BSMP vs. CALI
BSMP (Invesco BulletShares 2025 Municipal Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds - BSMP tracks the Invesco BulletShares Municipal Bond 2025 Index while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. At a 0.19 correlation, their price movements are largely independent. BSMP charges 0.18%/yr vs 0.08%/yr for CALI.
Performance
BSMP vs. CALI - Performance Comparison
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Returns By Period
BSMP
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CALI
- 1D
- -0.03%
- 1M
- 0.38%
- YTD
- 0.99%
- 6M
- 1.08%
- 1Y
- 2.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMP vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMP Invesco BulletShares 2025 Municipal Bond ETF | 0.00% | 2.27% | 2.46% | 1.84% |
CALI iShares Short-Term California Muni Active ETF | 0.99% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between BSMP and CALI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | 0.19 |
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Return for Risk
BSMP vs. CALI — Risk / Return Rank
BSMP
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CALI
BSMP vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and iShares Short-Term California Muni Active ETF (CALI). 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.
| BSMP | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.87 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.19 | — |
| Martin ratioReturn relative to average drawdown | — | 21.38 | — |
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Drawdowns
BSMP vs. CALI - Drawdown Comparison
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Drawdown Indicators
| BSMP | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -0.78% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.67% | — |
Current DrawdownCurrent decline from peak | — | -0.04% | — |
Average DrawdownAverage peak-to-trough decline | — | -0.08% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.13% | — |
Volatility
BSMP vs. CALI - Volatility Comparison
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Volatility by Period
| BSMP | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.19% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.52% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 0.75% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 1.10% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 1.10% | — |
BSMP vs. CALI - Expense Ratio Comparison
BSMP has a 0.18% expense ratio, which is higher than CALI's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BSMP vs. CALI - Dividend Comparison
BSMP's dividend yield for the trailing twelve months is around 1.05%, less than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMP Invesco BulletShares 2025 Municipal Bond ETF | 1.05% | 2.35% | 2.53% | 2.20% | 1.23% | 0.72% | 1.32% | 0.35% |
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSMP and CALI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CALI is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for BSMP.
CALI has the higher dividend yield at 2.52%, compared with 1.05% for BSMP.
BSMP tracks Invesco BulletShares Municipal Bond 2025 Index, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.18% for BSMP and 0.08% for CALI.
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