BESF vs. BSMW

Last updated Jun 23, 2026

BESF (Bastion Energy ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - BESF is a Energy Equities fund actively managed by Bastion, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. BESF is actively managed, while BSMW is passively managed. Over the past year, BESF returned 56.15% vs 6.15% for BSMW. At a correlation of -0.28, they often move in opposite directions. BESF charges 0.80%/yr vs 0.18%/yr for BSMW.

Performance

BESF vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bastion Energy ETF (BESF) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BESF achieves a 14.96% return, which is significantly higher than BSMW's 1.44% return.

BESF

• 1D: 1.49%
• 1M: -7.22%
• YTD: 14.96%
• 6M: 14.44%
• 1Y: 56.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMW

• 1D: 0.00%
• 1M: 1.29%
• YTD: 1.44%
• 6M: 1.50%
• 1Y: 6.15%
• 3Y*: 2.90%
• 5Y*: —
• 10Y*: —

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

BESF vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025
BESF Bastion Energy ETF	14.96%	38.76%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.44%	5.56%

Correlation

The correlation between BESF and BSMW is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.28

Return for Risk

BESF vs. BSMW — Risk / Return Rank

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

BESF

BESF Risk / Return Rank: 75
BESF Sharpe Ratio Rank: 74
BESF Sortino Ratio Rank: 71
BESF Omega Ratio Rank: 64
BESF Calmar Ratio Rank: 89
BESF Martin Ratio Rank: 77

BSMW

BSMW Risk / Return Rank: 64
BSMW Sharpe Ratio Rank: 75
BSMW Sortino Ratio Rank: 77
BSMW Omega Ratio Rank: 82
BSMW Calmar Ratio Rank: 44
BSMW Martin Ratio Rank: 42

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.

BESF vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bastion Energy ETF (BESF) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BESF	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.30	-0.02
Sortino ratio: Return per unit of downside risk	3.08	3.28	-0.20
Omega ratio: Gain probability vs. loss probability	1.37	1.47	-0.09
Calmar ratio: Return relative to maximum drawdown	5.14	2.12	+3.03
Martin ratio: Return relative to average drawdown	14.33	6.51	+7.82

BESF vs. BSMW - Sharpe Ratio Comparison

The current BESF Sharpe Ratio is 2.28, which is comparable to the BSMW Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of BESF and BSMW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BESF vs. BSMW - Drawdown Comparison

The maximum BESF drawdown since its inception was -10.97%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for BESF and BSMW.

Drawdown Indicators

	BESF	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-10.97%	-7.57%	-3.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-2.92%	-8.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.34%	—
Current Drawdown Current decline from peak	-9.64%	-0.84%	-8.80%
Average Drawdown Average peak-to-trough decline	-2.72%	-1.71%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.93%	0.95%	+2.98%

Volatility

BESF vs. BSMW - Volatility Comparison

Bastion Energy ETF (BESF) has a higher volatility of 6.87% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.46%. This indicates that BESF's price experiences larger fluctuations and is considered to be riskier than BSMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BESF	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	0.46%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	14.94%	1.95%	+12.99%
Volatility (1Y) Calculated over the trailing 1-year period	24.78%	2.68%	+22.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.42%	4.97%	+19.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.42%	4.97%	+19.45%

BESF vs. BSMW - Expense Ratio Comparison

BESF has a 0.80% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

BESF vs. BSMW - Dividend Comparison

BESF's dividend yield for the trailing twelve months is around 5.92%, more than BSMW's 3.48% yield.

Position	TTM	2025	2024	2023
BESF Bastion Energy ETF	5.92%	6.39%	0.00%	0.00%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.48%	3.24%	3.48%	2.36%

Frequently Asked Questions

Can I hold both BESF and BSMW in my portfolio?

BESF and BSMW have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BESF or BSMW?

BESF has higher volatility (6.87%) compared to BSMW (0.46%). In terms of maximum drawdown, BESF dropped -10.97% vs BSMW's -7.57%.

Which ETF is better, BESF or BSMW?

On 1-year performance, BESF leads with 56.15% vs 6.15% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BESF or BSMW?

Over the 1-year period, BESF has performed better with a 56.15% return vs 6.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BESF or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.80% for BESF.

Which ETF pays a higher dividend yield, BESF or BSMW?

BESF has the higher dividend yield at 5.92%, compared with 3.48% for BSMW.

What is the main difference between BESF and BSMW?

BESF is categorized as Energy Equities, while BSMW is Municipal Bonds. They also come from different issuers: Bastion and Invesco. Their fees differ too: 0.80% for BESF and 0.18% for BSMW.

Which has better risk-adjusted returns?

BSMW currently has the higher Sharpe Ratio (2.30 vs 2.28), 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.