TFI vs SHM: Holdings Overlap
TFIState Street® SPDR® Nuveen ICE Municipal Bond ETF
State Street (SPDR) · 1881 holdings · $3.1B · as of 2026-08-07
SHMState Street® SPDR® Nuveen ICE Short Term Municipal Bond ETF
State Street (SPDR) · 967 holdings · $3.5B · as of 2026-08-07
How similar are TFI and SHM?
State Street® SPDR® Nuveen ICE Municipal Bond ETF (TFI, by State Street (SPDR)) holds 1881 positions; State Street® SPDR® Nuveen ICE Short Term Municipal Bond ETF (SHM, by State Street (SPDR)) holds 967. They have 175 holdings in common, and by portfolio weight the two funds are 10.3% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 10.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 175TFI holds 1881 · SHM holds 967
- Weight in Shared Holdings
- TFI 11%·SHM 24%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in TFI
1706 of 1881 positions (87.8% of the fund) are not held by SHM. Showing the top 30 by weight.
- CAS 5.000 11/01/310.24%
- NYCGEN 5.250 05/01/480.22%
- MAD 4.000 10/01/320.20%
- UNVHGR 5.500 05/15/400.20%
- WAS 5.000 02/01/280.20%
- CAS 5.000 09/01/320.20%
Only in SHM
792 of 967 positions (75.2% of the fund) are not held by TFI. Showing the top 30 by weight.
- CAS 5.000 09/01/280.97%
- CAS 5.000 10/01/270.70%
- NYSGEN 5.000 03/15/290.62%
- CAS 5.000 03/01/290.53%
- NYSHGR 5.000 03/15/280.46%
- NYCUTL 5.000 06/15/290.44%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| TFI | -0.9% | +0.6% | +4.7% | +2.9% | -0.3% | +1.3% | 3.56% |
| SHM | +0.1% | +1.1% | +2.0% | +3.0% | +0.9% | +1.3% | 2.68% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in TFI vs SHM →
Shared Holdings(175)
The top 10 shared positions account for 17% of the overlap, led by CTSGEN 5.000 07/01/28, CAS 5.000 11/01/27 and UNVHGR 5.000 05/15/29.
| CTSGEN 5.000 07/01/28 | 0.24% | 0.30% | 0.24% |
|---|---|---|---|
| CAS 5.000 11/01/27 | 0.23% | 0.28% | 0.23% |
| UNVHGR 5.000 05/15/29 | 0.28% | 0.22% | 0.22% |
| TRBTRN 5.000 11/15/28 | 0.20% | 0.56% | 0.20% |
| NYC 5.000 08/01/29 | 0.17% | 0.38% | 0.17% |
| NYC 5.000 08/01/27 | 0.16% | 0.22% | 0.16% |
| CCEDEV 4.000 05/01/53 | 0.14% | 0.34% | 0.14% |
| NYC 5.000 08/01/30 | 0.19% | 0.14% | 0.14% |
| TGYPWR 4.000 12/01/51 | 0.13% | 0.18% | 0.13% |
| MAIUTL 5.000 05/01/54 | 0.13% | 0.17% | 0.13% |
| NYSHGR 5.000 10/01/28 | 0.11% | 0.35% | 0.11% |
| FORSCD 4.000 08/01/54 | 0.11% | 0.19% | 0.11% |
| TAREDU 5.000 11/15/64 | 0.11% | 0.15% | 0.11% |
| SEEPWR 4.000 11/01/51 | 0.12% | 0.11% | 0.11% |
| MAIUTL 5.000 09/01/53 | 0.10% | 0.27% | 0.10% |
| MAS 5.000 10/01/27 | 0.10% | 0.24% | 0.10% |
| CASMED 5.000 10/01/50 | 0.10% | 0.19% | 0.10% |
| NCEPWR 5.000 12/01/54 | 0.10% | 0.18% | 0.10% |
| BBEUTL 5.500 06/01/49 | 0.10% | 0.17% | 0.10% |
| NYCHSG 3.750 05/01/65 | 0.10% | 0.16% | 0.10% |
| MAS 5.000 11/01/28 | 0.10% | 0.15% | 0.10% |
| NJSTRN 5.000 06/15/29 | 0.10% | 0.11% | 0.10% |
| NYC 5.000 08/01/28 | 0.09% | 0.24% | 0.09% |
| SFOWTR 5.000 11/01/29 | 0.09% | 0.23% | 0.09% |
| LOSUTL 5.000 07/01/30 | 0.09% | 0.20% | 0.09% |
Frequently Asked Questions
How much do TFI and SHM overlap?
TFI and SHM overlap by 10.3% of portfolio weight. They share 175 holdings (TFI holds 1881 positions and SHM holds 967), based on each fund's latest SEC-reported holdings.
Is it redundant to own both TFI and SHM?
The two portfolios are 10.3% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of TFI and SHM?
The largest positions held by both funds are CTSGEN 5.000 07/01/28, CAS 5.000 11/01/27, UNVHGR 5.000 05/15/29, TRBTRN 5.000 11/15/28 and NYC 5.000 08/01/29. Together the top 10 shared positions account for 17% of the total overlap.
What does TFI own that SHM doesn't?
1706 positions (87.8% of TFI) are unique to TFI, led by CAS 5.000 11/01/31, NYCGEN 5.250 05/01/48 and MAD 4.000 10/01/32. In the other direction, 792 positions (75.2% of SHM) are unique to SHM.