BSMW vs. SOXQ

Last updated Jun 4, 2026

BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and SOXQ (Invesco PHLX Semiconductor ETF) are both exchange-traded funds - BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index, while SOXQ is a Semiconductors fund tracking the PHLX Semiconductor Sector Index. Both are passively managed. Over the past 3 years, BSMW returned 3.20%/yr vs 59.40%/yr for SOXQ. At a 0.02 correlation, their price movements are largely independent. BSMW charges 0.18%/yr vs 0.19%/yr for SOXQ.

Performance

BSMW vs. SOXQ - Performance Comparison

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

Returns By Period

In the year-to-date period, BSMW achieves a 1.30% return, which is significantly lower than SOXQ's 96.72% return.

BSMW

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

SOXQ

• 1D: 1.42%
• 1M: 32.12%
• YTD: 96.72%
• 6M: 91.61%
• 1Y: 181.76%
• 3Y*: 59.40%
• 5Y*: —
• 10Y*: —

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

BSMW vs. SOXQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.30%	3.42%	-0.35%	7.00%
SOXQ Invesco PHLX Semiconductor ETF	96.72%	43.11%	20.16%	42.54%

Correlation

The correlation between BSMW and SOXQ is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	0.02

BSMW vs. SOXQ - Sectors Allocation Comparison

Sectors	BSMW	SOXQ
Financial Services	1.7%	0.0%
Consumer Cyclical	0.3%	-
Technology	0.1%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

BSMW vs. SOXQ — 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

SOXQ

SOXQ Risk / Return Rank: 96
SOXQ Sharpe Ratio Rank: 98
SOXQ Sortino Ratio Rank: 95
SOXQ Omega Ratio Rank: 95
SOXQ Calmar Ratio Rank: 97
SOXQ Martin Ratio Rank: 97

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. SOXQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Invesco PHLX Semiconductor ETF (SOXQ). 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	SOXQ	Difference
Sharpe ratio: Return per unit of total volatility	2.48	5.43	-2.95
Sortino ratio: Return per unit of downside risk	3.56	5.22	-1.66
Omega ratio: Gain probability vs. loss probability	1.50	1.72	-0.23
Calmar ratio: Return relative to maximum drawdown	2.39	11.73	-9.35
Martin ratio: Return relative to average drawdown	7.53	45.01	-37.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSMW vs. SOXQ - Sharpe Ratio Comparison

The current BSMW Sharpe Ratio is 2.48, which is lower than the SOXQ Sharpe Ratio of 5.43. The chart below compares the historical Sharpe Ratios of BSMW and SOXQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BSMW	SOXQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	5.43	-2.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.98	-0.29

Drawdowns

BSMW vs. SOXQ - Drawdown Comparison

The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum SOXQ drawdown of -46.01%. Use the drawdown chart below to compare losses from any high point for BSMW and SOXQ.

Drawdown Indicators

	BSMW	SOXQ	Difference
Max Drawdown Largest peak-to-trough decline	-7.57%	-46.01%	+38.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	-15.59%	+12.67%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	-39.36%	+32.02%
Current Drawdown Current decline from peak	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-1.72%	-12.96%	+11.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	4.06%	-3.14%

Volatility

BSMW vs. SOXQ - Volatility Comparison

The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.93%, while Invesco PHLX Semiconductor ETF (SOXQ) has a volatility of 13.44%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than SOXQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSMW	SOXQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	13.44%	-12.51%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	26.70%	-24.72%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	33.78%	-30.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	36.38%	-31.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.00%	36.38%	-31.38%

BSMW vs. SOXQ - Expense Ratio Comparison

BSMW has a 0.18% expense ratio, which is lower than SOXQ's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BSMW vs. SOXQ - Dividend Comparison

BSMW's dividend yield for the trailing twelve months is around 3.20%, more than SOXQ's 0.26% yield.

Position	TTM	2025	2024	2023	2022	2021
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%	0.00%	0.00%
SOXQ Invesco PHLX Semiconductor ETF	0.26%	0.50%	0.68%	0.87%	1.36%	0.72%

Frequently Asked Questions

Can I hold both BSMW and SOXQ in my portfolio?

BSMW and SOXQ have a correlation of 0.04, 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 SOXQ?

SOXQ has higher volatility (13.44%) compared to BSMW (0.93%). In terms of maximum drawdown, BSMW dropped -7.57% vs SOXQ's -46.01%.

Which ETF is better, BSMW or SOXQ?

On 3-year performance, SOXQ leads with 59.40% vs 3.20% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSMW or SOXQ?

Over the 3-year period, SOXQ has performed better with a 59.40% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMW or SOXQ?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.19% for SOXQ.

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

BSMW has the higher dividend yield at 3.20%, compared with 0.26% for SOXQ.

What is the main difference between BSMW and SOXQ?

BSMW is categorized as Municipal Bonds, while SOXQ is Semiconductors. BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while SOXQ tracks PHLX Semiconductor Sector Index. Their fees differ too: 0.18% for BSMW and 0.19% for SOXQ.

Which has better risk-adjusted returns?

SOXQ currently has the higher Sharpe Ratio (5.43 vs 2.48), 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.