BSMP vs. FMUN

Last updated Jun 5, 2026

BSMP (Invesco BulletShares 2025 Municipal Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. BSMP is passively managed, while FMUN is actively managed. At a 0.17 correlation, their price movements are largely independent. BSMP charges 0.18%/yr vs 0.05%/yr for FMUN.

Performance

BSMP vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSMP

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

FMUN

• 1D: -0.06%
• 1M: 0.90%
• YTD: 1.63%
• 6M: 2.20%
• 1Y: 7.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMP vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
BSMP Invesco BulletShares 2025 Municipal Bond ETF	0.00%	1.96%
FMUN Fidelity Systematic Municipal Bond Index ETF	1.63%	4.25%

Correlation

The correlation between BSMP and FMUN is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 8, 2025	0.17

The correlation between BSMP and FMUN shifts across timeframes, from 0.06 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BSMP vs. FMUN — Risk / Return Rank

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

FMUN

FMUN Risk / Return Rank: 65
FMUN Sharpe Ratio Rank: 73
FMUN Sortino Ratio Rank: 76
FMUN Omega Ratio Rank: 84
FMUN Calmar Ratio Rank: 47
FMUN Martin Ratio Rank: 47

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. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.27	—

Drawdowns

Drawdown Indicators

	BSMP	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.21%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-3.21%	—
Current Drawdown Current decline from peak	—	-0.72%	—
Average Drawdown Average peak-to-trough decline	—	-0.82%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.97%	—

Volatility

Volatility by Period

	BSMP	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.12%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.06%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.06%	—

BSMP vs. FMUN - Expense Ratio Comparison

BSMP has a 0.18% expense ratio, which is higher than FMUN's 0.05% 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. FMUN - Dividend Comparison

BSMP's dividend yield for the trailing twelve months is around 1.27%, less than FMUN's 3.29% 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%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.29%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMP and FMUN in my portfolio?

BSMP and FMUN have a correlation of 0.06, 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 FMUN?

On fees, FMUN is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSMP or FMUN?

FMUN is cheaper with a 0.05% expense ratio, compared with 0.18% for BSMP.

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

FMUN has the higher dividend yield at 3.29%, compared with 1.27% for BSMP.

What is the main difference between BSMP and FMUN?

They also come from different issuers: Invesco and Fidelity. Their fees differ too: 0.18% for BSMP and 0.05% for FMUN.