BSMU vs. PZT
BSMU (Invesco BulletShares 2030 Municipal Bond ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds from Invesco - BSMU tracks the Invesco Bulletshares Municipal Bond 2030 Index while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 5 years, BSMU returned -0.68%/yr vs 0.03%/yr for PZT. A 0.60 correlation means they provide meaningful diversification when combined. BSMU charges 0.18%/yr vs 0.28%/yr for PZT.
Performance
BSMU vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, BSMU achieves a 0.60% return, which is significantly lower than PZT's 3.19% return.
BSMU
- 1D
- 0.04%
- 1M
- 0.34%
- YTD
- 0.60%
- 6M
- 0.94%
- 1Y
- 5.29%
- 3Y*
- 2.91%
- 5Y*
- -0.68%
- 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%
BSMU vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BSMU Invesco BulletShares 2030 Municipal Bond ETF | 0.60% | 4.35% | -0.29% | 6.31% | -13.76% | 1.88% | 4.10% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.19% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 3.43% |
Correlation
The correlation between BSMU and PZT is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020 | 0.60 |
The correlation between BSMU and PZT has been stable across timeframes, ranging from 0.58 to 0.63 - a consistent structural relationship.
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Return for Risk
BSMU vs. PZT — Risk / Return Rank
BSMU
PZT
BSMU vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2030 Municipal Bond ETF (BSMU) 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.
| BSMU | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.41 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 3.10 | -0.52 |
| Martin ratioReturn relative to average drawdown | 7.94 | 10.57 | -2.64 |
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
| BSMU | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.50 | 2.07 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.00 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.06 | 0.38 | -0.31 |
Drawdowns
BSMU vs. PZT - Drawdown Comparison
The maximum BSMU drawdown since its inception was -19.48%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for BSMU and PZT.
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Drawdown Indicators
| BSMU | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.48% | -22.73% | +3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.06% | -3.17% | +1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -9.00% | +3.08% |
Max Drawdown (5Y)Largest decline over 5 years | -19.48% | -19.13% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.13% | — |
Current DrawdownCurrent decline from peak | -4.79% | -1.11% | -3.68% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -3.91% | -4.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.93% | -0.26% |
Volatility
BSMU vs. PZT - Volatility Comparison
The current volatility for Invesco BulletShares 2030 Municipal Bond ETF (BSMU) is 0.79%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that BSMU 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
| BSMU | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 2.10% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 1.48% | 3.45% | -1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.13% | 4.74% | -2.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.82% | 6.63% | -1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.84% | 6.96% | -2.12% |
BSMU vs. PZT - Expense Ratio Comparison
BSMU has a 0.18% expense ratio, which is lower than PZT's 0.28% expense ratio.
Dividends
BSMU vs. PZT - Dividend Comparison
BSMU's dividend yield for the trailing twelve months is around 2.80%, less than PZT's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMU Invesco BulletShares 2030 Municipal Bond ETF | 2.80% | 2.82% | 2.92% | 2.66% | 2.16% | 1.60% | 0.28% | 0.00% | 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
BSMU and PZT have a correlation of 0.58, 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 BSMU (0.79%). In terms of maximum drawdown, BSMU dropped -19.48% vs PZT's -22.73%.
On 5-year performance, PZT leads with 0.03% vs -0.68% for BSMU. On fees, BSMU is cheaper at 0.18% per year. On volatility, BSMU has been the lower-risk option at 0.79%. 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 -0.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMU 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 2.80% for BSMU.
BSMU tracks Invesco Bulletshares Municipal Bond 2030 Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. Their fees differ too: 0.18% for BSMU and 0.28% for PZT.
BSMU currently has the higher Sharpe Ratio (2.50 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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