BSMW vs. IBMM

Last updated Jun 4, 2026

BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds - BSMW tracks the Invesco BulletShares USD Municipal Bond 2032 Index while IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index. Both are passively managed. Both charge a 0.18% expense ratio.

Performance

BSMW vs. IBMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSMW

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

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMW vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
BSMW Invesco BulletShares 2032 Municipal Bond ETF	-0.04%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

BSMW vs. IBMM — 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. IBMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). 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	IBMM	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	IBMM	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	—	—

Drawdowns

BSMW vs. IBMM - Drawdown Comparison

The maximum BSMW drawdown since its inception was -7.57%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for BSMW and IBMM.

Drawdown Indicators

	BSMW	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-7.57%	0.00%	-7.57%
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%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-1.72%	0.00%	-1.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	—	—

Volatility

Volatility by Period

	BSMW	IBMM	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%	0.00%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	0.00%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	0.00%	+5.00%

BSMW vs. IBMM - Expense Ratio Comparison

Both BSMW and IBMM have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BSMW vs. IBMM - Dividend Comparison

BSMW's dividend yield for the trailing twelve months is around 3.20%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, BSMW or IBMM?

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSMW or IBMM?

BSMW and IBMM have the same expense ratio: 0.18% per year.

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

BSMW has the higher dividend yield at 3.20%, compared with 0.00% for IBMM.

What is the main difference between BSMW and IBMM?

BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index. They also come from different issuers: Invesco and iShares.