BSMT vs. IBMN
BSMT (Invesco BulletShares 2029 Municipal Bond ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds - BSMT tracks the Invesco BulletShares Municipal Bond 2029 Index while IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index. Both are passively managed. Over the past 5 years, BSMT returned -0.12%/yr vs 0.47%/yr for IBMN. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.
Performance
BSMT vs. IBMN - Performance Comparison
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Returns By Period
BSMT
- 1D
- -0.04%
- 1M
- 0.44%
- YTD
- 0.98%
- 6M
- 1.37%
- 1Y
- 5.29%
- 3Y*
- 3.19%
- 5Y*
- -0.12%
- 10Y*
- —
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.44%
- 5Y*
- 0.47%
- 10Y*
- —
BSMT vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 0.98% | 3.79% | 0.38% | 5.41% | -11.01% | 1.42% | 6.96% | -0.35% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.42% | -4.43% | -0.41% | 4.83% | 0.87% |
Correlation
The correlation between BSMT and IBMN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019 | 0.44 |
Over the past year, the correlation between BSMT and IBMN has dropped to 0.22 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
BSMT vs. IBMN — Risk / Return Rank
BSMT
IBMN
BSMT vs. IBMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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 | IBMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.66 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 6.02 | -2.69 |
| Martin ratioReturn relative to average drawdown | 10.84 | 24.21 | -13.38 |
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
| BSMT | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | 2.12 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.28 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.58 | -0.43 |
Drawdowns
BSMT vs. IBMN - Drawdown Comparison
The maximum BSMT drawdown since its inception was -16.20%, which is greater than IBMN's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for BSMT and IBMN.
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Drawdown Indicators
| BSMT | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.20% | -12.40% | -3.80% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | -0.25% | -1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -4.79% | -1.10% | -3.69% |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | -7.36% | -8.84% |
Current DrawdownCurrent decline from peak | -2.05% | -0.05% | -2.00% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -1.81% | -3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.10% | +0.39% |
Volatility
BSMT vs. IBMN - Volatility Comparison
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) has a higher volatility of 0.62% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that BSMT's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMT | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.00% | +0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 0.50% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 0.71% | +1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 1.80% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 3.89% | +2.53% |
BSMT vs. IBMN - Expense Ratio Comparison
Both BSMT and IBMN have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BSMT vs. IBMN - Dividend Comparison
BSMT's dividend yield for the trailing twelve months is around 2.74%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 2.74% | 2.78% | 2.80% | 2.62% | 1.65% | 1.31% | 1.82% | 0.48% | 0.00% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 1.14% | 2.03% | 2.03% | 1.72% | 0.97% | 0.70% | 1.11% | 1.65% | 0.23% |
Frequently Asked Questions
BSMT and IBMN have a correlation of 0.22, 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 IBMN (0.00%). In terms of maximum drawdown, BSMT dropped -16.20% vs IBMN's -12.40%.
On 5-year performance, IBMN leads with 0.47% vs -0.12% for BSMT. Both ETFs have the same 0.18% expense ratio. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBMN has performed better with a 0.47% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMT and IBMN have the same expense ratio: 0.18% per year.
BSMT has the higher dividend yield at 2.74%, compared with 1.14% for IBMN.
BSMT tracks Invesco BulletShares Municipal Bond 2029 Index, while IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index. They also come from different issuers: Invesco and iShares.
BSMT currently has the higher Sharpe Ratio (2.87 vs 2.12), 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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