BSMW vs. HYMB
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - BSMW tracks the Invesco BulletShares USD Municipal Bond 2032 Index while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 3 years, BSMW returned 2.88%/yr vs 4.93%/yr for HYMB. A 0.59 correlation means they provide meaningful diversification when combined. BSMW charges 0.18%/yr vs 0.35%/yr for HYMB.
Performance
BSMW vs. HYMB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BSMW achieves a 1.38% return, which is significantly lower than HYMB's 3.60% return.
BSMW
- 1D
- -0.06%
- 1M
- 1.23%
- YTD
- 1.38%
- 6M
- 1.51%
- 1Y
- 6.18%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
HYMB
- 1D
- 0.16%
- 1M
- 1.95%
- YTD
- 3.60%
- 6M
- 3.52%
- 1Y
- 7.41%
- 3Y*
- 4.93%
- 5Y*
- 0.47%
- 10Y*
- 2.36%
BSMW vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.38% | 3.42% | -0.35% | 7.00% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.60% | 2.04% | 5.52% | 6.54% |
Correlation
The correlation between BSMW and HYMB is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | 0.59 |
The correlation between BSMW and HYMB has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BSMW vs. HYMB — Risk / Return Rank
BSMW
HYMB
BSMW vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.66 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.38 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.40 | -0.27 |
| Martin ratioReturn relative to average drawdown | 6.54 | 8.49 | -1.96 |
Loading charts...
Drawdowns
BSMW vs. HYMB - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for BSMW and HYMB.
Loading charts...
Drawdown Indicators
| BSMW | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -29.57% | +22.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -3.11% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -7.44% | +0.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.15% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | -0.90% | 0.00% | -0.90% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -3.79% | +2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.87% | +0.08% |
Volatility
BSMW vs. HYMB - Volatility Comparison
The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.48%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 0.85%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BSMW | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 0.85% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 3.19% | -1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 4.04% | -1.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 6.67% | -1.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 11.36% | -6.40% |
BSMW vs. HYMB - Expense Ratio Comparison
BSMW has a 0.18% expense ratio, which is lower than HYMB's 0.35% expense ratio.
Dividends
BSMW vs. HYMB - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.20%, less than HYMB's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.51% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Frequently Asked Questions
BSMW and HYMB have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (0.85%) compared to BSMW (0.48%). In terms of maximum drawdown, BSMW dropped -7.57% vs HYMB's -29.57%.
On 3-year performance, HYMB leads with 4.93% vs 2.88% 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, HYMB has performed better with a 4.93% return vs 2.88%. 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 0.35% for HYMB.
HYMB has the higher dividend yield at 4.51%, compared with 3.20% for BSMW.
BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.18% for BSMW and 0.35% for HYMB.
BSMW currently has the higher Sharpe Ratio (2.32 vs 1.85), 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.
Find the right allocation for BSMW and HYMB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer