BSMW vs. VTEB
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMW tracks the Invesco BulletShares USD Municipal Bond 2032 Index while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 3 years, BSMW returned 3.20%/yr vs 3.57%/yr for VTEB. A 0.68 correlation means they provide meaningful diversification when combined. BSMW charges 0.18%/yr vs 0.03%/yr for VTEB.
Performance
BSMW vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, BSMW achieves a 1.30% return, which is significantly lower than VTEB's 1.46% return.
BSMW
- 1D
- 0.11%
- 1M
- 0.55%
- YTD
- 1.30%
- 6M
- 1.59%
- 1Y
- 6.93%
- 3Y*
- 3.20%
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- -0.06%
- 1M
- 0.66%
- YTD
- 1.46%
- 6M
- 1.89%
- 1Y
- 7.14%
- 3Y*
- 3.57%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
BSMW vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.30% | 3.42% | -0.35% | 7.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.46% | 3.72% | 1.31% | 6.03% |
Correlation
The correlation between BSMW and VTEB is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023 | 0.68 |
The correlation between BSMW and VTEB has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
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Return for Risk
BSMW vs. VTEB — Risk / Return Rank
BSMW
VTEB
BSMW vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.58 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.65 | -0.26 |
| Martin ratioReturn relative to average drawdown | 7.53 | 9.41 | -1.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSMW | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.48 | 2.64 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.47 | +0.22 |
Drawdowns
BSMW vs. VTEB - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for BSMW and VTEB.
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Drawdown Indicators
| BSMW | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -17.00% | +9.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -2.71% | -0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -5.53% | -1.81% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -0.98% | -0.52% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -2.33% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.76% | +0.16% |
Volatility
BSMW vs. VTEB - Volatility Comparison
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.93% and 0.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMW | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.89% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 2.01% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 2.72% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.00% | 3.90% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 5.26% | -0.26% |
BSMW vs. VTEB - Expense Ratio Comparison
BSMW has a 0.18% expense ratio, which is higher than VTEB's 0.03% expense ratio. However, 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. VTEB - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.20%, less than VTEB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.20% | 3.24% | 3.48% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
BSMW and VTEB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMW has higher volatility (0.93%) compared to VTEB (0.89%). In terms of maximum drawdown, BSMW dropped -7.57% vs VTEB's -17.00%.
On 3-year performance, VTEB leads with 3.57% vs 3.20% for BSMW. On fees, VTEB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, VTEB has performed better with a 3.57% return vs 3.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.18% for BSMW.
VTEB has the higher dividend yield at 3.35%, compared with 3.20% for BSMW.
BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.18% for BSMW and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.64 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.
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