MUNI vs SPY

Comparison between PIMCO INTERMEDIATE MUNICIPAL BOND ACTIVE EXCHANGE-TRADED FUND (MUNI, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed MUNI, delivering a return of +13.3% compared to +1.3%

MUNI vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MUNI(ETF)	SPY(ETF)
Net Assets	$2.80B	$652B
Expense Ratio	0.35%	0.09%
Max Drawdown	13.40%	56.47%
Sharpe Ratio	0.95	2.07
5Y Beta	0.05	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	12.82%	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

MUNI

$2.80B

Winner

SPY

$652B

Expense Ratio

MUNI

0.35%

Winner

SPY

0.09%

Max Drawdown

Winner

MUNI

13.40%

SPY

56.47%

Sharpe Ratio

MUNI

0.95

Winner

SPY

2.07

5Y Beta

Winner

MUNI

0.05

SPY

1.00

P/E Ratio

MUNI

N/A

SPY

28.24

Forward P/E

MUNI

N/A

SPY

21.85

5Y Dividends CAGR

Winner

MUNI

12.82%

SPY

5.43%

5Y EPS CAGR

MUNI

N/A

SPY

25.79%

Debt to Equity

MUNI

N/A

SPY

22.35%

P/S Ratio

MUNI

N/A

SPY

3.55

P/B Ratio

MUNI

N/A

SPY

5.29

MUNI vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	MUNI	SPY
1 month	+0.54%	+9.11%
3 months	-0.23%	+6.59%
6 months	+1.38%	+10.56%
1 year	+6.07%	+32.04%
5 years(CAGR)	+1.31%	+13.35%
10 years(CAGR)	+2.16%	+15.49%
Max(CAGR)	+2.75%	+8.50%

MUNI

+0.54%

Winner

SPY

+9.11%

MUNI

-0.23%

Winner

SPY

+6.59%

MUNI

+1.38%

Winner

SPY

+10.56%

MUNI

+6.07%

Winner

SPY

+32.04%

5Y(CAGR)

MUNI

+1.31%

Winner

SPY

+13.35%

10Y(CAGR)

MUNI

+2.16%

Winner

SPY

+15.49%

Max(CAGR)

MUNI

+2.75%

Winner

SPY

+8.50%

MUNI vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	MUNI	SPY
2026	+1.01%	+8.27%
2025	+4.61%	+18.00%
2024	+1.60%	+25.59%
2023	+5.98%	+26.72%
2022	-6.69%	-18.64%
2021	+0.64%	+30.52%
2020	+4.77%	+17.28%
2019	+6.95%	+31.09%
2018	+1.10%	-5.24%
2017	+4.72%	+20.78%
2016	-0.48%	+13.59%
2015	+2.66%	+1.31%
2014	+5.58%	+14.56%
2013	-2.51%	+29.00%
2012	+4.73%	+14.17%
2011	+8.18%	+0.85%
2010	+3.95%	+13.14%
2009	-0.37%	+22.67%
2008	N/A	-36.25%
2007	N/A	+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%

MUNI vs SPY Drawdown Comparison

The maximum drawdown for MUNI was -11.15%, occurring on Oct 25, 2022. Recovery took 766 trading sessions.

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

The current MUNI drawdown is -0.94%.

Rank	MUNI	SPY
#1	-11.15% Jul 19, 2021 - Aug 5, 2024	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-10.81% Mar 9, 2020 - Jul 16, 2020	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-6.25% May 2, 2013 - Aug 11, 2014	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-5.09% Aug 23, 2016 - Aug 14, 2017	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-4.13% Aug 31, 2010 - May 18, 2011	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-3.67% Feb 28, 2025 - Sep 5, 2025	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-2.70% Jan 30, 2015 - Dec 1, 2015	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-2.29% Feb 27, 2026 - Mar 26, 2026	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-2.27% Oct 2, 2024 - Dec 6, 2024	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-2.26% Dec 6, 2024 - Feb 26, 2025	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-2.25% Sep 22, 2011 - Dec 6, 2011	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-1.99% Dec 5, 2012 - May 1, 2013	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-1.80% Sep 8, 2017 - Aug 15, 2018	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-1.73% Feb 11, 2021 - Jun 9, 2021	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-1.66% Mar 12, 2010 - May 21, 2010	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between MUNI and SPY is 0.91 which considered as a very strong positive correlation - the stocks move almost identically together.

0.91

-101

Dividend Comparison (1999 - 2026)

MUNI vs SPY dividend yield comparison.

Year	MUNI	SPY
2026	1.07%	0.24%
2025	3.26%	1.07%
2024	3.50%	1.21%
2023	3.09%	1.40%
2022	2.13%	1.65%
2021	1.62%	1.20%
2020	1.92%	1.52%
2019	2.44%	1.75%
2018	2.38%	2.04%
2017	2.37%	1.80%
2016	2.37%	2.03%
2015	2.20%	2.06%
2014	1.91%	1.87%
2013	2.30%	1.81%
2012	2.27%	2.18%
2011	2.33%	2.05%
2010	2.54%	1.80%
2009	0.09%	1.95%
2008	0.00%	3.02%
2007	0.00%	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%