APMU vs SPY
APMU vs SPY
ActivePassive Intermediate Municipal Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | APMU | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $244M | $789.1B | |
| Dividend Yield | 2.66% | 1.01% | |
| Holdings | 710 | 505 | |
| YTD Return | -0.39% | +13.28% | |
| 1Y Return | +1.59% | +23.94% | |
| 3Y Return (annualized) | +2.60% | +21.07% | |
| 5Y Return (annualized) | - | +13.27% | |
| Volatility (annualized) | 3.5% | 15.3% | |
| Max Drawdown | -4.4% | -56.5% | |
| Fund Family | Envestnet Asset Management | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | May 3, 2023 | Jan 22, 1993 |
APMU vs SPY Performance
ActivePassive Intermediate Municipal Bond ETF (APMU) is a ETF from Envestnet Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year APMU returned +1.59% while SPY returned +23.94%. Year to date, APMU is down 0.39% versus a gain of 13.28% for SPY.
Over three years, APMU compounded at +2.60% per year against +21.07% for SPY. Across the full 3-year window we track, SPY has the edge at +8.84% annualized vs +1.78%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.5% for APMU. 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 -4.4% for APMU and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
APMU charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, APMU currently yields 2.66% against 1.01% for SPY.
Holdings Overlap
APMU and SPY share 0 holdings out of 832 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, APMU or SPY?
APMU has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, APMU or SPY?
Over the past year APMU returned +1.59% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), APMU annualized +1.78% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, APMU or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.5% for APMU. Worst drawdown: APMU -4.4% vs SPY -56.5%.
Should I hold both APMU and SPY?
APMU and SPY have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between APMU and SPY?
APMU and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 832 unique securities.
Which pays a higher dividend, APMU or SPY?
APMU yields 2.66% while SPY yields 1.01%, so APMU currently pays the higher dividend yield.
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