MUNX vs SPY
AMG GW&K Muni Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MUNX or SPY?
Municipal Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MUNX | SPY |
|---|---|---|
| Expense Ratio | 0.29% | 0.09%Best |
| AUM | $18M | $823.2B |
| Dividend Yield | 3.08% | 0.99% |
| Holdings | 75 | 1,515 |
| YTD Return | -3.58% | +13.53%Best |
| 1Y Return | -2.91% | +17.47%Best |
| 3Y Return (annualized) | - | +22.36% |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 6.0%Best | 13.1% |
| Fund Family | AMG Funds | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Oct 29, 2025 | Jan 22, 1993 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
MUNX vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MUNX vs SPY Performance
AMG GW&K Muni Income ETF (MUNX) is an ETF from AMG Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MUNX returned -2.91% while SPY returned +17.47%. Year to date, MUNX is down 3.58% versus a gain of 13.53% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.1% compared with 6.0% for MUNX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.49. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MUNX charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, MUNX currently yields 3.08% against 0.99% for SPY.
Holdings Overlap
We hold position weights for 33 holdings in MUNX and 504 in SPY, totalling 41.9% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 33 positions we hold weights for in MUNX and 504 in SPY, against full books of 75 and 1,515.
You are not choosing between two funds in isolation.
Whichever of MUNX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MUNX or SPY?
MUNX has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, MUNX or SPY?
Over the past year MUNX returned -2.91% vs +17.47% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MUNX or SPY?
SPY has been the more volatile fund at 13.1% annualized versus 6.0% for MUNX.
Should I hold both MUNX and SPY?
MUNX and SPY have a monthly-return correlation of 0.49, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MUNX or SPY?
MUNX yields 3.08% while SPY yields 0.99%, so MUNX currently pays the higher dividend yield.
Is SPY better than MUNX?
SPY has a lower expense ratio. SPY led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.