BSMP vs. VTEB
BSMP (Invesco BulletShares 2025 Municipal Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMP tracks the Invesco BulletShares Municipal Bond 2025 Index while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. At a 0.47 correlation, their price movements are largely independent. BSMP charges 0.18%/yr vs 0.03%/yr for VTEB.
Performance
BSMP vs. VTEB - Performance Comparison
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Returns By Period
BSMP
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- 0.12%
- 1M
- 1.50%
- YTD
- 1.82%
- 6M
- 1.94%
- 1Y
- 6.78%
- 3Y*
- 3.42%
- 5Y*
- 0.98%
- 10Y*
- 1.98%
BSMP vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.82% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 0.67% |
Correlation
The correlation between BSMP and VTEB 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 | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019 | 0.47 |
Over the past year, the correlation between BSMP and VTEB has dropped to 0.09 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.
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Return for Risk
BSMP vs. VTEB — Risk / Return Rank
BSMP
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTEB
BSMP vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.55 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.51 | — |
| Martin ratioReturn relative to average drawdown | — | 8.86 | — |
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Drawdowns
BSMP vs. VTEB - Drawdown Comparison
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Drawdown Indicators
| BSMP | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -17.00% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.71% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.53% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | — | -0.17% | — |
Average DrawdownAverage peak-to-trough decline | — | -2.32% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.77% | — |
Volatility
BSMP vs. VTEB - Volatility Comparison
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Volatility by Period
| BSMP | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.72% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 2.68% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 3.90% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 5.25% | — |
BSMP vs. VTEB - Expense Ratio Comparison
BSMP has a 0.18% expense ratio, which is higher than VTEB's 0.03% 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. VTEB - Dividend Comparison
BSMP's dividend yield for the trailing twelve months is around 1.05%, less than VTEB's 3.34% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.34% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
BSMP and VTEB 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.
On fees, VTEB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.18% for BSMP.
VTEB has the higher dividend yield at 3.34%, compared with 1.05% for BSMP.
BSMP tracks Invesco BulletShares Municipal Bond 2025 Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.18% for BSMP and 0.03% for VTEB.
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