BSMP vs. SUB

Last updated Jun 25, 2026

BSMP (Invesco BulletShares 2025 Municipal Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - BSMP tracks the Invesco BulletShares Municipal Bond 2025 Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. At a 0.39 correlation, their price movements are largely independent. BSMP charges 0.18%/yr vs 0.07%/yr for SUB.

Performance

BSMP vs. SUB - 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 National Muni Bond ETF (SUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSMP

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

SUB

• 1D: -0.02%
• 1M: 0.37%
• YTD: 0.78%
• 6M: 0.88%
• 1Y: 2.73%
• 3Y*: 3.03%
• 5Y*: 1.47%
• 10Y*: 1.44%

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

BSMP vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BSMP Invesco BulletShares 2025 Municipal Bond ETF	0.00%	2.27%	2.46%	3.14%	-5.09%	0.60%	4.91%	0.62%
SUB iShares Short-Term National Muni Bond ETF	0.78%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	0.75%

Correlation

The correlation between BSMP and SUB is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.39

Over the past year, the correlation between BSMP and SUB has dropped to 0.09 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

BSMP vs. SUB — Risk / Return Rank

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

BSMP

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

SUB

SUB Risk / Return Rank: 82
SUB Sharpe Ratio Rank: 90
SUB Sortino Ratio Rank: 91
SUB Omega Ratio Rank: 93
SUB Calmar Ratio Rank: 74
SUB Martin Ratio Rank: 60

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. SUB - 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 National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe ratio: Return per unit of total volatility	—	2.69	—
Sortino ratio: Return per unit of downside risk	—	3.85	—
Omega ratio: Gain probability vs. loss probability	—	1.58	—
Calmar ratio: Return relative to maximum drawdown	—	3.40	—
Martin ratio: Return relative to average drawdown	—	9.60	—

Drawdowns

Drawdown Indicators

	BSMP	SUB	Difference
Max Drawdown Largest peak-to-trough decline	—	-9.46%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	—	-0.15%	—
Average Drawdown Average peak-to-trough decline	—	-0.91%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.28%	—

Volatility

Volatility by Period

	BSMP	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.02%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.64%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	2.60%	—

BSMP vs. SUB - Expense Ratio Comparison

BSMP has a 0.18% expense ratio, which is higher than SUB's 0.07% 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. SUB - Dividend Comparison

BSMP's dividend yield for the trailing twelve months is around 1.05%, less than SUB's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSMP Invesco BulletShares 2025 Municipal Bond ETF	1.05%	2.35%	2.53%	2.20%	1.23%	0.72%	1.32%	0.35%	0.00%	0.00%	0.00%	0.00%
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both BSMP and SUB in my portfolio?

BSMP and SUB have a correlation of 0.09, 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 SUB?

On fees, SUB is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSMP or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.18% for BSMP.

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

SUB has the higher dividend yield at 2.53%, compared with 1.05% for BSMP.

What is the main difference between BSMP and SUB?

BSMP tracks Invesco BulletShares Municipal Bond 2025 Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.18% for BSMP and 0.07% for SUB.