BSMW vs. RTAI

Last updated Jun 25, 2026

BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and RTAI (Rareview Tax Advantaged Income ETF) are both Municipal Bonds funds. BSMW is passively managed, while RTAI is actively managed. Over the past 3 years, BSMW returned 2.91%/yr vs 7.07%/yr for RTAI. At a 0.50 correlation, their price movements are largely independent. BSMW charges 0.18%/yr vs 3.78%/yr for RTAI.

Performance

BSMW vs. RTAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Rareview Tax Advantaged Income ETF (RTAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMW achieves a 1.46% return, which is significantly lower than RTAI's 3.87% return.

BSMW

• 1D: 0.08%
• 1M: 1.31%
• YTD: 1.46%
• 6M: 1.62%
• 1Y: 6.20%
• 3Y*: 2.91%
• 5Y*: —
• 10Y*: —

RTAI

• 1D: -0.03%
• 1M: 3.20%
• YTD: 3.87%
• 6M: 4.71%
• 1Y: 11.53%
• 3Y*: 7.07%
• 5Y*: -0.71%
• 10Y*: —

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

BSMW vs. RTAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.46%	3.42%	-0.35%	7.00%
RTAI Rareview Tax Advantaged Income ETF	3.87%	5.54%	7.17%	6.12%

Correlation

The correlation between BSMW and RTAI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023	0.50

The correlation between BSMW and RTAI has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.

Return for Risk

BSMW vs. RTAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BSMW

BSMW Risk / Return Rank: 70
BSMW Sharpe Ratio Rank: 84
BSMW Sortino Ratio Rank: 85
BSMW Omega Ratio Rank: 88
BSMW Calmar Ratio Rank: 49
BSMW Martin Ratio Rank: 45

RTAI

RTAI Risk / Return Rank: 58
RTAI Sharpe Ratio Rank: 59
RTAI Sortino Ratio Rank: 70
RTAI Omega Ratio Rank: 67
RTAI Calmar Ratio Rank: 42
RTAI Martin Ratio Rank: 50

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. RTAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Rareview Tax Advantaged Income ETF (RTAI). 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	RTAI	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.72	+0.60
Sortino ratio: Return per unit of downside risk	3.31	2.79	+0.52
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	2.14	1.87	+0.26
Martin ratio: Return relative to average drawdown	6.55	7.59	-1.04

BSMW vs. RTAI - Sharpe Ratio Comparison

The current BSMW Sharpe Ratio is 2.33, which is higher than the RTAI Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of BSMW and RTAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BSMW vs. RTAI - Drawdown Comparison

The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum RTAI drawdown of -34.32%. Use the drawdown chart below to compare losses from any high point for BSMW and RTAI.

Drawdown Indicators

	BSMW	RTAI	Difference
Max Drawdown Largest peak-to-trough decline	-7.57%	-34.32%	+26.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-6.18%	+3.26%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	-15.71%	+8.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.32%	—
Current Drawdown Current decline from peak	-0.82%	-6.36%	+5.54%
Average Drawdown Average peak-to-trough decline	-1.71%	-13.76%	+12.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.52%	-0.57%

Volatility

BSMW vs. RTAI - Volatility Comparison

The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.48%, while Rareview Tax Advantaged Income ETF (RTAI) has a volatility of 2.03%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than RTAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSMW	RTAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	2.03%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	5.47%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.68%	6.71%	-4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.96%	9.36%	-4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	9.03%	-4.07%

BSMW vs. RTAI - Expense Ratio Comparison

BSMW has a 0.18% expense ratio, which is lower than RTAI's 3.78% expense ratio.

Dividends

BSMW vs. RTAI - Dividend Comparison

BSMW's dividend yield for the trailing twelve months is around 3.19%, less than RTAI's 4.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.19%	3.24%	3.48%	2.36%	0.00%	0.00%	0.00%
RTAI Rareview Tax Advantaged Income ETF	4.98%	5.66%	5.02%	3.07%	3.71%	4.73%	0.48%

Frequently Asked Questions

Can I hold both BSMW and RTAI in my portfolio?

BSMW and RTAI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSMW or RTAI?

RTAI has higher volatility (2.03%) compared to BSMW (0.48%). In terms of maximum drawdown, BSMW dropped -7.57% vs RTAI's -34.32%.

Which ETF is better, BSMW or RTAI?

On 3-year performance, RTAI leads with 7.07% vs 2.91% 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.

Which ETF has performed better, BSMW or RTAI?

Over the 3-year period, RTAI has performed better with a 7.07% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMW or RTAI?

BSMW is cheaper with a 0.18% expense ratio, compared with 3.78% for RTAI.

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

RTAI has the higher dividend yield at 4.98%, compared with 3.19% for BSMW.

What is the main difference between BSMW and RTAI?

They also come from different issuers: Invesco and Rareview Funds. Their fees differ too: 0.18% for BSMW and 3.78% for RTAI.

Which has better risk-adjusted returns?

BSMW currently has the higher Sharpe Ratio (2.33 vs 1.72), 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.