BSMW vs. DBA
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and DBA (Invesco DB Agriculture Fund) are both exchange-traded funds - BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index, while DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return. Both are passively managed. Over the past 3 years, BSMW returned 2.91%/yr vs 11.64%/yr for DBA. At a 0.01 correlation, their price movements are largely independent. BSMW charges 0.18%/yr vs 0.88%/yr for DBA.
Performance
BSMW vs. DBA - Performance Comparison
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Returns By Period
In the year-to-date period, BSMW achieves a 1.46% return, which is significantly lower than DBA's 4.08% return.
BSMW
- 1D
- 0.08%
- 1M
- 1.31%
- YTD
- 1.46%
- 6M
- 1.62%
- 1Y
- 6.20%
- 3Y*
- 2.91%
- 5Y*
- —
- 10Y*
- —
DBA
- 1D
- -0.15%
- 1M
- -3.63%
- YTD
- 4.08%
- 6M
- 3.55%
- 1Y
- 4.67%
- 3Y*
- 11.64%
- 5Y*
- 11.04%
- 10Y*
- 3.63%
BSMW vs. DBA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.46% | 3.42% | -0.35% | 7.00% |
DBA Invesco DB Agriculture Fund | 4.08% | -0.56% | 33.45% | 7.42% |
Correlation
The correlation between BSMW and DBA is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | 0.01 |
The correlation between BSMW and DBA shifts across timeframes, from -0.17 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BSMW vs. DBA — Risk / Return Rank
BSMW
DBA
BSMW vs. DBA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Invesco DB Agriculture Fund (DBA). 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.
| BSMW | DBA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.88 | ||
| Sortino ratioReturn per unit of downside risk | +2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.08 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 0.54 | +1.59 |
| Martin ratioReturn relative to average drawdown | 6.55 | 1.18 | +5.37 |
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Drawdowns
BSMW vs. DBA - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum DBA drawdown of -67.97%. Use the drawdown chart below to compare losses from any high point for BSMW and DBA.
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Drawdown Indicators
| BSMW | DBA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -67.97% | +60.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -8.67% | +5.75% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -12.36% | +5.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.12% | — |
Current DrawdownCurrent decline from peak | -0.82% | -26.73% | +25.91% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -41.06% | +39.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 3.98% | -3.03% |
Volatility
BSMW vs. DBA - Volatility Comparison
The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.48%, while Invesco DB Agriculture Fund (DBA) has a volatility of 2.62%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than DBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMW | DBA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 2.62% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 6.65% | -4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 10.58% | -7.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 13.93% | -8.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 13.04% | -8.08% |
BSMW vs. DBA - Expense Ratio Comparison
BSMW has a 0.18% expense ratio, which is lower than DBA's 0.88% expense ratio.
Dividends
BSMW vs. DBA - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.19%, less than DBA's 3.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.19% | 3.24% | 3.48% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBA Invesco DB Agriculture Fund | 3.44% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
Frequently Asked Questions
BSMW and DBA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBA has higher volatility (2.62%) compared to BSMW (0.48%). In terms of maximum drawdown, BSMW dropped -7.57% vs DBA's -67.97%.
On 3-year performance, DBA leads with 11.64% vs 2.91% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBA has performed better with a 11.64% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMW is cheaper with a 0.18% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.44%, compared with 3.19% for BSMW.
BSMW is categorized as Municipal Bonds, while DBA is Agricultural Commodities. BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while DBA tracks DBIQ Diversified Agriculture Index Excess Return. Their fees differ too: 0.18% for BSMW and 0.88% for DBA.
BSMW currently has the higher Sharpe Ratio (2.33 vs 0.44), 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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