BSMT vs. SPHQ
Compare and contrast key facts about Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and Invesco S&P 500 Quality ETF (SPHQ).
BSMT and SPHQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BSMT is a passively managed fund by Invesco that tracks the performance of the Invesco BulletShares Municipal Bond 2029 Index. It was launched on Sep 25, 2019. SPHQ is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality Index. It was launched on Dec 6, 2005. Both BSMT and SPHQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BSMT vs. SPHQ - Performance Comparison
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BSMT vs. SPHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 0.27% | 3.79% | 0.38% | 5.41% | -11.01% | 1.42% | 6.96% | -0.35% |
SPHQ Invesco S&P 500 Quality ETF | 1.46% | 13.25% | 25.44% | 24.83% | -15.76% | 28.03% | 17.36% | 9.51% |
Returns By Period
In the year-to-date period, BSMT achieves a 0.27% return, which is significantly lower than SPHQ's 1.46% return.
BSMT
- 1D
- 0.16%
- 1M
- -0.93%
- YTD
- 0.27%
- 6M
- 1.17%
- 1Y
- 3.76%
- 3Y*
- 2.31%
- 5Y*
- 0.10%
- 10Y*
- —
SPHQ
- 1D
- 0.89%
- 1M
- -5.57%
- YTD
- 1.46%
- 6M
- 3.57%
- 1Y
- 16.02%
- 3Y*
- 18.54%
- 5Y*
- 12.70%
- 10Y*
- 13.63%
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BSMT vs. SPHQ - Expense Ratio Comparison
BSMT has a 0.18% expense ratio, which is higher than SPHQ's 0.15% 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%.
Return for Risk
BSMT vs. SPHQ — Risk / Return Rank
BSMT
SPHQ
BSMT vs. SPHQ - 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 Quality ETF (SPHQ). 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 | SPHQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.14 | 0.94 | +0.20 |
Sortino ratioReturn per unit of downside risk | 1.44 | 1.44 | 0.00 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.38 | 1.45 | -0.07 |
Martin ratioReturn relative to average drawdown | 5.70 | 6.35 | -0.65 |
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 | SPHQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 0.94 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.78 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.77 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.50 | -0.36 |
Correlation
The correlation between BSMT and SPHQ is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
BSMT vs. SPHQ - Dividend Comparison
BSMT's dividend yield for the trailing twelve months is around 2.76%, more than SPHQ's 1.18% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 2.76% | 2.78% | 2.80% | 2.62% | 1.65% | 1.31% | 1.82% | 0.48% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHQ Invesco S&P 500 Quality ETF | 1.18% | 1.09% | 1.15% | 1.42% | 1.85% | 1.19% | 1.55% | 1.51% | 1.85% | 1.57% | 1.67% | 2.29% |
Drawdowns
BSMT vs. SPHQ - Drawdown Comparison
The maximum BSMT drawdown since its inception was -16.20%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for BSMT and SPHQ.
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Drawdown Indicators
| BSMT | SPHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.20% | -57.83% | +41.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -10.84% | +7.76% |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | -25.04% | +8.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.60% | — |
Current DrawdownCurrent decline from peak | -2.73% | -5.92% | +3.19% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -10.78% | +5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 2.48% | -1.73% |
Volatility
BSMT vs. SPHQ - Volatility Comparison
The current volatility for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) is 0.69%, while Invesco S&P 500 Quality ETF (SPHQ) has a volatility of 5.32%. This indicates that BSMT experiences smaller price fluctuations and is considered to be less risky than SPHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMT | SPHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 5.32% | -4.63% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 9.67% | -8.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.33% | 17.13% | -13.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 16.40% | -12.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.50% | 17.81% | -11.31% |