BSMQ vs. SMB
BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) and SMB (VanEck Short Muni ETF) are both Municipal Bonds funds - BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index while SMB tracks the Bloomberg AMT-Free Short Continuous. Both are passively managed. Over the past 5 years, BSMQ returned 0.37%/yr vs 1.25%/yr for SMB. At a 0.41 correlation, their price movements are largely independent. BSMQ charges 0.18%/yr vs 0.20%/yr for SMB.
Performance
BSMQ vs. SMB - Performance Comparison
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Returns By Period
In the year-to-date period, BSMQ achieves a 0.96% return, which is significantly higher than SMB's 0.81% return.
BSMQ
- 1D
- -0.04%
- 1M
- 0.27%
- YTD
- 0.96%
- 6M
- 1.05%
- 1Y
- 2.85%
- 3Y*
- 2.84%
- 5Y*
- 0.37%
- 10Y*
- —
SMB
- 1D
- 0.03%
- 1M
- 0.64%
- YTD
- 0.81%
- 6M
- 0.88%
- 1Y
- 3.56%
- 3Y*
- 3.52%
- 5Y*
- 1.25%
- 10Y*
- 1.50%
BSMQ vs. SMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.96% | 3.12% | 1.99% | 3.60% | -7.62% | 1.05% | 5.26% | 0.28% |
SMB VanEck Short Muni ETF | 0.81% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 1.16% |
Correlation
The correlation between BSMQ and SMB is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019 | 0.41 |
Over the past year, the correlation between BSMQ and SMB has dropped to 0.13 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
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Return for Risk
BSMQ vs. SMB — Risk / Return Rank
BSMQ
SMB
BSMQ vs. SMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) and VanEck Short Muni ETF (SMB). 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 | SMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.44 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 8.73 | 3.06 | +5.67 |
| Martin ratioReturn relative to average drawdown | 23.02 | 8.59 | +14.43 |
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Drawdowns
BSMQ vs. SMB - Drawdown Comparison
The maximum BSMQ drawdown since its inception was -13.18%, roughly equal to the maximum SMB drawdown of -12.64%. Use the drawdown chart below to compare losses from any high point for BSMQ and SMB.
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Drawdown Indicators
| BSMQ | SMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.18% | -12.64% | -0.54% |
Max Drawdown (1Y)Largest decline over 1 year | -0.33% | -1.17% | +0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -2.53% | -1.80% | -0.73% |
Max Drawdown (5Y)Largest decline over 5 years | -11.50% | -7.48% | -4.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.64% | — |
Current DrawdownCurrent decline from peak | -0.13% | 0.00% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -1.14% | -2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.12% | 0.42% | -0.30% |
Volatility
BSMQ vs. SMB - Volatility Comparison
Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) has a higher volatility of 0.41% compared to VanEck Short Muni ETF (SMB) at 0.24%. This indicates that BSMQ's price experiences larger fluctuations and is considered to be riskier than SMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMQ | SMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 0.24% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 0.93% | 1.14% | -0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.32% | 1.62% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.66% | 2.48% | +0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.77% | 4.25% | +0.52% |
BSMQ vs. SMB - Expense Ratio Comparison
BSMQ has a 0.18% expense ratio, which is lower than SMB's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BSMQ vs. SMB - Dividend Comparison
BSMQ's dividend yield for the trailing twelve months is around 2.75%, more than SMB's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.75% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
SMB VanEck Short Muni ETF | 2.69% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
BSMQ and SMB have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMQ has higher volatility (0.41%) compared to SMB (0.24%). In terms of maximum drawdown, BSMQ dropped -13.18% vs SMB's -12.64%.
On 5-year performance, SMB leads with 1.25% vs 0.37% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, SMB has been the lower-risk option at 0.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMB has performed better with a 1.25% return vs 0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.20% for SMB.
BSMQ has the higher dividend yield at 2.75%, compared with 2.69% for SMB.
BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index, while SMB tracks Bloomberg AMT-Free Short Continuous. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.18% for BSMQ and 0.20% for SMB.
SMB currently has the higher Sharpe Ratio (2.20 vs 2.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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