BSMQ vs. MMMA

Last updated Jun 26, 2026

BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. BSMQ is passively managed, while MMMA is actively managed. At a 0.14 correlation, their price movements are largely independent. BSMQ charges 0.18%/yr vs 0.35%/yr for MMMA.

Performance

BSMQ vs. MMMA - Performance Comparison

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

Returns By Period

In the year-to-date period, BSMQ achieves a 0.96% return, which is significantly lower than MMMA's 3.81% return.

BSMQ

• 1D: -0.04%
• 1M: 0.27%
• YTD: 0.96%
• 6M: 1.05%
• 1Y: 2.85%
• 3Y*: 2.84%
• 5Y*: 0.37%
• 10Y*: —

MMMA

• 1D: 0.14%
• 1M: 1.40%
• YTD: 3.81%
• 6M: 3.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMQ vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	0.96%	0.52%
MMMA NYLI MacKay Muni Allocation ETF	3.81%	0.35%

Correlation

The correlation between BSMQ and MMMA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.14

Return for Risk

BSMQ vs. MMMA — Risk / Return Rank

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

BSMQ

BSMQ Risk / Return Rank: 88
BSMQ Sharpe Ratio Rank: 78
BSMQ Sortino Ratio Rank: 88
BSMQ Omega Ratio Rank: 84
BSMQ Calmar Ratio Rank: 97
BSMQ Martin Ratio Rank: 94

MMMA

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

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. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) and NYLI MacKay Muni Allocation ETF (MMMA). 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.

	BSMQ	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.17	—	—
Sortino ratio: Return per unit of downside risk	3.46	—	—
Omega ratio: Gain probability vs. loss probability	1.44	—	—
Calmar ratio: Return relative to maximum drawdown	8.73	—	—
Martin ratio: Return relative to average drawdown	23.02	—	—

Drawdowns

BSMQ vs. MMMA - Drawdown Comparison

The maximum BSMQ drawdown since its inception was -13.18%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for BSMQ and MMMA.

Drawdown Indicators

	BSMQ	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-13.18%	-2.79%	-10.39%
Max Drawdown (1Y) Largest decline over 1 year	-0.33%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-2.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.50%	—	—
Current Drawdown Current decline from peak	-0.13%	0.00%	-0.13%
Average Drawdown Average peak-to-trough decline	-3.44%	-0.55%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	—	—

Volatility

Volatility by Period

	BSMQ	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.32%	4.01%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.66%	4.01%	-1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	4.01%	+0.76%

BSMQ vs. MMMA - Expense Ratio Comparison

BSMQ has a 0.18% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

BSMQ vs. MMMA - Dividend Comparison

BSMQ's dividend yield for the trailing twelve months is around 2.75%, more than MMMA's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.75%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%
MMMA NYLI MacKay Muni Allocation ETF	1.94%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMQ and MMMA in my portfolio?

BSMQ and MMMA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSMQ or MMMA?

On fees, BSMQ 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, BSMQ or MMMA?

BSMQ is cheaper with a 0.18% expense ratio, compared with 0.35% for MMMA.

Which ETF pays a higher dividend yield, BSMQ or MMMA?

BSMQ has the higher dividend yield at 2.75%, compared with 1.94% for MMMA.

What is the main difference between BSMQ and MMMA?

They also come from different issuers: Invesco and NYLI. Their fees differ too: 0.18% for BSMQ and 0.35% for MMMA.