BSMW vs. AMLP

Last updated Jun 4, 2026

BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and AMLP (Alerian MLP ETF) are both exchange-traded funds - BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 3 years, BSMW returned 3.20%/yr vs 20.15%/yr for AMLP. At a correlation of -0.06, they often move in opposite directions. BSMW charges 0.18%/yr vs 0.90%/yr for AMLP.

Performance

BSMW vs. AMLP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Alerian MLP ETF (AMLP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMW achieves a 1.30% return, which is significantly lower than AMLP's 16.31% return.

BSMW

• 1D: 0.11%
• 1M: 0.55%
• YTD: 1.30%
• 6M: 1.59%
• 1Y: 6.93%
• 3Y*: 3.20%
• 5Y*: —
• 10Y*: —

AMLP

• 1D: -0.27%
• 1M: -0.57%
• YTD: 16.31%
• 6M: 14.89%
• 1Y: 17.06%
• 3Y*: 20.15%
• 5Y*: 16.90%
• 10Y*: 6.76%

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

BSMW vs. AMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.30%	3.42%	-0.35%	7.00%
AMLP Alerian MLP ETF	16.31%	5.78%	22.76%	16.74%

Correlation

The correlation between BSMW and AMLP is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	-0.06

The correlation between BSMW and AMLP shifts across timeframes, from -0.23 (1 year) to -0.03 (3 years), reflecting how their relationship changes across market environments.

BSMW vs. AMLP - Sectors Allocation Comparison

Sectors	BSMW	AMLP
Financial Services	1.7%	-
Consumer Cyclical	0.3%	-
Technology	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	97.7%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	2.3%

Return for Risk

BSMW vs. AMLP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BSMW

BSMW Risk / Return Rank: 67
BSMW Sharpe Ratio Rank: 78
BSMW Sortino Ratio Rank: 80
BSMW Omega Ratio Rank: 83
BSMW Calmar Ratio Rank: 49
BSMW Martin Ratio Rank: 46

AMLP

AMLP Risk / Return Rank: 39
AMLP Sharpe Ratio Rank: 40
AMLP Sortino Ratio Rank: 39
AMLP Omega Ratio Rank: 37
AMLP Calmar Ratio Rank: 38
AMLP Martin Ratio Rank: 39

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.

BSMW vs. AMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Alerian MLP ETF (AMLP). 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.

	BSMW	AMLP	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.45	+1.03
Sortino ratio: Return per unit of downside risk	3.56	2.03	+1.53
Omega ratio: Gain probability vs. loss probability	1.50	1.25	+0.25
Calmar ratio: Return relative to maximum drawdown	2.39	1.92	+0.47
Martin ratio: Return relative to average drawdown	7.53	6.37	+1.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSMW vs. AMLP - Sharpe Ratio Comparison

The current BSMW Sharpe Ratio is 2.48, which is higher than the AMLP Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of BSMW and AMLP, 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

	BSMW	AMLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.45	+1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.22	+0.47

Drawdowns

BSMW vs. AMLP - Drawdown Comparison

The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for BSMW and AMLP.

Drawdown Indicators

	BSMW	AMLP	Difference
Max Drawdown Largest peak-to-trough decline	-7.57%	-77.19%	+69.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-8.94%	+6.02%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	-14.27%	+6.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-72.62%	—
Current Drawdown Current decline from peak	-0.98%	-4.10%	+3.12%
Average Drawdown Average peak-to-trough decline	-1.72%	-17.40%	+15.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	2.68%	-1.76%

Volatility

BSMW vs. AMLP - Volatility Comparison

The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.93%, while Alerian MLP ETF (AMLP) has a volatility of 4.91%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSMW	AMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	4.91%	-3.98%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	8.66%	-6.68%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	11.90%	-9.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	19.98%	-14.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	27.68%	-22.68%

BSMW vs. AMLP - Expense Ratio Comparison

BSMW has a 0.18% expense ratio, which is lower than AMLP's 0.90% expense ratio.

Dividends

BSMW vs. AMLP - Dividend Comparison

BSMW's dividend yield for the trailing twelve months is around 3.20%, less than AMLP's 7.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.64%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMW and AMLP in my portfolio?

BSMW and AMLP have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSMW or AMLP?

AMLP has higher volatility (4.91%) compared to BSMW (0.93%). In terms of maximum drawdown, BSMW dropped -7.57% vs AMLP's -77.19%.

Which ETF is better, BSMW or AMLP?

On 3-year performance, AMLP leads with 20.15% vs 3.20% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSMW or AMLP?

Over the 3-year period, AMLP has performed better with a 20.15% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMW or AMLP?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.90% for AMLP.

Which ETF pays a higher dividend yield, BSMW or AMLP?

AMLP has the higher dividend yield at 7.64%, compared with 3.20% for BSMW.

What is the main difference between BSMW and AMLP?

BSMW is categorized as Municipal Bonds, while AMLP is MLPs. BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while AMLP tracks Alerian MLP Infrastructure Index. They also come from different issuers: Invesco and SS&C. Their fees differ too: 0.18% for BSMW and 0.90% for AMLP.

Which has better risk-adjusted returns?

BSMW currently has the higher Sharpe Ratio (2.48 vs 1.45), 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.