BSMT vs. OVM

Last updated Jun 4, 2026

BSMT (Invesco BulletShares 2029 Municipal Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. BSMT is passively managed, while OVM is actively managed. Over the past 5 years, BSMT returned -0.12%/yr vs 1.59%/yr for OVM. A 0.54 correlation means they provide meaningful diversification when combined. BSMT charges 0.18%/yr vs 0.82%/yr for OVM.

Performance

BSMT vs. OVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and Overlay Shares Municipal Bond ETF (OVM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMT achieves a 0.98% return, which is significantly lower than OVM's 3.96% return.

BSMT

• 1D: -0.04%
• 1M: 0.44%
• YTD: 0.98%
• 6M: 1.37%
• 1Y: 5.29%
• 3Y*: 3.19%
• 5Y*: -0.12%
• 10Y*: —

OVM

• 1D: -0.17%
• 1M: 1.10%
• YTD: 3.96%
• 6M: 4.16%
• 1Y: 11.81%
• 3Y*: 5.37%
• 5Y*: 1.59%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BSMT vs. OVM - 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%	0.17%
OVM Overlay Shares Municipal Bond ETF	3.96%	4.14%	3.42%	7.35%	-11.26%	4.22%	6.17%	1.72%

Correlation

The correlation between BSMT and OVM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Oct 2, 2019	0.54

The correlation between BSMT and OVM shifts across timeframes, from 0.47 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

BSMT vs. OVM - Sectors Allocation Comparison

Sectors	BSMT	OVM
Financial Services	1.9%	11.8%
Consumer Cyclical	0.1%	10.1%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.4%

Return for Risk

BSMT vs. OVM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BSMT

BSMT Risk / Return Rank: 80
BSMT Sharpe Ratio Rank: 87
BSMT Sortino Ratio Rank: 93
BSMT Omega Ratio Rank: 93
BSMT Calmar Ratio Rank: 67
BSMT Martin Ratio Rank: 61

OVM

OVM Risk / Return Rank: 88
OVM Sharpe Ratio Rank: 86
OVM Sortino Ratio Rank: 90
OVM Omega Ratio Rank: 90
OVM Calmar Ratio Rank: 86
OVM Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BSMT vs. OVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and Overlay Shares Municipal Bond ETF (OVM). 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	OVM	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.85	+0.02
Sortino ratio: Return per unit of downside risk	4.66	4.24	+0.43
Omega ratio: Gain probability vs. loss probability	1.65	1.58	+0.06
Calmar ratio: Return relative to maximum drawdown	3.33	4.86	-1.54
Martin ratio: Return relative to average drawdown	10.84	18.92	-8.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSMT vs. OVM - Sharpe Ratio Comparison

The current BSMT Sharpe Ratio is 2.87, which is comparable to the OVM Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of BSMT and OVM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BSMT	OVM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.87	2.85	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.30	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.43	-0.27

Drawdowns

BSMT vs. OVM - Drawdown Comparison

The maximum BSMT drawdown since its inception was -16.20%, roughly equal to the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for BSMT and OVM.

Drawdown Indicators

	BSMT	OVM	Difference
Max Drawdown Largest peak-to-trough decline	-16.20%	-15.58%	-0.62%
Max Drawdown (1Y) Largest decline over 1 year	-1.60%	-2.44%	+0.84%
Max Drawdown (3Y) Largest decline over 3 years	-4.79%	-8.20%	+3.41%
Max Drawdown (5Y) Largest decline over 5 years	-16.20%	-15.58%	-0.62%
Current Drawdown Current decline from peak	-2.05%	-0.17%	-1.88%
Average Drawdown Average peak-to-trough decline	-5.65%	-4.01%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.63%	-0.14%

Volatility

BSMT vs. OVM - Volatility Comparison

The current volatility for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) is 0.62%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.26%. This indicates that BSMT experiences smaller price fluctuations and is considered to be less risky than OVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSMT	OVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	1.26%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	3.36%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	1.85%	4.16%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	5.39%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	6.55%	-0.13%

BSMT vs. OVM - Expense Ratio Comparison

BSMT has a 0.18% expense ratio, which is lower than OVM's 0.82% expense ratio.

Dividends

BSMT vs. OVM - Dividend Comparison

BSMT's dividend yield for the trailing twelve months is around 2.74%, less than OVM's 6.11% 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%
OVM Overlay Shares Municipal Bond ETF	6.11%	5.45%	4.91%	4.66%	4.21%	6.10%	3.97%	0.58%

Frequently Asked Questions

Can I hold both BSMT and OVM in my portfolio?

BSMT and OVM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSMT or OVM?

OVM has higher volatility (1.26%) compared to BSMT (0.62%). In terms of maximum drawdown, BSMT dropped -16.20% vs OVM's -15.58%.

Which ETF is better, BSMT or OVM?

On 5-year performance, OVM leads with 1.59% vs -0.12% for BSMT. On fees, BSMT is cheaper at 0.18% per year. On volatility, BSMT has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSMT or OVM?

Over the 5-year period, OVM has performed better with a 1.59% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMT or OVM?

BSMT is cheaper with a 0.18% expense ratio, compared with 0.82% for OVM.

Which ETF pays a higher dividend yield, BSMT or OVM?

OVM has the higher dividend yield at 6.11%, compared with 2.74% for BSMT.

What is the main difference between BSMT and OVM?

They also come from different issuers: Invesco and Liquid Strategies. Their fees differ too: 0.18% for BSMT and 0.82% for OVM.

Which has better risk-adjusted returns?

BSMT currently has the higher Sharpe Ratio (2.87 vs 2.85), 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.