SPRX vs PMM

Comparison between SPEAR ALPHA ETF (SPRX, ETF) and Putnam Managed Municipal Income Trust. (PMM, ETF).

5-Year PerformanceSPRX has outperformed PMM, delivering a return of +18.9% compared to -0.4%

SPRX vs PMM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPRX(ETF)	PMM(ETF)
Net Assets	$292M	$292M
Expense Ratio	0.75%	N/A
Max Drawdown	51.34%	55.45%
Sharpe Ratio	0.99	1.12
5Y Beta	2.15	0.24
P/E Ratio	315.06	N/A
Forward P/E	36.99	N/A
PEG Ratio	-0.92	N/A
5Y Dividends CAGR	N/A	-4.85%
Debt to Equity	-129.23%	N/A
P/S Ratio	14.82	N/A
P/B Ratio	12.10	N/A

Net Assets

SPRX

$292M

Winner

PMM

$292M

Expense Ratio

SPRX

0.75%

PMM

N/A

Max Drawdown

Winner

SPRX

51.34%

PMM

55.45%

Sharpe Ratio

SPRX

0.99

Winner

PMM

1.12

5Y Beta

SPRX

2.15

Winner

PMM

0.24

P/E Ratio

SPRX

315.06

PMM

N/A

Forward P/E

SPRX

36.99

PMM

N/A

PEG Ratio

SPRX

-0.92

PMM

N/A

5Y Dividends CAGR

SPRX

N/A

PMM

-4.85%

Debt to Equity

SPRX

-129.23%

PMM

N/A

P/S Ratio

SPRX

14.82

PMM

N/A

P/B Ratio

SPRX

12.10

PMM

N/A

SPRX vs PMM - Historical Returns

Returns include dividend reinvestment.

Period	SPRX	PMM
1 month	-19.54%	+2.89%
3 months	+7.55%	+5.44%
6 months	+14.57%	+6.97%
1 year	+49.00%	+17.23%
5 years(CAGR)	+18.88%	-0.40%
10 years(CAGR)	N/A	+3.11%
Max(CAGR)	+18.88%	+4.28%

SPRX

-19.54%

Winner

PMM

+2.89%

Winner

SPRX

+7.55%

PMM

+5.44%

Winner

SPRX

+14.57%

PMM

+6.97%

Winner

SPRX

+49.00%

PMM

+17.23%

5Y(CAGR)

Winner

SPRX

+18.88%

PMM

-0.40%

10Y(CAGR)

SPRX

N/A

PMM

+3.11%

Max(CAGR)

Winner

SPRX

+18.88%

PMM

+4.28%

SPRX vs PMM - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	SPRX	PMM
2026	+16.74%	+7.66%
2025	+36.86%	+9.59%
2024	+26.07%	+3.02%
2023	+90.61%	+2.56%
2022	-44.77%	-24.71%
2021	+8.91%	+14.43%
2020	N/A	+5.39%
2019	N/A	+20.89%
2018	N/A	-4.36%
2017	N/A	+8.41%
2016	N/A	+1.50%
2015	N/A	+8.42%
2014	N/A	+16.71%
2013	N/A	-14.18%
2012	N/A	+13.90%
2011	N/A	+16.72%
2010	N/A	+11.36%
2009	N/A	+39.05%
2008	N/A	-23.78%
2007	N/A	-4.68%
2006	N/A	+13.52%
2005	N/A	+5.00%
2004	N/A	+4.05%
2003	N/A	+7.27%
2002	N/A	-1.93%
2001	N/A	+2.95%
2000	N/A	-2.73%
1999	N/A	-18.75%

SPRX vs PMM Drawdown Comparison

The maximum drawdown for SPRX was -51.22%, occurring on Nov 9, 2022. Recovery took 557 trading sessions.

The maximum drawdown for PMM was -38.66%, occurring on Dec 12, 2008. Recovery took 604 trading sessions.

The current SPRX drawdown is -19.86%. The current PMM drawdown is -7.70%.

Rank	SPRX	PMM
#1	-51.22% Nov 8, 2021 - Jan 29, 2024	-38.66% May 15, 2007 - Oct 6, 2009
#2	-42.12% Jan 23, 2025 - Jul 9, 2025	-37.70% Dec 23, 2021 - Oct 25, 2023
#3	-24.96% Jun 2, 2026 - Jul 17, 2026	-29.07% Feb 25, 2020 - Dec 31, 2020
#4	-24.21% Oct 31, 2025 - Apr 17, 2026	-23.55% Aug 23, 2000 - May 23, 2005
#5	-23.70% Feb 14, 2024 - Nov 21, 2024	-22.09% Jan 25, 2013 - Oct 22, 2015
#6	-11.96% Jan 6, 2025 - Jan 22, 2025	-19.37% Nov 1, 1999 - Aug 17, 2000
#7	-10.10% Oct 9, 2025 - Oct 31, 2025	-15.50% Oct 19, 2010 - Jul 22, 2011
#8	-8.56% Sep 3, 2021 - Oct 28, 2021	-12.72% Sep 28, 2016 - Sep 13, 2017
#9	-7.98% Aug 12, 2025 - Sep 9, 2025	-10.42% Aug 25, 2005 - Aug 15, 2006
#10	-7.12% May 14, 2026 - May 21, 2026	-9.63% Sep 15, 2017 - Feb 8, 2019
#11	-6.81% Apr 22, 2026 - May 6, 2026	-8.11% Mar 8, 2012 - May 9, 2012
#12	-6.57% Dec 16, 2024 - Dec 26, 2024	-8.09% Jul 22, 2011 - Aug 22, 2011
#13	-5.55% Dec 4, 2024 - Dec 16, 2024	-7.15% Oct 3, 2012 - Jan 8, 2013
#14	-5.54% Dec 26, 2024 - Jan 3, 2025	-6.40% Jun 25, 2021 - Nov 18, 2021
#15	-4.63% Aug 12, 2021 - Aug 24, 2021	-6.36% Oct 6, 2009 - Jan 15, 2010

Correlation

Correlation between SPRX and PMM is 0.53 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.53

-101

Dividend Comparison (2000 - 2026)

SPRX vs PMM dividend yield comparison.

Year	SPRX	PMM
2026	0.00%	2.55%
2025	0.00%	4.90%
2024	0.00%	4.78%
2023	0.00%	5.10%
2022	0.00%	6.11%
2021	0.25%	4.38%
2020	0.00%	4.76%
2019	0.00%	4.81%
2018	0.00%	5.42%
2017	0.00%	5.38%
2016	0.00%	6.09%
2015	0.00%	5.92%
2014	0.00%	6.22%
2013	0.00%	7.03%
2012	0.00%	5.79%
2011	0.00%	7.00%
2010	0.00%	7.59%
2009	0.00%	7.05%
2008	0.00%	8.29%
2007	0.00%	5.86%
2006	0.00%	5.33%
2005	0.00%	6.04%
2004	0.00%	7.08%
2003	0.00%	7.60%
2002	0.00%	7.71%
2001	0.00%	7.17%
2000	0.00%	2.97%