BSMQ vs. TXXI

Last updated Jun 5, 2026

BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) and TXXI (BondBloxx IR+M Tax-Aware Intermediate Duration ETF) are both Municipal Bonds funds. BSMQ is passively managed, while TXXI is actively managed. Over the past year, BSMQ returned 2.98% vs 6.65% for TXXI. At a 0.38 correlation, their price movements are largely independent. BSMQ charges 0.18%/yr vs 0.35%/yr for TXXI.

Performance

BSMQ vs. TXXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) and BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMQ achieves a 0.81% return, which is significantly lower than TXXI's 1.45% return.

BSMQ

• 1D: 0.07%
• 1M: 0.17%
• YTD: 0.81%
• 6M: 1.18%
• 1Y: 2.98%
• 3Y*: 2.90%
• 5Y*: 0.31%
• 10Y*: —

TXXI

• 1D: 0.13%
• 1M: 0.59%
• YTD: 1.45%
• 6M: 2.04%
• 1Y: 6.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMQ vs. TXXI - Yearly Performance Comparison

	2026 (YTD)	2025
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	0.81%	2.17%
TXXI BondBloxx IR+M Tax-Aware Intermediate Duration ETF	1.45%	4.34%

Correlation

The correlation between BSMQ and TXXI is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.38

The correlation between BSMQ and TXXI shifts across timeframes, from 0.26 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BSMQ vs. TXXI — Risk / Return Rank

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

BSMQ

BSMQ Risk / Return Rank: 84
BSMQ Sharpe Ratio Rank: 70
BSMQ Sortino Ratio Rank: 81
BSMQ Omega Ratio Rank: 80
BSMQ Calmar Ratio Rank: 96
BSMQ Martin Ratio Rank: 93

TXXI

TXXI Risk / Return Rank: 65
TXXI Sharpe Ratio Rank: 74
TXXI Sortino Ratio Rank: 74
TXXI Omega Ratio Rank: 87
TXXI Calmar Ratio Rank: 45
TXXI Martin Ratio Rank: 44

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. TXXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) and BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI). 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	TXXI	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.36	-0.10
Sortino ratio: Return per unit of downside risk	3.57	3.28	+0.28
Omega ratio: Gain probability vs. loss probability	1.47	1.52	-0.05
Calmar ratio: Return relative to maximum drawdown	9.12	2.17	+6.95
Martin ratio: Return relative to average drawdown	23.88	7.12	+16.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSMQ vs. TXXI - Sharpe Ratio Comparison

The current BSMQ Sharpe Ratio is 2.26, which is comparable to the TXXI Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of BSMQ and TXXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BSMQ	TXXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.36	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.38	-1.13

Drawdowns

BSMQ vs. TXXI - Drawdown Comparison

The maximum BSMQ drawdown since its inception was -13.18%, which is greater than TXXI's maximum drawdown of -3.08%. Use the drawdown chart below to compare losses from any high point for BSMQ and TXXI.

Drawdown Indicators

	BSMQ	TXXI	Difference
Max Drawdown Largest peak-to-trough decline	-13.18%	-3.08%	-10.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.33%	-3.08%	+2.75%
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	-0.05%	-0.87%	+0.82%
Average Drawdown Average peak-to-trough decline	-3.47%	-0.71%	-2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.12%	0.94%	-0.82%

Volatility

BSMQ vs. TXXI - Volatility Comparison

The current volatility for Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) is 0.40%, while BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI) has a volatility of 0.84%. This indicates that BSMQ experiences smaller price fluctuations and is considered to be less risky than TXXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSMQ	TXXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	0.84%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	0.94%	2.24%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	1.33%	2.84%	-1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.68%	3.46%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.79%	3.46%	+1.33%

BSMQ vs. TXXI - Expense Ratio Comparison

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

Dividends

BSMQ vs. TXXI - Dividend Comparison

BSMQ's dividend yield for the trailing twelve months is around 2.76%, less than TXXI's 3.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.76%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%
TXXI BondBloxx IR+M Tax-Aware Intermediate Duration ETF	3.46%	2.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMQ and TXXI in my portfolio?

BSMQ and TXXI have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSMQ or TXXI?

TXXI has higher volatility (0.84%) compared to BSMQ (0.40%). In terms of maximum drawdown, BSMQ dropped -13.18% vs TXXI's -3.08%.

Which ETF is better, BSMQ or TXXI?

On 1-year performance, TXXI leads with 6.65% vs 2.98% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSMQ or TXXI?

Over the 1-year period, TXXI has performed better with a 6.65% return vs 2.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMQ or TXXI?

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

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

TXXI has the higher dividend yield at 3.46%, compared with 2.76% for BSMQ.

What is the main difference between BSMQ and TXXI?

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

Which has better risk-adjusted returns?

TXXI currently has the higher Sharpe Ratio (2.36 vs 2.26), 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.