BSMT vs. CALI
BSMT (Invesco BulletShares 2029 Municipal Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds - BSMT tracks the Invesco BulletShares Municipal Bond 2029 Index while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. Over the past year, BSMT returned 5.29% vs 2.99% for CALI. At a 0.46 correlation, their price movements are largely independent. BSMT charges 0.18%/yr vs 0.08%/yr for CALI.
Performance
BSMT vs. CALI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BSMT achieves a 0.98% return, which is significantly higher than CALI's 0.91% return.
BSMT
- 1D
- -0.04%
- 1M
- 0.44%
- YTD
- 0.98%
- 6M
- 1.37%
- 1Y
- 5.29%
- 3Y*
- 3.19%
- 5Y*
- -0.12%
- 10Y*
- —
CALI
- 1D
- 0.03%
- 1M
- 0.25%
- YTD
- 0.91%
- 6M
- 1.11%
- 1Y
- 2.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMT vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 0.98% | 3.79% | 0.38% | 3.32% |
CALI iShares Short-Term California Muni Active ETF | 0.91% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between BSMT and CALI is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2023 | 0.46 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BSMT vs. CALI — Risk / Return Rank
BSMT
CALI
BSMT vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and iShares Short-Term California Muni Active ETF (CALI). 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.
| BSMT | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.94 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 4.49 | -1.16 |
| Martin ratioReturn relative to average drawdown | 10.84 | 22.91 | -12.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BSMT | CALI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | 3.97 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 2.84 | -2.68 |
Drawdowns
BSMT vs. CALI - Drawdown Comparison
The maximum BSMT drawdown since its inception was -16.20%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BSMT and CALI.
Loading charts...
Drawdown Indicators
| BSMT | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.20% | -0.78% | -15.42% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | -0.67% | -0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -4.79% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | — | — |
Current DrawdownCurrent decline from peak | -2.05% | 0.00% | -2.05% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -0.08% | -5.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.13% | +0.36% |
Volatility
BSMT vs. CALI - Volatility Comparison
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) has a higher volatility of 0.62% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.22%. This indicates that BSMT's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BSMT | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.22% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 0.51% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 0.76% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 1.11% | +3.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 1.11% | +5.31% |
BSMT vs. CALI - Expense Ratio Comparison
BSMT has a 0.18% expense ratio, which is higher than CALI's 0.08% 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
BSMT vs. CALI - Dividend Comparison
BSMT's dividend yield for the trailing twelve months is around 2.74%, more than CALI's 2.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 2.74% | 2.78% | 2.80% | 2.62% | 1.65% | 1.31% | 1.82% | 0.48% |
CALI iShares Short-Term California Muni Active ETF | 2.52% | 2.62% | 3.14% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSMT and CALI have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMT has higher volatility (0.62%) compared to CALI (0.22%). In terms of maximum drawdown, BSMT dropped -16.20% vs CALI's -0.78%.
On 1-year performance, BSMT leads with 5.29% vs 2.99% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BSMT has performed better with a 5.29% return vs 2.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CALI is cheaper with a 0.08% expense ratio, compared with 0.18% for BSMT.
BSMT has the higher dividend yield at 2.74%, compared with 2.52% for CALI.
BSMT tracks Invesco BulletShares Municipal Bond 2029 Index, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.18% for BSMT and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.97 vs 2.87), 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.
Find the right allocation for BSMT and CALI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer