BSMW vs. ZMUN

Last updated Jun 24, 2026

BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - BSMW tracks the Invesco BulletShares USD Municipal Bond 2032 Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.08 correlation, their price movements are largely independent. BSMW charges 0.18%/yr vs 0.30%/yr for ZMUN.

Performance

BSMW vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMW achieves a 1.38% return, which is significantly lower than ZMUN's 1.78% return.

BSMW

• 1D: -0.06%
• 1M: 1.23%
• YTD: 1.38%
• 6M: 1.51%
• 1Y: 6.18%
• 3Y*: 2.88%
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.01%
• 1M: 0.31%
• YTD: 1.78%
• 6M: 1.87%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMW vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.38%	1.47%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.78%	0.67%

Correlation

The correlation between BSMW and ZMUN is 0.08, 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 (All Time) Calculated using the full available price history since Sep 30, 2025	0.08

Return for Risk

BSMW vs. ZMUN — Risk / Return Rank

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

BSMW

BSMW Risk / Return Rank: 68
BSMW Sharpe Ratio Rank: 80
BSMW Sortino Ratio Rank: 82
BSMW Omega Ratio Rank: 86
BSMW Calmar Ratio Rank: 47
BSMW Martin Ratio Rank: 43

ZMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.32	—	—
Sortino ratio: Return per unit of downside risk	3.30	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	2.13	—	—
Martin ratio: Return relative to average drawdown	6.54	—	—

Drawdowns

BSMW vs. ZMUN - Drawdown Comparison

The maximum BSMW drawdown since its inception was -7.57%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for BSMW and ZMUN.

Drawdown Indicators

	BSMW	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-7.57%	-0.10%	-7.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.92%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	—	—
Current Drawdown Current decline from peak	-0.90%	-0.02%	-0.88%
Average Drawdown Average peak-to-trough decline	-1.71%	-0.01%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	—	—

Volatility

Volatility by Period

	BSMW	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.95%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.68%	0.54%	+2.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.96%	0.54%	+4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.96%	0.54%	+4.42%

BSMW vs. ZMUN - Expense Ratio Comparison

BSMW has a 0.18% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

BSMW vs. ZMUN - Dividend Comparison

BSMW's dividend yield for the trailing twelve months is around 3.20%, more than ZMUN's 2.28% yield.

Position	TTM	2025	2024	2023
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMW and ZMUN in my portfolio?

BSMW and ZMUN have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSMW or ZMUN?

On fees, BSMW is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSMW or ZMUN?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.30% for ZMUN.

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

BSMW has the higher dividend yield at 3.20%, compared with 2.28% for ZMUN.

What is the main difference between BSMW and ZMUN?

BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Invesco and F/m Investments. Their fees differ too: 0.18% for BSMW and 0.30% for ZMUN.