BSMQ vs. FMUN

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) and Fidelity Systematic Municipal Bond Index ETF (FMUN).

BSMQ and FMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BSMQ is a passively managed fund by Invesco that tracks the performance of the Invesco BulletShares Municipal Bond 2026 Index. It was launched on Sep 25, 2019. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019.

Performance

BSMQ vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

BSMQ vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	0.55%	2.99%
FMUN Fidelity Systematic Municipal Bond Index ETF	-0.17%	4.25%

Returns By Period

In the year-to-date period, BSMQ achieves a 0.55% return, which is significantly higher than FMUN's -0.17% return.

BSMQ

• 1D: -0.06%
• 1M: -0.03%
• YTD: 0.55%
• 6M: 1.43%
• 1Y: 2.72%
• 3Y*: 2.48%
• 5Y*: 0.49%
• 10Y*: —

FMUN

• 1D: 0.23%
• 1M: -2.22%
• YTD: -0.17%
• 6M: 1.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMQ vs. FMUN - Expense Ratio Comparison

BSMQ 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%.

BSMQ

Invesco BulletShares 2026 Municipal Bond ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

BSMQ vs. FMUN — Risk / Return Rank

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

BSMQ

BSMQ Risk / Return Rank: 70
BSMQ Sharpe Ratio Rank: 75
BSMQ Sortino Ratio Rank: 73
BSMQ Omega Ratio Rank: 80
BSMQ Calmar Ratio Rank: 55
BSMQ Martin Ratio Rank: 68

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.

BSMQ vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) 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.

	BSMQ	FMUN	Difference
Sharpe ratio Return per unit of total volatility	1.42	—	—
Sortino ratio Return per unit of downside risk	1.93	—	—
Omega ratio Gain probability vs. loss probability	1.32	—	—
Calmar ratio Return relative to maximum drawdown	1.55	—	—
Martin ratio Return relative to average drawdown	7.71	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BSMQ	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	1.00	-0.76

Correlation

The correlation between BSMQ and FMUN is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BSMQ vs. FMUN - Dividend Comparison

BSMQ's dividend yield for the trailing twelve months is around 2.77%, less than FMUN's 3.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.77%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BSMQ vs. FMUN - Drawdown Comparison

The maximum BSMQ drawdown since its inception was -13.18%, which is greater than FMUN's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for BSMQ and FMUN.

Drawdown Indicators

	BSMQ	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-13.18%	-3.21%	-9.97%
Max Drawdown (1Y) Largest decline over 1 year	-1.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.50%	—	—
Current Drawdown Current decline from peak	-0.10%	-2.49%	+2.39%
Average Drawdown Average peak-to-trough decline	-3.56%	-0.67%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	—	—

Volatility

Volatility by Period

	BSMQ	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.92%	4.16%	-2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.68%	4.16%	-1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	4.16%	+0.69%