BSMS vs. VTEB
BSMS (Invesco BulletShares 2028 Municipal Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMS tracks the Invesco BulletShares Municipal Bond 2028 Index while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 5 years, BSMS returned -0.16%/yr vs 0.54%/yr for VTEB. Their 0.66 correlation means they have sometimes moved together and sometimes differently. BSMS charges 0.18%/yr vs 0.03%/yr for VTEB.
Performance
BSMS vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, BSMS achieves a 0.96% return, which is significantly higher than VTEB's 0.43% return.
BSMS
- 1D
- 0.06%
- 1M
- -0.32%
- 6M
- 0.38%
- YTD
- 0.96%
- 1Y
- 2.99%
- 3Y*
- 3.02%
- 5Y*
- -0.16%
- 10Y*
- —
- ALL TIME*
- 1.17%
VTEB
- 1D
- 0.12%
- 1M
- -1.72%
- 6M
- -0.22%
- YTD
- 0.43%
- 1Y
- 4.90%
- 3Y*
- 3.19%
- 5Y*
- 0.54%
- 10Y*
- 1.90%
- ALL TIME*
- 2.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.71M | $1.35M | $1.38M | |
| $388.01M | $356.14M | $359.95M |
BSMS vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSMS Invesco BulletShares 2028 Municipal Bond ETF | 0.96% | 3.61% | 1.00% | 4.99% | -9.93% | 1.50% | 6.55% | 0.22% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.43% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 0.67% |
Correlation
The correlation between BSMS and VTEB is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.55 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019 | 0.66 |
The correlation between BSMS and VTEB shifts across timeframes, from 0.55 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSMS vs. VTEB — Risk / Return Rank
BSMS
VTEB
BSMS vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2028 Municipal Bond ETF (BSMS) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.
| BSMS | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.37 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.87 | 1.82 | +1.05 |
| Martin ratioReturn relative to average drawdown | 7.87 | 5.96 | +1.91 |
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Drawdowns
BSMS vs. VTEB - Drawdown Comparison
The maximum BSMS drawdown since its inception was -14.95%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for BSMS and VTEB.
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Drawdown Indicators
| BSMS | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -17.00% | +2.05% |
Max Drawdown (1Y)Largest decline over 1 year | -1.05% | -2.71% | +1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -3.59% | -4.76% | +1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -14.73% | -12.56% | -2.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -0.96% | -1.74% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -2.30% | -2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.82% | -0.44% |
Volatility
BSMS vs. VTEB - Volatility Comparison
The current volatility for Invesco BulletShares 2028 Municipal Bond ETF (BSMS) is 0.63%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 0.88%. This indicates that BSMS experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMS | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.63% | 0.88% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.15% | 2.22% | -1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 2.73% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.59% | 3.92% | -0.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.14% | 5.25% | +0.89% |
BSMS vs. VTEB - Expense Ratio Comparison
BSMS has a 0.18% expense ratio, which is higher than VTEB's 0.03% 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
BSMS vs. VTEB - Dividend Comparison
BSMS's dividend yield for the trailing twelve months is around 2.77%, less than VTEB's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMS Invesco BulletShares 2028 Municipal Bond ETF | 2.77% | 2.79% | 2.81% | 2.58% | 1.56% | 1.49% | 1.61% | 0.46% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.43% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
BSMS and VTEB have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEB has higher volatility (0.88%) compared to BSMS (0.63%). In terms of maximum drawdown, BSMS dropped -14.95% vs VTEB's -17.00%.
On 5-year performance, VTEB leads with 0.54% vs -0.16% for BSMS. On fees, VTEB is cheaper at 0.03% per year. On volatility, BSMS has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VTEB has performed better with a 0.54% return vs -0.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.18% for BSMS.
VTEB has the higher dividend yield at 3.43%, compared with 2.77% for BSMS.
BSMS tracks Invesco BulletShares Municipal Bond 2028 Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.18% for BSMS and 0.03% for VTEB.
BSMS currently has the higher Sharpe Ratio (2.01 vs 1.81), 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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