BKMS vs. PBW

Last updated Aug 5, 2026

BKMS (BNY Mellon Municipal Short Duration ETF) and PBW (Invesco WilderHill Clean Energy ETF) are both exchange-traded funds - BKMS is a Municipal Bonds fund actively managed by BNY Mellon, while PBW is a Alternative Energy Equities fund tracking the The WilderHill Clean Energy Index (AMEX). BKMS is actively managed, while PBW is passively managed. Their 0.03 correlation means their historical movements had little consistent relationship. BKMS charges 0.35%/yr vs 0.61%/yr for PBW.

Performance

BKMS vs. PBW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Short Duration ETF (BKMS) and Invesco WilderHill Clean Energy ETF (PBW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKMS

• 1D: 0.10%
• 1M: -0.03%
• 6M: 0.41%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PBW

• 1D: 5.03%
• 1M: -5.30%
• 6M: 0.42%
• YTD: 14.20%
• 1Y: 53.31%
• 3Y*: -3.13%
• 5Y*: -14.01%
• 10Y*: 7.79%
• ALL TIME*: -2.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BKMS BNY Mellon Municipal Short Duration ETF	$790.45K	$878.97K	$1.09M
PBW Invesco WilderHill Clean Energy ETF	$38.06M	$31.70M	$36.29M

BKMS vs. PBW - Yearly Performance Comparison

	2026 (YTD)
BKMS BNY Mellon Municipal Short Duration ETF	0.77%
PBW Invesco WilderHill Clean Energy ETF	4.36%

Correlation

The correlation between BKMS and PBW is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	0.03

Return for Risk

BKMS vs. PBW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BKMS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PBW

PBW Risk / Return Rank: 40
PBW Sharpe Ratio Rank: 43
PBW Sortino Ratio Rank: 42
PBW Omega Ratio Rank: 39
PBW Calmar Ratio Rank: 38
PBW Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BKMS vs. PBW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Short Duration ETF (BKMS) and Invesco WilderHill Clean Energy ETF (PBW). 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.

	BKMS	PBW	Difference
Sharpe ratio: Return per unit of total volatility	—	1.21	—
Sortino ratio: Return per unit of downside risk	—	1.73	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.48	—
Martin ratio: Return relative to average drawdown	—	4.43	—

Drawdowns

BKMS vs. PBW - Drawdown Comparison

The maximum BKMS drawdown since its inception was -0.87%, smaller than the maximum PBW drawdown of -89.02%. Use the drawdown chart below to compare losses from any high point for BKMS and PBW.

Drawdown Indicators

	BKMS	PBW	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-89.02%	+88.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-36.09%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-65.32%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-84.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.02%	—
Current Drawdown Current decline from peak	-0.17%	-71.22%	+71.05%
Average Drawdown Average peak-to-trough decline	-0.25%	-62.95%	+62.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.07%	—

Volatility

Volatility by Period

	BKMS	PBW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	44.39%	-43.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.30%	43.70%	-42.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.30%	39.30%	-38.00%

BKMS vs. PBW - Expense Ratio Comparison

BKMS has a 0.35% expense ratio, which is lower than PBW's 0.61% expense ratio.

Dividends

BKMS vs. PBW - Dividend Comparison

BKMS's dividend yield for the trailing twelve months is around 1.67%, more than PBW's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKMS BNY Mellon Municipal Short Duration ETF	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBW Invesco WilderHill Clean Energy ETF	1.36%	0.79%	2.84%	3.68%	4.21%	1.71%	0.44%	1.45%	2.04%	1.28%	2.68%	1.53%

Frequently Asked Questions

Can I hold both BKMS and PBW in my portfolio?

BKMS and PBW have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMS or PBW?

On fees, BKMS is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMS or PBW?

BKMS is cheaper with a 0.35% expense ratio, compared with 0.61% for PBW.

Which ETF pays a higher dividend yield, BKMS or PBW?

BKMS has the higher dividend yield at 1.67%, compared with 1.36% for PBW.

What is the main difference between BKMS and PBW?

BKMS is categorized as Municipal Bonds, while PBW is Alternative Energy Equities. They also come from different issuers: BNY Mellon and Invesco. Their fees differ too: 0.35% for BKMS and 0.61% for PBW.