SHM vs VOO
State Street SPDR Nuveen ICE Short Term Municipal Bond ETF vs Vanguard S&P 500 ETF
Which is better, SHM or VOO?
Municipal Bond against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y 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 | SHM | VOO |
|---|---|---|
| Expense Ratio | 0.20% | 0.03%Best |
| AUM | $3.4B | $1.0T |
| Dividend Yield | 2.68% | 1.04% |
| Holdings | 1,103 | 506 |
| YTD Return | -0.73% | +13.59%Best |
| 1Y Return | -0.27% | +16.33%Best |
| 3Y Return (annualized) | +2.72% | +23.81%Best |
| 5Y Return (annualized) | +0.61% | +14.02%Best |
| Volatility (annualized) | 2.4%Best | 14.1% |
| Max Drawdown | -11.6%Best | -34.3% |
| $10,000 over 5 years | $10,309 | $19,271Best |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Oct 10, 2007 | Sep 7, 2010 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Oct 2, 2026 (16.1 years).
SHM vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SHM vs VOO Performance
State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (SHM) is an ETF from State Street Investment Management and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year SHM returned -0.27% while VOO returned +16.33%. Year to date, SHM is down 0.73% versus a gain of 13.59% for VOO.
Over three years, SHM compounded at +2.72% per year against +23.81% for VOO; over five years the annualized figures are +0.61% and +14.02% respectively. Across the full 16-year window we track, VOO has the edge at +13.43% annualized vs +0.33%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% compared with 2.4% for SHM. 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 -11.6% for SHM and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.33. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SHM charges 0.20% per year while VOO charges 0.03%. On a $10,000 position that is $20 vs $3 annually, a gap of $17 per year that compounds over a long holding period. On income, SHM currently yields 2.68% against 1.04% for VOO.
Holdings Overlap
We hold position weights for 457 holdings in SHM and 494 in VOO, totalling 45.6% and 99.5% 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 48 days apart, SHM as of Sep 17, 2026 and VOO as of Jul 31, 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 457 positions we hold weights for in SHM and 494 in VOO, against full books of 1,103 and 506.
You are not choosing between two funds in isolation.
Whichever of SHM and VOO 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, SHM or VOO?
SHM has an expense ratio of 0.20% while VOO charges 0.03%. VOO is the cheaper option, by $17 a year on a $10,000 investment.
Which performed better, SHM or VOO?
Over the past year SHM returned -0.27% vs +16.33% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), SHM annualized +0.33% vs +13.43% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SHM or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 2.4% for SHM. Worst drawdown: SHM -11.6% vs VOO -34.3%.
Should I hold both SHM and VOO?
SHM and VOO have a monthly-return correlation of 0.33, 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, SHM or VOO?
SHM yields 2.68% while VOO yields 1.04%, so SHM currently pays the higher dividend yield.
Is VOO better than SHM?
VOO has a lower expense ratio. VOO led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.