BSMT vs. SPHD

Last updated Jun 5, 2026

BSMT (Invesco BulletShares 2029 Municipal Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - BSMT is a Municipal Bonds fund tracking the Invesco BulletShares Municipal Bond 2029 Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 5 years, BSMT returned -0.12%/yr vs 5.73%/yr for SPHD. At a 0.11 correlation, their price movements are largely independent. BSMT charges 0.18%/yr vs 0.30%/yr for SPHD.

Performance

BSMT vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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 SPHD's 5.63% return.

BSMT

• 1D: -0.00%
• 1M: 0.43%
• YTD: 0.98%
• 6M: 1.43%
• 1Y: 5.15%
• 3Y*: 3.12%
• 5Y*: -0.12%
• 10Y*: —

SPHD

• 1D: 1.20%
• 1M: 0.01%
• YTD: 5.63%
• 6M: 6.27%
• 1Y: 10.27%
• 3Y*: 11.98%
• 5Y*: 5.73%
• 10Y*: 7.17%

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

BSMT vs. SPHD - 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%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	5.63%	3.41%	18.08%	1.32%	0.58%	24.98%	-9.98%	4.79%

Correlation

The correlation between BSMT and SPHD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.11

The correlation between BSMT and SPHD shifts across timeframes, from 0.11 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.

BSMT vs. SPHD - Sectors Allocation Comparison

Sectors	BSMT	SPHD
Financial Services	1.9%	15.6%
Consumer Cyclical	0.1%	3.4%
Basic Materials	-	-
Communication Services	-	8.6%
Consumer Defensive	-	17.8%
Energy	-	14.1%
Healthcare	-	5.1%
Industrials	-	0.0%
Real Estate	-	20.1%
Technology	-	1.5%
Utilities	-	13.7%

Return for Risk

BSMT vs. SPHD — 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: 86
BSMT Sortino Ratio Rank: 93
BSMT Omega Ratio Rank: 93
BSMT Calmar Ratio Rank: 66
BSMT Martin Ratio Rank: 60

SPHD

SPHD Risk / Return Rank: 27
SPHD Sharpe Ratio Rank: 27
SPHD Sortino Ratio Rank: 27
SPHD Omega Ratio Rank: 24
SPHD Calmar Ratio Rank: 29
SPHD Martin Ratio Rank: 26

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. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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	SPHD	Difference
Sharpe ratio: Return per unit of total volatility	2.80	0.93	+1.87
Sortino ratio: Return per unit of downside risk	4.54	1.43	+3.11
Omega ratio: Gain probability vs. loss probability	1.63	1.16	+0.47
Calmar ratio: Return relative to maximum drawdown	3.24	1.41	+1.83
Martin ratio: Return relative to average drawdown	10.53	3.51	+7.02
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. SPHD - Sharpe Ratio Comparison

The current BSMT Sharpe Ratio is 2.80, which is higher than the SPHD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of BSMT and SPHD, 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	SPHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	0.93	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	0.41	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.58	-0.43

Drawdowns

BSMT vs. SPHD - Drawdown Comparison

The maximum BSMT drawdown since its inception was -16.20%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for BSMT and SPHD.

Drawdown Indicators

	BSMT	SPHD	Difference
Max Drawdown Largest peak-to-trough decline	-16.20%	-41.39%	+25.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.60%	-7.33%	+5.73%
Max Drawdown (3Y) Largest decline over 3 years	-4.79%	-13.29%	+8.50%
Max Drawdown (5Y) Largest decline over 5 years	-16.20%	-19.50%	+3.30%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.39%	—
Current Drawdown Current decline from peak	-2.05%	-4.24%	+2.19%
Average Drawdown Average peak-to-trough decline	-5.64%	-4.70%	-0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	2.94%	-2.45%

Volatility

BSMT vs. SPHD - Volatility Comparison

The current volatility for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) is 0.62%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.22%. This indicates that BSMT experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSMT	SPHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	3.22%	-2.60%
Volatility (6M) Calculated over the trailing 6-month period	1.22%	7.60%	-6.38%
Volatility (1Y) Calculated over the trailing 1-year period	1.85%	11.10%	-9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	14.17%	-9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.42%	17.64%	-11.22%

BSMT vs. SPHD - Expense Ratio Comparison

BSMT has a 0.18% expense ratio, which is lower than SPHD's 0.30% expense ratio.

Dividends

BSMT vs. SPHD - Dividend Comparison

BSMT's dividend yield for the trailing twelve months is around 2.74%, less than SPHD's 4.57% 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%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.57%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Frequently Asked Questions

Can I hold both BSMT and SPHD in my portfolio?

BSMT and SPHD have a correlation of 0.16, 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 SPHD?

SPHD has higher volatility (3.22%) compared to BSMT (0.62%). In terms of maximum drawdown, BSMT dropped -16.20% vs SPHD's -41.39%.

Which ETF is better, BSMT or SPHD?

On 5-year performance, SPHD leads with 5.73% 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 SPHD?

Over the 5-year period, SPHD has performed better with a 5.73% 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 SPHD?

BSMT is cheaper with a 0.18% expense ratio, compared with 0.30% for SPHD.

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

SPHD has the higher dividend yield at 4.57%, compared with 2.74% for BSMT.

What is the main difference between BSMT and SPHD?

BSMT is categorized as Municipal Bonds, while SPHD is Dividend. BSMT tracks Invesco BulletShares Municipal Bond 2029 Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.18% for BSMT and 0.30% for SPHD.

Which has better risk-adjusted returns?

BSMT currently has the higher Sharpe Ratio (2.80 vs 0.93), 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.