BSMW vs. IBMO
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds - BSMW tracks the Invesco BulletShares USD Municipal Bond 2032 Index while IBMO tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. Both are passively managed. Over the past 3 years, BSMW returned 2.91%/yr vs 2.78%/yr for IBMO. At a 0.41 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.
Performance
BSMW vs. IBMO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BSMW achieves a 1.46% return, which is significantly higher than IBMO's 0.97% return.
BSMW
- 1D
- 0.08%
- 1M
- 1.31%
- YTD
- 1.46%
- 6M
- 1.62%
- 1Y
- 6.20%
- 3Y*
- 2.91%
- 5Y*
- —
- 10Y*
- —
IBMO
- 1D
- -0.06%
- 1M
- 0.13%
- YTD
- 0.97%
- 6M
- 0.76%
- 1Y
- 2.50%
- 3Y*
- 2.78%
- 5Y*
- 0.71%
- 10Y*
- —
BSMW vs. IBMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.46% | 3.42% | -0.35% | 7.00% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 0.97% | 3.11% | 1.97% | 3.33% |
Correlation
The correlation between BSMW and IBMO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | 0.41 |
Over the past year, the correlation between BSMW and IBMO has dropped to 0.16 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
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. IBMO — Risk / Return Rank
BSMW
IBMO
BSMW vs. IBMO - 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 2026 Term Muni Bond ETF (IBMO). 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 | IBMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.46 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.14 | 6.63 | -4.50 |
| Martin ratioReturn relative to average drawdown | 6.55 | 19.69 | -13.14 |
Loading charts...
Drawdowns
BSMW vs. IBMO - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for BSMW and IBMO.
Loading charts...
Drawdown Indicators
| BSMW | IBMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -14.77% | +7.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -0.38% | -2.54% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -1.76% | -5.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -8.86% | — |
Current DrawdownCurrent decline from peak | -0.82% | -0.06% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -2.31% | +0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.13% | +0.82% |
Volatility
BSMW vs. IBMO - Volatility Comparison
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) has a higher volatility of 0.48% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.22%. This indicates that BSMW's price experiences larger fluctuations and is considered to be riskier than IBMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BSMW | IBMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 0.22% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 0.78% | +1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 1.10% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 2.14% | +2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 4.50% | +0.46% |
BSMW vs. IBMO - Expense Ratio Comparison
Both BSMW and IBMO 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. IBMO - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.19%, more than IBMO's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.19% | 3.24% | 3.48% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% |
Frequently Asked Questions
BSMW and IBMO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMW has higher volatility (0.48%) compared to IBMO (0.22%). In terms of maximum drawdown, BSMW dropped -7.57% vs IBMO's -14.77%.
On 3-year performance, BSMW leads with 2.91% vs 2.78% for IBMO. Both ETFs have the same 0.18% expense ratio. On volatility, IBMO has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BSMW has performed better with a 2.91% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMW and IBMO have the same expense ratio: 0.18% per year.
BSMW has the higher dividend yield at 3.19%, compared with 2.39% for IBMO.
BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while IBMO tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. They also come from different issuers: Invesco and iShares.
BSMW currently has the higher Sharpe Ratio (2.33 vs 2.28), 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 IBMO
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