BSMW vs. XLE
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 3 years, BSMW returned 2.88%/yr vs 15.73%/yr for XLE. At a correlation of -0.12, they often move in opposite directions. BSMW charges 0.18%/yr vs 0.08%/yr for XLE.
Performance
BSMW vs. XLE - 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 XLE's 23.49% return.
BSMW
- 1D
- -0.06%
- 1M
- 1.23%
- YTD
- 1.38%
- 6M
- 1.51%
- 1Y
- 6.18%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
XLE
- 1D
- 0.74%
- 1M
- -7.80%
- YTD
- 23.49%
- 6M
- 24.07%
- 1Y
- 30.55%
- 3Y*
- 15.73%
- 5Y*
- 18.87%
- 10Y*
- 9.37%
BSMW vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.38% | 3.42% | -0.35% | 7.00% |
XLE State Street Energy Select Sector SPDR ETF | 23.49% | 7.88% | 5.56% | 3.86% |
Correlation
The correlation between BSMW and XLE is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | -0.12 |
The correlation between BSMW and XLE shifts across timeframes, from -0.30 (1 year) to -0.10 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSMW vs. XLE — Risk / Return Rank
BSMW
XLE
BSMW vs. XLE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and State Street Energy Select Sector SPDR ETF (XLE). 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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.25 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.18 | -0.06 |
| Martin ratioReturn relative to average drawdown | 6.54 | 6.53 | +0.01 |
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Drawdowns
BSMW vs. XLE - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for BSMW and XLE.
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Drawdown Indicators
| BSMW | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -71.26% | +63.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -14.05% | +11.13% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -20.14% | +12.80% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.04% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -66.81% | — |
Current DrawdownCurrent decline from peak | -0.90% | -12.32% | +11.42% |
Average DrawdownAverage peak-to-trough decline | -1.71% | -17.96% | +16.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 4.69% | -3.74% |
Volatility
BSMW vs. XLE - Volatility Comparison
The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.48%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.12%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMW | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.48% | 7.12% | -6.64% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 16.82% | -14.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 20.93% | -18.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.96% | 25.98% | -21.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.96% | 29.60% | -24.64% |
BSMW vs. XLE - Expense Ratio Comparison
BSMW has a 0.18% expense ratio, which is higher than XLE's 0.08% 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. XLE - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.20%, more than XLE's 2.79% 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% |
XLE State Street Energy Select Sector SPDR ETF | 2.79% | 3.28% | 3.36% | 3.55% | 3.68% | 4.21% | 5.62% | 6.72% | 3.54% | 3.03% | 2.26% | 3.39% |
Frequently Asked Questions
BSMW and XLE have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLE has higher volatility (7.12%) compared to BSMW (0.48%). In terms of maximum drawdown, BSMW dropped -7.57% vs XLE's -71.26%.
On 3-year performance, XLE leads with 15.73% vs 2.88% for BSMW. On fees, XLE is cheaper at 0.08% 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, XLE has performed better with a 15.73% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLE is cheaper with a 0.08% expense ratio, compared with 0.18% for BSMW.
BSMW has the higher dividend yield at 3.20%, compared with 2.79% for XLE.
BSMW is categorized as Municipal Bonds, while XLE is Energy Equities. BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while XLE tracks Energy Select Sector Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.18% for BSMW and 0.08% for XLE.
BSMW currently has the higher Sharpe Ratio (2.32 vs 1.48), 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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