BSMP vs. ZTAX
BSMP (Invesco BulletShares 2025 Municipal Bond ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. BSMP is passively managed, while ZTAX is actively managed. At a correlation of -0.00, they often move in opposite directions. BSMP charges 0.18%/yr vs 1.14%/yr for ZTAX.
Performance
BSMP vs. ZTAX - Performance Comparison
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Returns By Period
BSMP
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX
- 1D
- 0.00%
- 1M
- 2.70%
- YTD
- 3.16%
- 6M
- -1.79%
- 1Y
- 7.61%
- 3Y*
- 4.78%
- 5Y*
- —
- 10Y*
- —
BSMP vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMP Invesco BulletShares 2025 Municipal Bond ETF | 0.00% | 2.27% | 2.46% | 2.46% |
ZTAX X-Square Municipal Income Tax Free ETF | 3.16% | -1.02% | 7.98% | 3.74% |
Correlation
The correlation between BSMP and ZTAX is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since May 19, 2023 | -0.00 |
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Return for Risk
BSMP vs. ZTAX — Risk / Return Rank
BSMP
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZTAX
BSMP vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and X-Square Municipal Income Tax Free ETF (ZTAX). 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 | ZTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.10 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.70 | — |
| Martin ratioReturn relative to average drawdown | — | 1.69 | — |
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Drawdowns
BSMP vs. ZTAX - Drawdown Comparison
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Drawdown Indicators
| BSMP | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -15.33% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -10.99% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | — | -9.42% | — |
Average DrawdownAverage peak-to-trough decline | — | -6.82% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.52% | — |
Volatility
BSMP vs. ZTAX - Volatility Comparison
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Volatility by Period
| BSMP | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 28.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 32.31% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 28.90% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 28.90% | — |
BSMP vs. ZTAX - Expense Ratio Comparison
BSMP has a 0.18% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
BSMP vs. ZTAX - Dividend Comparison
BSMP's dividend yield for the trailing twelve months is around 1.05%, less than ZTAX's 4.43% 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% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.43% | 4.58% | 4.55% | 2.14% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSMP and ZTAX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BSMP is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BSMP is cheaper with a 0.18% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.43%, compared with 1.05% for BSMP.
They also come from different issuers: Invesco and X-Square. Their fees differ too: 0.18% for BSMP and 1.14% for ZTAX.
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