BSMT vs. PZT
BSMT (Invesco BulletShares 2029 Municipal Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds from Invesco - BSMT tracks the Invesco BulletShares Municipal Bond 2029 Index while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 5 years, BSMT returned -0.12%/yr vs 0.03%/yr for PZT. A 0.57 correlation means they provide meaningful diversification when combined. BSMT charges 0.18%/yr vs 0.28%/yr for PZT.
Performance
BSMT vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, BSMT achieves a 0.98% return, which is significantly lower than PZT's 3.19% return.
BSMT
- 1D
- -0.00%
- 1M
- 0.43%
- YTD
- 0.98%
- 6M
- 1.43%
- 1Y
- 5.15%
- 3Y*
- 3.12%
- 5Y*
- -0.12%
- 10Y*
- —
PZT
- 1D
- 0.31%
- 1M
- 1.45%
- YTD
- 3.19%
- 6M
- 3.54%
- 1Y
- 9.78%
- 3Y*
- 3.41%
- 5Y*
- 0.03%
- 10Y*
- 1.94%
BSMT vs. PZT - 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% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.19% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 0.24% |
Correlation
The correlation between BSMT and PZT is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019 | 0.57 |
The correlation between BSMT and PZT shifts across timeframes, from 0.51 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSMT vs. PZT — Risk / Return Rank
BSMT
PZT
BSMT vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and Invesco New York AMT-Free Municipal Bond ETF (PZT). 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 | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.64 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.41 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 3.10 | +0.14 |
| Martin ratioReturn relative to average drawdown | 10.53 | 10.57 | -0.04 |
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 | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 2.07 | +0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | 0.00 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.38 | -0.22 |
Drawdowns
BSMT vs. PZT - Drawdown Comparison
The maximum BSMT drawdown since its inception was -16.20%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for BSMT and PZT.
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Drawdown Indicators
| BSMT | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.20% | -22.73% | +6.53% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | -3.17% | +1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -4.79% | -9.00% | +4.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | -19.13% | +2.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.13% | — |
Current DrawdownCurrent decline from peak | -2.05% | -1.11% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -3.91% | -1.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.93% | -0.44% |
Volatility
BSMT vs. PZT - Volatility Comparison
The current volatility for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) is 0.62%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that BSMT experiences smaller price fluctuations and is considered to be less risky than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMT | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 2.10% | -1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | 3.45% | -2.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 4.74% | -2.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 6.63% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 6.96% | -0.54% |
BSMT vs. PZT - Expense Ratio Comparison
BSMT has a 0.18% expense ratio, which is lower than PZT's 0.28% expense ratio.
Dividends
BSMT vs. PZT - Dividend Comparison
BSMT's dividend yield for the trailing twelve months is around 2.74%, less than PZT's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
Frequently Asked Questions
BSMT and PZT have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.10%) compared to BSMT (0.62%). In terms of maximum drawdown, BSMT dropped -16.20% vs PZT's -22.73%.
On 5-year performance, PZT leads with 0.03% 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.
Over the 5-year period, PZT has performed better with a 0.03% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMT is cheaper with a 0.18% expense ratio, compared with 0.28% for PZT.
PZT has the higher dividend yield at 3.57%, compared with 2.74% for BSMT.
BSMT tracks Invesco BulletShares Municipal Bond 2029 Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. Their fees differ too: 0.18% for BSMT and 0.28% for PZT.
BSMT currently has the higher Sharpe Ratio (2.80 vs 2.07), 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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