BSMR vs. SUB
BSMR (Invesco BulletShares 2027 Municipal Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - BSMR tracks the Invesco BulletShares Municipal Bond 2027 Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index. Both are passively managed. Over the past 5 years, BSMR returned 0.34%/yr vs 1.41%/yr for SUB. Their 0.49 correlation means their historical movements had little consistent relationship. BSMR charges 0.18%/yr vs 0.07%/yr for SUB.
Performance
BSMR vs. SUB - Performance Comparison
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Returns By Period
In the year-to-date period, BSMR achieves a 1.25% return, which is significantly higher than SUB's 0.81% return.
BSMR
- 1D
- 0.04%
- 1M
- 0.06%
- 6M
- 0.87%
- YTD
- 1.25%
- 1Y
- 2.73%
- 3Y*
- 3.03%
- 5Y*
- 0.34%
- 10Y*
- —
- ALL TIME*
- 1.23%
SUB
- 1D
- 0.05%
- 1M
- -0.10%
- 6M
- 0.23%
- YTD
- 0.81%
- 1Y
- 1.90%
- 3Y*
- 3.07%
- 5Y*
- 1.41%
- 10Y*
- 1.44%
- ALL TIME*
- 1.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.07M | $1.14M | $1.34M | |
| $47.04M | $43.43M | $47.37M |
BSMR vs. SUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 1.25% | 3.10% | 1.51% | 4.47% | -7.60% | 1.09% | 4.97% | 0.16% |
SUB iShares Short-Term National Muni Bond ETF | 0.81% | 3.64% | 2.17% | 2.91% | -2.05% | 0.03% | 2.51% | 0.75% |
Correlation
The correlation between BSMR and SUB is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019 | 0.50 |
The correlation between BSMR and SUB shifts across timeframes, from 0.38 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSMR vs. SUB — Risk / Return Rank
BSMR
SUB
BSMR vs. SUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2027 Municipal Bond ETF (BSMR) and iShares Short-Term National Muni Bond ETF (SUB). 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 | SUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.35 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | 2.36 | +2.47 |
| Martin ratioReturn relative to average drawdown | 14.99 | 6.49 | +8.50 |
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Drawdowns
BSMR vs. SUB - Drawdown Comparison
The maximum BSMR drawdown since its inception was -13.49%, which is greater than SUB's maximum drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for BSMR and SUB.
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Drawdown Indicators
| BSMR | SUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -9.46% | -4.03% |
Max Drawdown (1Y)Largest decline over 1 year | -0.57% | -0.81% | +0.24% |
Max Drawdown (3Y)Largest decline over 3 years | -2.91% | -1.23% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -11.89% | -4.33% | -7.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.46% | — |
Current DrawdownCurrent decline from peak | -0.07% | -0.15% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -0.91% | -2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.29% | -0.11% |
Volatility
BSMR vs. SUB - Volatility Comparison
The current volatility for Invesco BulletShares 2027 Municipal Bond ETF (BSMR) is 0.44%, while iShares Short-Term National Muni Bond ETF (SUB) has a volatility of 0.50%. This indicates that BSMR experiences smaller price fluctuations and is considered to be less risky than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMR | SUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.50% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 0.90% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 1.12% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.01% | 1.65% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.66% | 2.60% | +3.06% |
BSMR vs. SUB - Expense Ratio Comparison
BSMR has a 0.18% expense ratio, which is higher than SUB'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%.
Dividends
BSMR vs. SUB - Dividend Comparison
BSMR's dividend yield for the trailing twelve months is around 2.70%, more than SUB's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.70% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% | 0.00% | 0.00% | 0.00% | 0.00% |
SUB iShares Short-Term National Muni Bond ETF | 2.56% | 2.42% | 2.10% | 1.73% | 0.86% | 0.72% | 1.23% | 1.58% | 1.32% | 0.95% | 0.75% | 0.77% |
Frequently Asked Questions
BSMR and SUB have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SUB has higher volatility (0.50%) compared to BSMR (0.44%). In terms of maximum drawdown, BSMR dropped -13.49% vs SUB's -9.46%.
On 5-year performance, SUB leads with 1.41% vs 0.34% for BSMR. On fees, SUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SUB has performed better with a 1.41% return vs 0.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SUB is cheaper with a 0.07% expense ratio, compared with 0.18% for BSMR.
BSMR has the higher dividend yield at 2.70%, compared with 2.56% for SUB.
BSMR tracks Invesco BulletShares Municipal Bond 2027 Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.18% for BSMR and 0.07% for SUB.
BSMR currently has the higher Sharpe Ratio (2.17 vs 1.71), 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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