BSMU vs. VTES
BSMU (Invesco BulletShares 2030 Municipal Bond ETF) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMU tracks the Invesco Bulletshares Municipal Bond 2030 Index while VTES tracks the S&P 0-7 Year National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 3 years, BSMU returned 2.69%/yr vs 3.09%/yr for VTES. A 0.70 correlation means they provide meaningful diversification when combined. BSMU charges 0.18%/yr vs 0.07%/yr for VTES.
Performance
BSMU vs. VTES - 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 VTES's 0.75% return.
BSMU
- 1D
- -0.28%
- 1M
- 0.89%
- YTD
- 0.71%
- 6M
- 0.84%
- 1Y
- 4.93%
- 3Y*
- 2.69%
- 5Y*
- -0.63%
- 10Y*
- —
VTES
- 1D
- -0.01%
- 1M
- 0.57%
- YTD
- 0.75%
- 6M
- 0.95%
- 1Y
- 3.30%
- 3Y*
- 3.09%
- 5Y*
- —
- 10Y*
- —
BSMU vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMU Invesco BulletShares 2030 Municipal Bond ETF | 0.71% | 4.35% | -0.29% | 5.67% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 0.75% | 4.19% | 1.85% | 3.32% |
Correlation
The correlation between BSMU and VTES is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023 | 0.70 |
The correlation between BSMU and VTES shifts across timeframes, from 0.59 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BSMU vs. VTES — Risk / Return Rank
BSMU
VTES
BSMU vs. VTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2030 Municipal Bond ETF (BSMU) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES). 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 | VTES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.62 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.25 | +0.15 |
| Martin ratioReturn relative to average drawdown | 7.13 | 6.47 | +0.65 |
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Drawdowns
BSMU vs. VTES - Drawdown Comparison
The maximum BSMU drawdown since its inception was -19.48%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for BSMU and VTES.
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Drawdown Indicators
| BSMU | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.48% | -2.42% | -17.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.06% | -1.47% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -5.92% | -1.80% | -4.12% |
Max Drawdown (5Y)Largest decline over 5 years | -19.48% | — | — |
Current DrawdownCurrent decline from peak | -4.69% | -0.53% | -4.16% |
Average DrawdownAverage peak-to-trough decline | -8.16% | -0.50% | -7.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.51% | +0.18% |
Volatility
BSMU vs. VTES - Volatility Comparison
Invesco BulletShares 2030 Municipal Bond ETF (BSMU) has a higher volatility of 0.71% compared to Vanguard Short-Term Tax-Exempt Bond ETF (VTES) at 0.27%. This indicates that BSMU's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMU | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.27% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1.56% | 0.98% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.15% | 1.24% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.82% | 1.71% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.83% | 1.71% | +3.12% |
BSMU vs. VTES - Expense Ratio Comparison
BSMU has a 0.18% expense ratio, which is higher than VTES's 0.07% 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%.
Dividends
BSMU vs. VTES - Dividend Comparison
BSMU's dividend yield for the trailing twelve months is around 3.04%, more than VTES's 2.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BSMU Invesco BulletShares 2030 Municipal Bond ETF | 3.04% | 2.82% | 2.92% | 2.66% | 2.16% | 1.60% | 0.28% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 2.75% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSMU and VTES have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMU has higher volatility (0.71%) compared to VTES (0.27%). In terms of maximum drawdown, BSMU dropped -19.48% vs VTES's -2.42%.
On 3-year performance, VTES leads with 3.09% vs 2.69% for BSMU. On fees, VTES is cheaper at 0.07% per year. On volatility, VTES has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VTES has performed better with a 3.09% return vs 2.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTES is cheaper with a 0.07% expense ratio, compared with 0.18% for BSMU.
BSMU has the higher dividend yield at 3.04%, compared with 2.75% for VTES.
BSMU tracks Invesco Bulletshares Municipal Bond 2030 Index, while VTES tracks S&P 0-7 Year National AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.18% for BSMU and 0.07% for VTES.
VTES currently has the higher Sharpe Ratio (2.67 vs 2.31), 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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