BSMR vs. MMMA
BSMR (Invesco BulletShares 2027 Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. BSMR is passively managed, while MMMA is actively managed. At a 0.33 correlation, their price movements are largely independent. BSMR charges 0.18%/yr vs 0.35%/yr for MMMA.
Performance
BSMR vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, BSMR achieves a 1.16% return, which is significantly lower than MMMA's 3.81% return.
BSMR
- 1D
- -0.02%
- 1M
- 0.27%
- YTD
- 1.16%
- 6M
- 1.25%
- 1Y
- 3.58%
- 3Y*
- 2.84%
- 5Y*
- 0.51%
- 10Y*
- —
MMMA
- 1D
- 0.14%
- 1M
- 1.40%
- YTD
- 3.81%
- 6M
- 3.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMR vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 1.16% | 0.25% |
MMMA NYLI MacKay Muni Allocation ETF | 3.81% | 0.35% |
Correlation
The correlation between BSMR and MMMA is 0.33, 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 | 0.33 |
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Return for Risk
BSMR vs. MMMA — Risk / Return Rank
BSMR
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BSMR vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2027 Municipal Bond ETF (BSMR) 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.
| BSMR | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.60 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 6.35 | — | — |
| Martin ratioReturn relative to average drawdown | 19.95 | — | — |
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Drawdowns
BSMR vs. MMMA - Drawdown Comparison
The maximum BSMR drawdown since its inception was -13.49%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for BSMR and MMMA.
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Drawdown Indicators
| BSMR | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -2.79% | -10.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.57% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.50% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.02% | — | — |
Current DrawdownCurrent decline from peak | -0.15% | 0.00% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -3.46% | -0.55% | -2.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | — | — |
Volatility
BSMR vs. MMMA - Volatility Comparison
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Volatility by Period
| BSMR | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.39% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.28% | 4.01% | -2.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.02% | 4.01% | -0.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.70% | 4.01% | +1.69% |
BSMR vs. MMMA - Expense Ratio Comparison
BSMR has a 0.18% expense ratio, which is lower than MMMA's 0.35% expense ratio.
Dividends
BSMR vs. MMMA - Dividend Comparison
BSMR's dividend yield for the trailing twelve months is around 2.71%, more than MMMA's 1.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.71% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% |
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
BSMR and MMMA have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BSMR is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BSMR is cheaper with a 0.18% expense ratio, compared with 0.35% for MMMA.
BSMR has the higher dividend yield at 2.71%, compared with 1.94% for MMMA.
They also come from different issuers: Invesco and NYLI. Their fees differ too: 0.18% for BSMR and 0.35% for MMMA.
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