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BSMY vs. SUB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BSMY vs. SUB

Last updated Jun 4, 2026

BSMY (Invesco BulletShares 2034 Municipal Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - BSMY tracks the Invesco BulletShares USD Municipal Bond 2034 Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past year, BSMY returned 8.12% vs 3.18% for SUB. A 0.65 correlation means they provide meaningful diversification when combined. BSMY charges 0.18%/yr vs 0.07%/yr for SUB.

Performance

BSMY vs. SUB - Performance Comparison

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

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Returns By Period

In the year-to-date period, BSMY achieves a 1.43% return, which is significantly higher than SUB's 0.79% return.

BSMY

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

SUB

1D
0.01%
1M
0.32%
YTD
0.79%
6M
1.15%
1Y
3.18%
3Y*
3.19%
5Y*
1.46%
10Y*
1.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BSMY vs. SUB - Yearly Performance Comparison

2026 (YTD)20252024
BSMY
Invesco BulletShares 2034 Municipal Bond ETF		1.43%3.82%-1.86%
SUB
iShares Short-Term National Muni Bond ETF		0.79%3.64%0.31%

Correlation

The correlation between BSMY and SUB is 0.54, 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

0.54

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2024

0.65

The correlation between BSMY and SUB shifts across timeframes, from 0.54 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco BulletShares 2034 Municipal Bond ETF

iShares Short-Term National Muni Bond ETF

Often compared with BSMY:
BSMY vs. BSMQBSMY vs. HYMBBSMY vs. BESFBSMY vs. TNGYBSMY vs. IBMMBSMY vs. MEARBSMY vs. CALI
Often compared with SUB:
SUB vs. MUBSUB vs. VTESSUB vs. VTEBSUB vs. SGOVSUB vs. SHMSUB vs. JMSTSUB vs. SMB

Return for Risk

BSMY vs. SUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BSMY
BSMY Risk / Return Rank: 6868
Overall Rank
BSMY Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
BSMY Sortino Ratio Rank: 8080
Sortino Ratio Rank
BSMY Omega Ratio Rank: 8383
Omega Ratio Rank
BSMY Calmar Ratio Rank: 5151
Calmar Ratio Rank
BSMY Martin Ratio Rank: 5252
Martin Ratio Rank
SUB
SUB Risk / Return Rank: 8383
Overall Rank
SUB Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
SUB Sortino Ratio Rank: 9292
Sortino Ratio Rank
SUB Omega Ratio Rank: 9595
Omega Ratio Rank
SUB Calmar Ratio Rank: 7777
Calmar Ratio Rank
SUB Martin Ratio Rank: 6262
Martin Ratio Rank
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. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2034 Municipal Bond ETF (BSMY) and iShares Short-Term National Muni Bond ETF (SUB). 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.

BSMYSUBDifference
Sharpe ratioReturn per unit of total volatility
2.36
3.20

-0.84

Sortino ratioReturn per unit of downside risk
3.56
4.64

-1.08

Omega ratioGain probability vs. loss probability

1.49

1.72

-0.23

Calmar ratioReturn relative to maximum drawdown

2.46

3.97

-1.51

Martin ratioReturn relative to average drawdown

8.53

11.24

-2.71

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. SUB - Sharpe Ratio Comparison

The current BSMY Sharpe Ratio is 2.36, which is comparable to the SUB Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of BSMY and SUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BSMYSUBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.36

3.20

-0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.90

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.57

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.42

-0.05

Drawdowns

BSMY vs. SUB - Drawdown Comparison

The maximum BSMY drawdown since its inception was -6.81%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for BSMY and SUB.

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Drawdown Indicators

BSMYSUBDifference

Max Drawdown

Largest peak-to-trough decline

-6.81%

-9.46%

+2.65%

Max Drawdown (1Y)

Largest decline over 1 year

-3.31%

-0.81%

-2.50%

Max Drawdown (3Y)

Largest decline over 3 years

—

-1.23%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-4.35%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-9.46%

—

Current Drawdown

Current decline from peak

-0.79%

-0.11%

-0.68%

Average Drawdown

Average peak-to-trough decline

-1.98%

-0.92%

-1.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

0.28%

+0.67%

Volatility

BSMY vs. SUB - Volatility Comparison

Invesco BulletShares 2034 Municipal Bond ETF (BSMY) has a higher volatility of 1.28% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that BSMY's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BSMYSUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

0.28%

+1.00%

Volatility (6M)

Calculated over the trailing 6-month period

2.55%

0.79%

+1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

3.46%

1.00%

+2.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.23%

1.64%

+3.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.23%

2.60%

+2.63%

BSMY vs. SUB - Expense Ratio Comparison

BSMY has a 0.18% expense ratio, which is higher than SUB's 0.07% 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

BSMY vs. SUB - Dividend Comparison

BSMY's dividend yield for the trailing twelve months is around 3.53%, more than SUB's 2.53% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
SUB
iShares Short-Term National Muni Bond ETF		2.53%2.42%2.10%1.73%0.86%0.72%1.23%1.58%1.32%0.95%0.75%0.77%

Frequently Asked Questions

BSMY and SUB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BSMY has higher volatility (1.28%) compared to SUB (0.28%). In terms of maximum drawdown, BSMY dropped -6.81% vs SUB's -9.46%.

On 1-year performance, BSMY leads with 8.12% vs 3.18% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, BSMY has performed better with a 8.12% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SUB is cheaper with a 0.07% expense ratio, compared with 0.18% for BSMY.

BSMY has the higher dividend yield at 3.53%, compared with 2.53% for SUB.

BSMY tracks Invesco BulletShares USD Municipal Bond 2034 Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.18% for BSMY and 0.07% for SUB.

SUB currently has the higher Sharpe Ratio (3.20 vs 2.36), 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.

Portfolio Optimizer

Find the right allocation for BSMY and SUB

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