BSMW vs. NBET
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and NBET (Neuberger Berman Energy Transition & Infrastructure ETF) are both exchange-traded funds - BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index, while NBET is a Energy Equities fund actively managed by Neuberger Berman. BSMW is passively managed, while NBET is actively managed. Over the past 3 years, BSMW returned 2.88%/yr vs 19.86%/yr for NBET. At a 0.02 correlation, their price movements are largely independent. BSMW charges 0.18%/yr vs 0.65%/yr for NBET.
Performance
BSMW vs. NBET - Performance Comparison
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Returns By Period
In the year-to-date period, BSMW achieves a 1.38% return, which is significantly lower than NBET's 20.80% return.
BSMW
- 1D
- -0.06%
- 1M
- 1.23%
- YTD
- 1.38%
- 6M
- 1.51%
- 1Y
- 6.18%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
NBET
- 1D
- 0.19%
- 1M
- -5.87%
- YTD
- 20.80%
- 6M
- 20.90%
- 1Y
- 23.09%
- 3Y*
- 19.86%
- 5Y*
- —
- 10Y*
- —
BSMW vs. NBET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.38% | 3.42% | -0.35% | 7.00% |
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 20.80% | 5.87% | 30.30% | 5.11% |
Correlation
The correlation between BSMW and NBET is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | 0.02 |
The correlation between BSMW and NBET shifts across timeframes, from -0.23 (1 year) to 0.06 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSMW vs. NBET — Risk / Return Rank
BSMW
NBET
BSMW vs. NBET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Neuberger Berman Energy Transition & Infrastructure ETF (NBET). 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 | NBET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.26 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.90 | -0.77 |
| Martin ratioReturn relative to average drawdown | 6.54 | 7.90 | -1.36 |
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Drawdowns
BSMW vs. NBET - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum NBET drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for BSMW and NBET.
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Drawdown Indicators
| BSMW | NBET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -18.72% | +11.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -8.00% | +5.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -18.72% | +11.38% |
Current DrawdownCurrent decline from peak | -0.90% | -6.98% | +6.08% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -5.07% | +3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 2.93% | -1.98% |
Volatility
BSMW vs. NBET - Volatility Comparison
The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.48%, while Neuberger Berman Energy Transition & Infrastructure ETF (NBET) has a volatility of 4.77%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than NBET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMW | NBET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 4.77% | -4.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 11.00% | -9.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 14.66% | -11.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 19.48% | -14.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 19.48% | -14.52% |
BSMW vs. NBET - Expense Ratio Comparison
BSMW has a 0.18% expense ratio, which is lower than NBET's 0.65% expense ratio.
Dividends
BSMW vs. NBET - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.20%, more than NBET's 1.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.20% | 3.24% | 3.48% | 2.36% | 0.00% |
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 1.71% | 2.70% | 2.43% | 1.22% | 0.87% |
Frequently Asked Questions
BSMW and NBET have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NBET has higher volatility (4.77%) compared to BSMW (0.48%). In terms of maximum drawdown, BSMW dropped -7.57% vs NBET's -18.72%.
On 3-year performance, NBET leads with 19.86% 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, NBET has performed better with a 19.86% 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 0.65% for NBET.
BSMW has the higher dividend yield at 3.20%, compared with 1.71% for NBET.
BSMW is categorized as Municipal Bonds, while NBET is Energy Equities. They also come from different issuers: Invesco and Neuberger Berman. Their fees differ too: 0.18% for BSMW and 0.65% for NBET.
BSMW currently has the higher Sharpe Ratio (2.32 vs 1.59), 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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