BSMZ vs. MMMA

Last updated Jun 21, 2026

BSMZ (Invesco BulletShares 2035 Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. BSMZ is passively managed, while MMMA is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. BSMZ charges 0.18%/yr vs 0.35%/yr for MMMA.

Performance

BSMZ vs. MMMA - Performance Comparison

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

Returns By Period

In the year-to-date period, BSMZ achieves a 2.00% return, which is significantly lower than MMMA's 3.53% return.

BSMZ

• 1D: 0.49%
• 1M: 1.97%
• YTD: 2.00%
• 6M: 2.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.39%
• 1M: 1.87%
• YTD: 3.53%
• 6M: 3.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMZ vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	2.00%	0.41%
MMMA NYLI MacKay Muni Allocation ETF	3.53%	0.35%

Correlation

The correlation between BSMZ and MMMA is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.81

Return for Risk

BSMZ vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and NYLI MacKay Muni Allocation ETF (MMMA). 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.

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

Drawdowns

BSMZ vs. MMMA - Drawdown Comparison

The maximum BSMZ drawdown since its inception was -3.26%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for BSMZ and MMMA.

Drawdown Indicators

	BSMZ	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-3.26%	-2.79%	-0.47%
Current Drawdown Current decline from peak	-0.17%	0.00%	-0.17%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.56%	-0.14%

Volatility

Volatility by Period

	BSMZ	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	4.06%	-0.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	4.06%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.78%	4.06%	-0.28%

BSMZ vs. MMMA - Expense Ratio Comparison

BSMZ has a 0.18% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

BSMZ vs. MMMA - Dividend Comparison

BSMZ's dividend yield for the trailing twelve months is around 2.02%, more than MMMA's 1.95% yield.

Position	TTM	2025
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	2.02%	0.68%
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%

Frequently Asked Questions

Can I hold both BSMZ and MMMA in my portfolio?

BSMZ and MMMA have a correlation of 0.81, 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 MMMA?

On fees, BSMZ 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, BSMZ or MMMA?

BSMZ is cheaper with a 0.18% expense ratio, compared with 0.35% for MMMA.

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

BSMZ has the higher dividend yield at 2.02%, compared with 1.95% for MMMA.

What is the main difference between BSMZ and MMMA?

They also come from different issuers: Invesco and NYLI. Their fees differ too: 0.18% for BSMZ and 0.35% for MMMA.