BMOP vs. BKAG

Last updated Jun 4, 2026

BMOP (BNY Mellon Municipal Opportunities ETF) and BKAG (BNY Mellon Core Bond ETF) are both exchange-traded funds - BMOP is a Municipal Bonds fund actively managed by BNY Mellon, while BKAG is a Total Bond Market fund tracking the Bloomberg US Aggregate Total Return Index. BMOP is actively managed, while BKAG is passively managed. A 0.60 correlation means they provide meaningful diversification when combined. BMOP charges 0.54%/yr vs 0.00%/yr for BKAG.

Performance

BMOP vs. BKAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Opportunities ETF (BMOP) and BNY Mellon Core Bond ETF (BKAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BMOP

• 1D: -0.07%
• 1M: 0.84%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BKAG

• 1D: -0.19%
• 1M: 0.27%
• YTD: 0.29%
• 6M: 0.12%
• 1Y: 5.10%
• 3Y*: 3.95%
• 5Y*: 0.07%
• 10Y*: —

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

BMOP vs. BKAG - Yearly Performance Comparison

	2026 (YTD)
BMOP BNY Mellon Municipal Opportunities ETF	1.37%
BKAG BNY Mellon Core Bond ETF	0.04%

Correlation

The correlation between BMOP and BKAG is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.60

Return for Risk

BMOP vs. BKAG — Risk / Return Rank

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

BKAG

BKAG Risk / Return Rank: 36
BKAG Sharpe Ratio Rank: 36
BKAG Sortino Ratio Rank: 37
BKAG Omega Ratio Rank: 34
BKAG Calmar Ratio Rank: 37
BKAG Martin Ratio Rank: 35

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.

BMOP vs. BKAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Opportunities ETF (BMOP) and BNY Mellon Core Bond ETF (BKAG). 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.

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

Sharpe Ratios by Period

	BMOP	BKAG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.32	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.01	+0.95

Drawdowns

BMOP vs. BKAG - Drawdown Comparison

The maximum BMOP drawdown since its inception was -2.80%, smaller than the maximum BKAG drawdown of -18.53%. Use the drawdown chart below to compare losses from any high point for BMOP and BKAG.

Drawdown Indicators

	BMOP	BKAG	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-18.53%	+15.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.00%	—
Current Drawdown Current decline from peak	-0.09%	-2.32%	+2.23%
Average Drawdown Average peak-to-trough decline	-0.82%	-7.12%	+6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.93%	—

Volatility

Volatility by Period

	BMOP	BKAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	3.87%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.75%	6.01%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	5.55%	-1.80%

BMOP vs. BKAG - Expense Ratio Comparison

BMOP has a 0.54% expense ratio, which is higher than BKAG's 0.00% expense ratio.

Dividends

BMOP vs. BKAG - Dividend Comparison

BMOP's dividend yield for the trailing twelve months is around 1.20%, less than BKAG's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKAG BNY Mellon Core Bond ETF	4.24%	4.17%	4.26%	3.33%	2.49%	1.55%	1.16%
BMOP BNY Mellon Municipal Opportunities ETF	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BMOP and BKAG in my portfolio?

BMOP and BKAG have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMOP or BKAG?

On fees, BKAG is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMOP or BKAG?

BKAG is cheaper with a 0.00% expense ratio, compared with 0.54% for BMOP.

Which ETF pays a higher dividend yield, BMOP or BKAG?

BKAG has the higher dividend yield at 4.24%, compared with 1.20% for BMOP.

What is the main difference between BMOP and BKAG?

BMOP is categorized as Municipal Bonds, while BKAG is Total Bond Market. Their fees differ too: 0.54% for BMOP and 0.00% for BKAG.