MUNA vs SPY
Northern Trust 2030 Tax-Exempt Distributing Ladder 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 503 holdings.
Side-by-Side Comparison
| Metric | MUNA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $9M | $789.1B | |
| Dividend Yield | 1.66% | 1.01% | |
| Holdings | 143 | 505 | |
| YTD Return | +0.93% | +13.75% | |
| 1Y Return | +1.54% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 1.2% | 15.3% | |
| Max Drawdown | -1.4% | -56.5% | |
| Fund Family | Northern Trust Asset Management | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 28, 2025 | Jan 22, 1993 |
MUNA vs SPY Performance
Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (MUNA) is a ETF from Northern Trust Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MUNA returned +1.54% while SPY returned +22.91%. Year to date, MUNA is up 0.93% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.2% for MUNA. 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 -1.4% for MUNA 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 0.41. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MUNA charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, MUNA currently yields 1.66% against 1.01% for SPY.
Holdings Overlap
MUNA and SPY share 0 holdings out of 512 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, MUNA or SPY?
MUNA has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, MUNA or SPY?
Over the past year MUNA returned +1.54% vs +22.91% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results.
Which is riskier, MUNA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.2% for MUNA. Worst drawdown: MUNA -1.4% vs SPY -56.5%.
Should I hold both MUNA and SPY?
MUNA and SPY have a monthly-return correlation of 0.41, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MUNA and SPY?
MUNA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 512 unique securities.
Which pays a higher dividend, MUNA or SPY?
MUNA yields 1.66% while SPY yields 1.01%, so MUNA currently pays the higher dividend yield.
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