ITM vs SPY

Comparison between VANECK INTERMEDIATE MUNI ETF (ITM, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed ITM, delivering a return of +13.3% compared to +0.4%

ITM vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ITM(ETF)	SPY(ETF)
Net Assets	$2.20B	$652B
Expense Ratio	0.18%	0.09%
Max Drawdown	24.75%	56.47%
Sharpe Ratio	0.90	2.07
5Y Beta	0.02	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	7.01%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

ITM

$2.20B

Winner

SPY

$652B

Expense Ratio

ITM

0.18%

Winner

SPY

0.09%

Max Drawdown

Winner

ITM

24.75%

SPY

56.47%

Sharpe Ratio

ITM

0.90

Winner

SPY

2.07

5Y Beta

Winner

ITM

0.02

SPY

1.00

P/E Ratio

ITM

N/A

SPY

28.24

Forward P/E

ITM

N/A

SPY

21.85

5Y Dividends CAGR

Winner

ITM

7.01%

SPY

5.43%

5Y EPS CAGR

ITM

N/A

SPY

25.79%

Debt to Equity

ITM

N/A

SPY

22.35%

P/S Ratio

ITM

N/A

SPY

3.55

P/B Ratio

ITM

N/A

SPY

5.29

ITM vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	ITM	SPY
1 month	+0.42%	+9.11%
3 months	-0.85%	+6.59%
6 months	+1.01%	+10.56%
1 year	+6.54%	+32.04%
5 years(CAGR)	+0.44%	+13.35%
10 years(CAGR)	+1.89%	+15.49%
Max(CAGR)	+3.32%	+8.50%

ITM

+0.42%

Winner

SPY

+9.11%

ITM

-0.85%

Winner

SPY

+6.59%

ITM

+1.01%

Winner

SPY

+10.56%

ITM

+6.54%

Winner

SPY

+32.04%

5Y(CAGR)

ITM

+0.44%

Winner

SPY

+13.35%

10Y(CAGR)

ITM

+1.89%

Winner

SPY

+15.49%

Max(CAGR)

ITM

+3.32%

Winner

SPY

+8.50%

ITM vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	ITM	SPY
2026	+0.15%	+8.27%
2025	+4.97%	+18.00%
2024	+0.74%	+25.59%
2023	+5.53%	+26.72%
2022	-9.24%	-18.64%
2021	+0.24%	+30.52%
2020	+5.85%	+17.28%
2019	+8.25%	+31.09%
2018	+1.05%	-5.24%
2017	+6.27%	+20.78%
2016	-1.15%	+13.59%
2015	+3.64%	+1.31%
2014	+9.98%	+14.56%
2013	-4.24%	+29.00%
2012	+6.19%	+14.17%
2011	+12.58%	+0.85%
2010	+2.01%	+13.14%
2009	+10.40%	+22.67%
2008	-1.16%	-36.25%
2007	+0.84%	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

ITM vs SPY Drawdown Comparison

The maximum drawdown for ITM was -24.75%, occurring on Mar 19, 2020. Recovery took 100 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current ITM drawdown is -1.73%.

Rank	ITM	SPY
#1	-24.75% Mar 9, 2020 - Jul 30, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-16.58% Sep 25, 2008 - May 19, 2009	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-15.11% Jul 20, 2021 - Nov 11, 2025	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-10.99% Nov 30, 2012 - May 16, 2014	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-8.90% Aug 26, 2010 - Aug 3, 2011	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-7.61% Jul 6, 2016 - Sep 5, 2017	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-4.05% Jan 30, 2015 - Nov 27, 2015	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-4.03% Sep 11, 2008 - Sep 25, 2008	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-3.91% May 21, 2009 - Aug 18, 2009	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-3.59% Jan 23, 2008 - Sep 11, 2008	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-3.43% Feb 27, 2026 - Mar 26, 2026	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-3.43% Oct 2, 2009 - Mar 2, 2010	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-3.39% Dec 6, 2017 - Dec 19, 2018	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-3.20% Feb 1, 2012 - May 4, 2012	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-2.97% Sep 23, 2011 - Dec 6, 2011	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between ITM and SPY is 0.84 which considered as a strong positive correlation - the stocks tend to move together.

0.84

-101

Dividend Comparison (1999 - 2026)

ITM vs SPY dividend yield comparison.

Year	ITM	SPY
2026	1.00%	0.24%
2025	2.86%	1.07%
2024	2.73%	1.21%
2023	2.40%	1.40%
2022	1.92%	1.65%
2021	1.70%	1.20%
2020	2.13%	1.52%
2019	2.44%	1.75%
2018	2.33%	2.04%
2017	2.21%	1.80%
2016	2.29%	2.03%
2015	2.28%	2.06%
2014	2.42%	1.87%
2013	2.63%	1.81%
2012	2.63%	2.18%
2011	3.22%	2.05%
2010	3.64%	1.80%
2009	3.59%	1.95%
2008	3.75%	3.02%
2007	0.22%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%