APMU vs. EVMT

Last updated Jun 4, 2026

APMU (ActivePassive Intermediate Municipal Bond ETF) and EVMT (Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF) are both exchange-traded funds - APMU is a Municipal Bonds fund actively managed by ActivePassive, while EVMT is a Commodities fund actively managed by Invesco. Both are actively managed. Over the past 3 years, APMU returned 3.03%/yr vs 4.71%/yr for EVMT. At a 0.05 correlation, their price movements are largely independent. APMU charges 0.36%/yr vs 0.59%/yr for EVMT.

Performance

APMU vs. EVMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Intermediate Municipal Bond ETF (APMU) and Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF (EVMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APMU achieves a 0.44% return, which is significantly lower than EVMT's 13.45% return.

APMU

• 1D: -0.04%
• 1M: 0.25%
• YTD: 0.44%
• 6M: 0.72%
• 1Y: 4.28%
• 3Y*: 3.03%
• 5Y*: —
• 10Y*: —

EVMT

• 1D: -1.66%
• 1M: 2.45%
• YTD: 13.45%
• 6M: 22.53%
• 1Y: 41.86%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APMU vs. EVMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	0.44%	4.50%	0.86%	1.24%
EVMT Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF	13.45%	30.61%	-10.50%	-18.83%

Correlation

The correlation between APMU and EVMT is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.05

Return for Risk

APMU vs. EVMT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APMU

APMU Risk / Return Rank: 49
APMU Sharpe Ratio Rank: 53
APMU Sortino Ratio Rank: 55
APMU Omega Ratio Rank: 63
APMU Calmar Ratio Rank: 37
APMU Martin Ratio Rank: 35

EVMT

EVMT Risk / Return Rank: 85
EVMT Sharpe Ratio Rank: 85
EVMT Sortino Ratio Rank: 84
EVMT Omega Ratio Rank: 84
EVMT Calmar Ratio Rank: 89
EVMT Martin Ratio Rank: 85

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APMU vs. EVMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) and Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF (EVMT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APMU	EVMT	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.79	-0.97
Sortino ratio: Return per unit of downside risk	2.62	3.72	-1.10
Omega ratio: Gain probability vs. loss probability	1.38	1.51	-0.13
Calmar ratio: Return relative to maximum drawdown	1.79	5.28	-3.49
Martin ratio: Return relative to average drawdown	5.30	17.86	-12.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APMU vs. EVMT - Sharpe Ratio Comparison

The current APMU Sharpe Ratio is 1.81, which is lower than the EVMT Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of APMU and EVMT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APMU	EVMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.79	-0.97
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	-0.26	+1.08

Drawdowns

APMU vs. EVMT - Drawdown Comparison

The maximum APMU drawdown since its inception was -4.39%, smaller than the maximum EVMT drawdown of -48.34%. Use the drawdown chart below to compare losses from any high point for APMU and EVMT.

Drawdown Indicators

	APMU	EVMT	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-48.34%	+43.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-7.96%	+5.56%
Max Drawdown (3Y) Largest decline over 3 years	-3.41%	-29.38%	+25.97%
Current Drawdown Current decline from peak	-1.17%	-21.69%	+20.52%
Average Drawdown Average peak-to-trough decline	-0.93%	-34.74%	+33.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	2.35%	-1.54%

Volatility

APMU vs. EVMT - Volatility Comparison

The current volatility for ActivePassive Intermediate Municipal Bond ETF (APMU) is 0.75%, while Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF (EVMT) has a volatility of 4.51%. This indicates that APMU experiences smaller price fluctuations and is considered to be less risky than EVMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APMU	EVMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	4.51%	-3.76%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	13.47%	-11.79%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	15.09%	-12.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	20.51%	-17.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.81%	20.51%	-17.70%

APMU vs. EVMT - Expense Ratio Comparison

APMU has a 0.36% expense ratio, which is lower than EVMT's 0.59% expense ratio.

Dividends

APMU vs. EVMT - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.66%, less than EVMT's 10.40% yield.

Position	TTM	2025	2024	2023	2022
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%	0.00%
EVMT Invesco Electric Vehicle Metals Commodity Strategy No K-1 ETF	10.40%	11.80%	3.62%	5.49%	0.86%

Frequently Asked Questions

Can I hold both APMU and EVMT in my portfolio?

APMU and EVMT have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APMU or EVMT?

EVMT has higher volatility (4.51%) compared to APMU (0.75%). In terms of maximum drawdown, APMU dropped -4.39% vs EVMT's -48.34%.

Which ETF is better, APMU or EVMT?

On 3-year performance, EVMT leads with 4.71% vs 3.03% for APMU. On fees, APMU is cheaper at 0.36% per year. On volatility, APMU has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APMU or EVMT?

Over the 3-year period, EVMT has performed better with a 4.71% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APMU or EVMT?

APMU is cheaper with a 0.36% expense ratio, compared with 0.59% for EVMT.

Which ETF pays a higher dividend yield, APMU or EVMT?

EVMT has the higher dividend yield at 10.40%, compared with 2.66% for APMU.

What is the main difference between APMU and EVMT?

APMU is categorized as Municipal Bonds, while EVMT is Commodities. They also come from different issuers: ActivePassive and Invesco. Their fees differ too: 0.36% for APMU and 0.59% for EVMT.

Which has better risk-adjusted returns?

EVMT currently has the higher Sharpe Ratio (2.79 vs 1.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.