BSMP vs. CALI

Last updated Jun 3, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and iShares Short-Term California Muni Active ETF (CALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSMP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.01%
• 1M: 0.25%
• YTD: 0.88%
• 6M: 1.10%
• 1Y: 2.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMP vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSMP Invesco BulletShares 2025 Municipal Bond ETF	0.00%	2.27%	2.46%	1.82%
CALI iShares Short-Term California Muni Active ETF	0.88%	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 14, 2023	0.19

Return for Risk

BSMP vs. CALI — Risk / Return Rank

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

CALI

CALI Risk / Return Rank: 92
CALI Sharpe Ratio Rank: 95
CALI Sortino Ratio Rank: 96
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 82
CALI Martin Ratio Rank: 91

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.

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.

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

Sharpe Ratios by Period

	BSMP	CALI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	2.83	—

Drawdowns

Drawdown Indicators

	BSMP	CALI	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.78%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.67%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.08%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	BSMP	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.76%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.11%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.11%	—

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 1.27%, less than CALI's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMP Invesco BulletShares 2025 Municipal Bond ETF	1.27%	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

Can I hold both BSMP and CALI in my portfolio?

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.

Which ETF is better, BSMP or CALI?

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.

Which ETF is cheaper, BSMP or CALI?

CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for BSMP.

Which ETF pays a higher dividend yield, BSMP or CALI?

CALI has the higher dividend yield at 2.52%, compared with 1.27% for BSMP.

What is the main difference between BSMP and CALI?

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.