BSMW vs. HECA

Last updated Jun 4, 2026

BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index, while HECA is a Global Allocation fund actively managed by Hedgeye. BSMW is passively managed, while HECA is actively managed. At a correlation of -0.01, they often move in opposite directions. BSMW charges 0.18%/yr vs 1.02%/yr for HECA.

Performance

BSMW vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Hedgeye Capital Allocation ETF (HECA). 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 higher than HECA's 0.22% return.

BSMW

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

HECA

• 1D: -0.75%
• 1M: -0.29%
• YTD: 0.22%
• 6M: -0.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMW vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.30%	4.04%
HECA Hedgeye Capital Allocation ETF	0.22%	12.83%

Correlation

The correlation between BSMW and HECA is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	-0.01

Return for Risk

BSMW vs. HECA — 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

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. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Hedgeye Capital Allocation ETF (HECA). 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	HECA	Difference
Sharpe ratio: Return per unit of total volatility	2.48	—	—
Sortino ratio: Return per unit of downside risk	3.56	—	—
Omega ratio: Gain probability vs. loss probability	1.50	—	—
Calmar ratio: Return relative to maximum drawdown	2.39	—	—
Martin ratio: Return relative to average drawdown	7.53	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BSMW	HECA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	1.15	-0.46

Drawdowns

BSMW vs. HECA - Drawdown Comparison

The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum HECA drawdown of -11.81%. Use the drawdown chart below to compare losses from any high point for BSMW and HECA.

Drawdown Indicators

	BSMW	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-7.57%	-11.81%	+4.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	—	—
Current Drawdown Current decline from peak	-0.98%	-10.09%	+9.11%
Average Drawdown Average peak-to-trough decline	-1.72%	-3.15%	+1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	—	—

Volatility

Volatility by Period

	BSMW	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	12.44%	-9.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	12.44%	-7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	12.44%	-7.44%

BSMW vs. HECA - Expense Ratio Comparison

BSMW has a 0.18% expense ratio, which is lower than HECA's 1.02% expense ratio.

Dividends

BSMW vs. HECA - Dividend Comparison

BSMW's dividend yield for the trailing twelve months is around 3.20%, more than HECA's 2.01% yield.

Position	TTM	2025	2024	2023
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMW and HECA in my portfolio?

BSMW and HECA have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSMW or HECA?

On fees, BSMW is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSMW or HECA?

BSMW is cheaper with a 0.18% expense ratio, compared with 1.02% for HECA.

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

BSMW has the higher dividend yield at 3.20%, compared with 2.01% for HECA.

What is the main difference between BSMW and HECA?

BSMW is categorized as Municipal Bonds, while HECA is Global Allocation. They also come from different issuers: Invesco and Hedgeye. Their fees differ too: 0.18% for BSMW and 1.02% for HECA.