BSMP vs. ZTAX

Last updated Jun 3, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and X-Square Municipal Income Tax Free ETF (ZTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSMP

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

ZTAX

• 1D: 0.00%
• 1M: -1.01%
• YTD: 0.20%
• 6M: 5.42%
• 1Y: 6.21%
• 3Y*: 4.56%
• 5Y*: —
• 10Y*: —

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

BSMP vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSMP Invesco BulletShares 2025 Municipal Bond ETF	0.00%	2.27%	2.46%	2.67%
ZTAX X-Square Municipal Income Tax Free ETF	0.20%	-1.02%	7.98%	9.14%

Correlation

The correlation between BSMP and ZTAX is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 22, 2023	-0.00

Return for Risk

BSMP vs. ZTAX — Risk / Return Rank

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

ZTAX

ZTAX Risk / Return Rank: 15
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 15
ZTAX Calmar Ratio Rank: 17
ZTAX Martin Ratio Rank: 17

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. 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.

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

Sharpe Ratios by Period

	BSMP	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.20	—

Drawdowns

Drawdown Indicators

	BSMP	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-15.33%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-10.47%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.33%	—
Current Drawdown Current decline from peak	—	-6.58%	—
Average Drawdown Average peak-to-trough decline	—	-6.81%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.20%	—

Volatility

Volatility by Period

	BSMP	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	26.35%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	26.86%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	26.86%	—

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 1.27%, less than ZTAX's 4.56% 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%
ZTAX X-Square Municipal Income Tax Free ETF	4.56%	4.58%	4.55%	2.14%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMP and ZTAX in my portfolio?

BSMP and ZTAX have a correlation of -0.05, 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 ZTAX?

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.

Which ETF is cheaper, BSMP or ZTAX?

BSMP is cheaper with a 0.18% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.56%, compared with 1.27% for BSMP.

What is the main difference between BSMP and ZTAX?

They also come from different issuers: Invesco and X-Square. Their fees differ too: 0.18% for BSMP and 1.14% for ZTAX.