BSMR vs. CA
Compare and contrast key facts about Invesco BulletShares 2027 Municipal Bond ETF (BSMR) and Xtrackers California Municipal Bond ETF (CA).
BSMR and CA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BSMR is a passively managed fund by Invesco that tracks the performance of the Invesco BulletShares Municipal Bond 2027 Index. It was launched on Sep 25, 2019. CA is a passively managed fund by Xtrackers that tracks the performance of the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross. It was launched on Dec 13, 2023. Both BSMR and CA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BSMR vs. CA - Performance Comparison
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BSMR vs. CA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 0.62% | 3.10% | 1.51% | 0.57% |
CA Xtrackers California Municipal Bond ETF | -0.08% | 3.05% | 1.51% | 0.79% |
Returns By Period
In the year-to-date period, BSMR achieves a 0.62% return, which is significantly higher than CA's -0.08% return.
BSMR
- 1D
- 0.10%
- 1M
- -0.35%
- YTD
- 0.62%
- 6M
- 1.30%
- 1Y
- 3.25%
- 3Y*
- 2.49%
- 5Y*
- 0.67%
- 10Y*
- —
CA
- 1D
- 0.38%
- 1M
- -2.00%
- YTD
- -0.08%
- 6M
- 1.22%
- 1Y
- 3.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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BSMR vs. CA - Expense Ratio Comparison
BSMR has a 0.18% expense ratio, which is higher than CA's 0.07% 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%.
Return for Risk
BSMR vs. CA — Risk / Return Rank
BSMR
CA
BSMR vs. CA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2027 Municipal Bond ETF (BSMR) and Xtrackers California Municipal Bond ETF (CA). 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.
| BSMR | CA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.32 | 0.89 | +0.43 |
Sortino ratioReturn per unit of downside risk | 1.70 | 1.17 | +0.54 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.21 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 1.30 | 1.17 | +0.13 |
Martin ratioReturn relative to average drawdown | 6.24 | 3.35 | +2.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSMR | CA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.32 | 0.89 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.57 | -0.36 |
Correlation
The correlation between BSMR and CA is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
BSMR vs. CA - Dividend Comparison
BSMR's dividend yield for the trailing twelve months is around 2.75%, less than CA's 3.20% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.75% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% |
CA Xtrackers California Municipal Bond ETF | 3.20% | 3.14% | 3.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
BSMR vs. CA - Drawdown Comparison
The maximum BSMR drawdown since its inception was -13.49%, which is greater than CA's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for BSMR and CA.
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Drawdown Indicators
| BSMR | CA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -5.24% | -8.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.60% | -3.67% | +1.07% |
Max Drawdown (5Y)Largest decline over 5 years | -12.02% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -2.00% | +1.63% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -1.30% | -2.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 1.28% | -0.74% |
Volatility
BSMR vs. CA - Volatility Comparison
The current volatility for Invesco BulletShares 2027 Municipal Bond ETF (BSMR) is 0.41%, while Xtrackers California Municipal Bond ETF (CA) has a volatility of 1.31%. This indicates that BSMR experiences smaller price fluctuations and is considered to be less risky than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMR | CA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | 1.31% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 0.87% | 1.78% | -0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.47% | 4.40% | -1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 4.09% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.80% | 4.09% | +1.71% |