BSMU vs. SPHD
BSMU (Invesco BulletShares 2030 Municipal Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - BSMU is a Municipal Bonds fund tracking the Invesco Bulletshares Municipal Bond 2030 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, BSMU returned -0.63%/yr vs 6.82%/yr for SPHD. At a 0.12 correlation, their price movements are largely independent. BSMU charges 0.18%/yr vs 0.30%/yr for SPHD.
Performance
BSMU vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, BSMU achieves a 0.71% return, which is significantly lower than SPHD's 6.47% return.
BSMU
- 1D
- -0.28%
- 1M
- 0.89%
- YTD
- 0.71%
- 6M
- 0.84%
- 1Y
- 4.93%
- 3Y*
- 2.69%
- 5Y*
- -0.63%
- 10Y*
- —
SPHD
- 1D
- 0.20%
- 1M
- -0.79%
- YTD
- 6.47%
- 6M
- 6.49%
- 1Y
- 11.21%
- 3Y*
- 12.10%
- 5Y*
- 6.82%
- 10Y*
- 7.38%
BSMU vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BSMU Invesco BulletShares 2030 Municipal Bond ETF | 0.71% | 4.35% | -0.29% | 6.31% | -13.76% | 1.88% | 4.00% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 6.47% | 3.41% | 18.08% | 1.32% | 0.58% | 24.98% | 9.89% |
Correlation
The correlation between BSMU and SPHD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2020 | 0.12 |
The correlation between BSMU and SPHD shifts across timeframes, from 0.12 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BSMU vs. SPHD — Risk / Return Rank
BSMU
SPHD
BSMU vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2030 Municipal Bond ETF (BSMU) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BSMU | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.32 | ||
| Sortino ratioReturn per unit of downside risk | +2.02 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.17 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 1.54 | +0.87 |
| Martin ratioReturn relative to average drawdown | 7.13 | 3.77 | +3.36 |
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Drawdowns
BSMU vs. SPHD - Drawdown Comparison
The maximum BSMU drawdown since its inception was -19.48%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for BSMU and SPHD.
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Drawdown Indicators
| BSMU | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.48% | -41.39% | +21.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.06% | -7.33% | +5.27% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -13.29% | +7.37% |
Max Drawdown (5Y)Largest decline over 5 years | -19.48% | -19.50% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.39% | — |
Current DrawdownCurrent decline from peak | -4.69% | -3.48% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -4.69% | -3.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 2.98% | -2.29% |
Volatility
BSMU vs. SPHD - Volatility Comparison
The current volatility for Invesco BulletShares 2030 Municipal Bond ETF (BSMU) is 0.71%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 3.95%. This indicates that BSMU 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.
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Volatility by Period
| BSMU | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 3.95% | -3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 1.56% | 7.99% | -6.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.15% | 11.39% | -9.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.82% | 14.14% | -9.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.83% | 17.67% | -12.84% |
BSMU vs. SPHD - Expense Ratio Comparison
BSMU has a 0.18% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
BSMU vs. SPHD - Dividend Comparison
BSMU's dividend yield for the trailing twelve months is around 3.04%, less than SPHD's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMU Invesco BulletShares 2030 Municipal Bond ETF | 3.04% | 2.82% | 2.92% | 2.66% | 2.16% | 1.60% | 0.28% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.97% | 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
BSMU and SPHD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHD has higher volatility (3.95%) compared to BSMU (0.71%). In terms of maximum drawdown, BSMU dropped -19.48% vs SPHD's -41.39%.
On 5-year performance, SPHD leads with 6.82% vs -0.63% for BSMU. On fees, BSMU is cheaper at 0.18% per year. On volatility, BSMU has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHD has performed better with a 6.82% return vs -0.63%. 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 0.30% for SPHD.
SPHD has the higher dividend yield at 4.97%, compared with 3.04% for BSMU.
BSMU is categorized as Municipal Bonds, while SPHD is Dividend. BSMU tracks Invesco Bulletshares Municipal Bond 2030 Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.18% for BSMU and 0.30% for SPHD.
BSMU currently has the higher Sharpe Ratio (2.31 vs 0.99), 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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