -20.3%.
Should I hold both MBNE and SPY?
MBNE and SPY have a monthly-return correlation of 0.69, 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, MBNE or SPY?
MBNE yields 3.50% while SPY yields 0.98%, so MBNE currently pays the higher dividend yield.
Is SPY better than MBNE?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.