SUB vs SPY

Comparison between ISHARES SHORT-TERM NATIONAL MUNI BOND ETF (SUB, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed SUB, delivering a return of +13.3% compared to +1.4%

SUB vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SUB(ETF)	SPY(ETF)
Net Assets	$11B	$652B
Expense Ratio	0.07%	0.09%
Max Drawdown	11.72%	56.47%
Sharpe Ratio	-0.24	2.07
5Y Beta	0.00	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	19.17%	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

SUB

$11B

Winner

SPY

$652B

Expense Ratio

Winner

SUB

0.07%

SPY

0.09%

Max Drawdown

Winner

SUB

11.72%

SPY

56.47%

Sharpe Ratio

SUB

-0.24

Winner

SPY

2.07

5Y Beta

Winner

SUB

0.00

SPY

1.00

P/E Ratio

SUB

N/A

SPY

28.24

Forward P/E

SUB

N/A

SPY

21.85

5Y Dividends CAGR

Winner

SUB

19.17%

SPY

5.43%

5Y EPS CAGR

SUB

N/A

SPY

25.79%

Debt to Equity

SUB

N/A

SPY

22.35%

P/S Ratio

SUB

N/A

SPY

3.55

P/B Ratio

SUB

N/A

SPY

5.29

SUB vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	SUB	SPY
1 month	+0.05%	+9.11%
3 months	-0.17%	+6.59%
6 months	+1.24%	+10.56%
1 year	+3.43%	+32.04%
5 years(CAGR)	+1.43%	+13.35%
10 years(CAGR)	+1.45%	+15.49%
Max(CAGR)	+1.58%	+8.50%

SUB

+0.05%

Winner

SPY

+9.11%

SUB

-0.17%

Winner

SPY

+6.59%

SUB

+1.24%

Winner

SPY

+10.56%

SUB

+3.43%

Winner

SPY

+32.04%

5Y(CAGR)

SUB

+1.43%

Winner

SPY

+13.35%

10Y(CAGR)

SUB

+1.45%

Winner

SPY

+15.49%

Max(CAGR)

SUB

+1.58%

Winner

SPY

+8.50%

SUB vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	SUB	SPY
2026	+0.51%	+8.27%
2025	+3.55%	+18.00%
2024	+2.26%	+25.59%
2023	+2.83%	+26.72%
2022	-2.02%	-18.64%
2021	+0.17%	+30.52%
2020	+2.58%	+17.28%
2019	+3.00%	+31.09%
2018	+1.88%	-5.24%
2017	+0.83%	+20.78%
2016	+0.01%	+13.59%
2015	+0.71%	+1.31%
2014	+0.54%	+14.56%
2013	+0.77%	+29.00%
2012	+0.41%	+14.17%
2011	+3.85%	+0.85%
2010	+0.55%	+13.14%
2009	+4.28%	+22.67%
2008	+1.68%	-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%

SUB vs SPY Drawdown Comparison

The maximum drawdown for SUB was -9.46%, occurring on Mar 19, 2020. Recovery took 51 trading sessions.

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

The current SUB drawdown is -0.35%.

Rank	SUB	SPY
#1	-9.46% Mar 6, 2020 - May 19, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-6.40% Jan 16, 2009 - Sep 12, 2011	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-4.92% Jan 13, 2009 - Jan 16, 2009	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-4.35% Jul 22, 2021 - Dec 13, 2023	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-2.43% Mar 1, 2013 - Oct 24, 2013	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-1.71% Aug 24, 2016 - May 23, 2017	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-1.46% Jan 17, 2012 - Mar 1, 2013	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-1.25% Sep 7, 2017 - Nov 29, 2018	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-1.23% Apr 4, 2025 - May 29, 2025	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-0.92% Oct 2, 2024 - Jan 27, 2025	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-0.87% Jan 30, 2015 - Oct 2, 2015	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-0.80% Feb 23, 2026 - Mar 24, 2026	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-0.77% Aug 15, 2019 - Nov 27, 2019	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-0.75% Sep 12, 2011 - Dec 2, 2011	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-0.68% Dec 27, 2023 - May 8, 2024	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between SUB and SPY is 0.96 which considered as a very strong positive correlation - the stocks move almost identically together.

0.96

-101

Dividend Comparison (1999 - 2026)

SUB vs SPY dividend yield comparison.

Year	SUB	SPY
2026	0.85%	0.24%
2025	2.42%	1.07%
2024	2.10%	1.21%
2023	1.73%	1.40%
2022	0.86%	1.65%
2021	0.72%	1.20%
2020	1.23%	1.52%
2019	1.58%	1.75%
2018	1.32%	2.04%
2017	0.95%	1.80%
2016	0.75%	2.03%
2015	0.77%	2.06%
2014	0.76%	1.87%
2013	0.84%	1.81%
2012	0.99%	2.18%
2011	1.27%	2.05%
2010	1.28%	1.80%
2009	1.44%	1.95%
2008	0.33%	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%