BSMZ vs. CA

Last updated Jun 4, 2026

BSMZ (Invesco BulletShares 2035 Municipal Bond ETF) and CA (Xtrackers California Municipal Bond ETF) are both Municipal Bonds funds - BSMZ tracks the Invesco BulletShares USD Municipal Bond 2035 Index while CA tracks the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross. Both are passively managed. A 0.55 correlation means they provide meaningful diversification when combined. BSMZ charges 0.18%/yr vs 0.07%/yr for CA.

Performance

BSMZ vs. CA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and Xtrackers California Municipal Bond ETF (CA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMZ achieves a 1.78% return, which is significantly higher than CA's 1.20% return.

BSMZ

• 1D: 0.20%
• 1M: 0.85%
• YTD: 1.78%
• 6M: 2.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CA

• 1D: 0.00%
• 1M: 0.38%
• YTD: 1.20%
• 6M: 1.44%
• 1Y: 6.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMZ vs. CA - Yearly Performance Comparison

	2026 (YTD)	2025
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	1.78%	1.82%
CA Xtrackers California Municipal Bond ETF	1.20%	1.29%

Correlation

The correlation between BSMZ and CA is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025	0.55

Return for Risk

BSMZ vs. CA — Risk / Return Rank

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

CA

CA Risk / Return Rank: 73
CA Sharpe Ratio Rank: 78
CA Sortino Ratio Rank: 85
CA Omega Ratio Rank: 90
CA Calmar Ratio Rank: 53
CA Martin Ratio Rank: 56

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.

BSMZ vs. CA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and Xtrackers California Municipal Bond ETF (CA). 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.

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

Sharpe Ratios by Period

	BSMZ	CA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.67	+0.71

Drawdowns

BSMZ vs. CA - Drawdown Comparison

The maximum BSMZ drawdown since its inception was -3.26%, smaller than the maximum CA drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for BSMZ and CA.

Drawdown Indicators

	BSMZ	CA	Difference
Max Drawdown Largest peak-to-trough decline	-3.26%	-5.24%	+1.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.57%	—
Current Drawdown Current decline from peak	-0.39%	-0.75%	+0.36%
Average Drawdown Average peak-to-trough decline	-0.70%	-1.27%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.68%	—

Volatility

Volatility by Period

	BSMZ	CA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.83%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.76%	2.64%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	3.99%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	3.99%	-0.23%

BSMZ vs. CA - Expense Ratio Comparison

BSMZ has a 0.18% expense ratio, which is higher than CA'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

BSMZ vs. CA - Dividend Comparison

BSMZ's dividend yield for the trailing twelve months is around 2.02%, less than CA's 2.96% yield.

Position	TTM	2025	2024
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	2.02%	0.68%	0.00%
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%

Frequently Asked Questions

Can I hold both BSMZ and CA in my portfolio?

BSMZ and CA have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSMZ or CA?

On fees, CA is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSMZ or CA?

CA is cheaper with a 0.07% expense ratio, compared with 0.18% for BSMZ.

Which ETF pays a higher dividend yield, BSMZ or CA?

CA has the higher dividend yield at 2.96%, compared with 2.02% for BSMZ.

What is the main difference between BSMZ and CA?

BSMZ tracks Invesco BulletShares USD Municipal Bond 2035 Index, while CA tracks ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.18% for BSMZ and 0.07% for CA.