BSMY vs. IBMN

Last updated Jun 4, 2026

BSMY (Invesco BulletShares 2034 Municipal Bond ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds - BSMY tracks the Invesco BulletShares USD Municipal Bond 2034 Index while IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index. Both are passively managed. Over the past year, BSMY returned 8.12% vs 1.20% for IBMN. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

BSMY vs. IBMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2034 Municipal Bond ETF (BSMY) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSMY

• 1D: 0.03%
• 1M: 0.52%
• YTD: 1.43%
• 6M: 1.83%
• 1Y: 8.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMN

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 1.20%
• 3Y*: 2.44%
• 5Y*: 0.47%
• 10Y*: —

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

BSMY vs. IBMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSMY Invesco BulletShares 2034 Municipal Bond ETF	1.43%	3.82%	-1.86%
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	0.00%	2.49%	0.52%

Correlation

The correlation between BSMY and IBMN is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.25

Return for Risk

BSMY vs. IBMN — Risk / Return Rank

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

BSMY

BSMY Risk / Return Rank: 68
BSMY Sharpe Ratio Rank: 73
BSMY Sortino Ratio Rank: 80
BSMY Omega Ratio Rank: 83
BSMY Calmar Ratio Rank: 51
BSMY Martin Ratio Rank: 52

IBMN

IBMN Risk / Return Rank: 84
IBMN Sharpe Ratio Rank: 64
IBMN Sortino Ratio Rank: 78
IBMN Omega Ratio Rank: 93
IBMN Calmar Ratio Rank: 92
IBMN Martin Ratio Rank: 93

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.

BSMY vs. IBMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2034 Municipal Bond ETF (BSMY) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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.

	BSMY	IBMN	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.12	+0.23
Sortino ratio: Return per unit of downside risk	3.56	3.51	+0.05
Omega ratio: Gain probability vs. loss probability	1.49	1.66	-0.17
Calmar ratio: Return relative to maximum drawdown	2.46	6.02	-3.56
Martin ratio: Return relative to average drawdown	8.53	24.21	-15.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSMY vs. IBMN - Sharpe Ratio Comparison

The current BSMY Sharpe Ratio is 2.36, which is comparable to the IBMN Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of BSMY and IBMN, 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

	BSMY	IBMN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.12	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.58	-0.21

Drawdowns

BSMY vs. IBMN - Drawdown Comparison

The maximum BSMY drawdown since its inception was -6.81%, smaller than the maximum IBMN drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for BSMY and IBMN.

Drawdown Indicators

	BSMY	IBMN	Difference
Max Drawdown Largest peak-to-trough decline	-6.81%	-12.40%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	-3.31%	-0.25%	-3.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-7.36%	—
Current Drawdown Current decline from peak	-0.79%	-0.05%	-0.74%
Average Drawdown Average peak-to-trough decline	-1.98%	-1.81%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.10%	+0.85%

Volatility

BSMY vs. IBMN - Volatility Comparison

Invesco BulletShares 2034 Municipal Bond ETF (BSMY) has a higher volatility of 1.28% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that BSMY's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSMY	IBMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	0.00%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	0.50%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	3.46%	0.71%	+2.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.23%	1.80%	+3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	3.89%	+1.34%

BSMY vs. IBMN - Expense Ratio Comparison

Both BSMY and IBMN have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BSMY vs. IBMN - Dividend Comparison

BSMY's dividend yield for the trailing twelve months is around 3.53%, more than IBMN's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BSMY Invesco BulletShares 2034 Municipal Bond ETF	3.53%	3.31%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	1.14%	2.03%	2.03%	1.72%	0.97%	0.70%	1.11%	1.65%	0.23%

Frequently Asked Questions

Can I hold both BSMY and IBMN in my portfolio?

BSMY and IBMN have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSMY or IBMN?

BSMY has higher volatility (1.28%) compared to IBMN (0.00%). In terms of maximum drawdown, BSMY dropped -6.81% vs IBMN's -12.40%.

Which ETF is better, BSMY or IBMN?

On 1-year performance, BSMY leads with 8.12% vs 1.20% for IBMN. Both ETFs have the same 0.18% expense ratio. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSMY or IBMN?

Over the 1-year period, BSMY has performed better with a 8.12% return vs 1.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSMY or IBMN?

BSMY and IBMN have the same expense ratio: 0.18% per year.

Which ETF pays a higher dividend yield, BSMY or IBMN?

BSMY has the higher dividend yield at 3.53%, compared with 1.14% for IBMN.

What is the main difference between BSMY and IBMN?

BSMY tracks Invesco BulletShares USD Municipal Bond 2034 Index, while IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index. They also come from different issuers: Invesco and iShares.

Which has better risk-adjusted returns?

BSMY currently has the higher Sharpe Ratio (2.36 vs 2.12), 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.