BSMW vs. XOP
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index, while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 3 years, BSMW returned 2.80%/yr vs 8.56%/yr for XOP. Their -0.14 correlation means they have often moved in opposite directions in the past. BSMW charges 0.18%/yr vs 0.35%/yr for XOP.
Performance
BSMW vs. XOP - Performance Comparison
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Returns By Period
In the year-to-date period, BSMW achieves a 0.38% return, which is significantly lower than XOP's 37.40% return.
BSMW
- 1D
- 0.15%
- 1M
- -1.32%
- 6M
- -0.77%
- YTD
- 0.38%
- 1Y
- 4.56%
- 3Y*
- 2.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.01%
XOP
- 1D
- -1.34%
- 1M
- 11.19%
- 6M
- 24.11%
- YTD
- 37.40%
- 1Y
- 41.79%
- 3Y*
- 8.56%
- 5Y*
- 19.01%
- 10Y*
- 4.04%
- ALL TIME*
- 2.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $855.22K | $847.67K | $742.02K | |
| $562.15M | $553.78M | $583.97M |
BSMW vs. XOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 0.38% | 3.42% | -0.35% | 7.00% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 37.40% | -2.15% | -1.00% | 5.83% |
Correlation
The correlation between BSMW and XOP is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.34 |
Correlation (3Y) Balances recent behavior with more history. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | -0.14 |
The correlation between BSMW and XOP shifts across timeframes, from -0.34 (1 year) to -0.13 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BSMW vs. XOP — Risk / Return Rank
BSMW
XOP
BSMW vs. XOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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 | XOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.24 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 2.27 | -0.70 |
| Martin ratioReturn relative to average drawdown | 4.39 | 5.47 | -1.08 |
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Drawdowns
BSMW vs. XOP - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for BSMW and XOP.
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Drawdown Indicators
| BSMW | XOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -90.27% | +82.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | -18.50% | +15.58% |
Max Drawdown (3Y)Largest decline over 3 years | -6.44% | -34.98% | +28.54% |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.61% | — |
Current DrawdownCurrent decline from peak | -1.88% | -35.78% | +33.90% |
Average DrawdownAverage peak-to-trough decline | -1.70% | -42.55% | +40.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 7.66% | -6.62% |
Volatility
BSMW vs. XOP - Volatility Comparison
The current volatility for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) is 0.93%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 8.79%. This indicates that BSMW experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSMW | XOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 8.79% | -7.86% |
Volatility (6M)Calculated over the trailing 6-month period | 2.09% | 22.39% | -20.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 28.33% | -25.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 33.48% | -28.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.91% | 40.15% | -35.24% |
BSMW vs. XOP - Expense Ratio Comparison
BSMW has a 0.18% expense ratio, which is lower than XOP's 0.35% expense ratio.
Dividends
BSMW vs. XOP - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.25%, more than XOP's 1.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.25% | 3.24% | 3.48% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 1.89% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
BSMW and XOP have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XOP has higher volatility (8.79%) compared to BSMW (0.93%). In terms of maximum drawdown, BSMW dropped -7.57% vs XOP's -90.27%.
On 3-year performance, XOP leads with 8.56% vs 2.80% 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.
Over the 3-year period, XOP has performed better with a 8.56% return vs 2.80%. 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 0.35% for XOP.
BSMW has the higher dividend yield at 3.25%, compared with 1.89% for XOP.
BSMW is categorized as Municipal Bonds, while XOP is Energy Equities. BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.18% for BSMW and 0.35% for XOP.
BSMW currently has the higher Sharpe Ratio (1.73 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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