BSMZ vs. SPHD
BSMZ (Invesco BulletShares 2035 Municipal Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - BSMZ is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2035 Index, while SPHD is a Dividend fund tracking the S&P 500 Low Volatility High Dividend Index. Both are passively managed. At a 0.07 correlation, their price movements are largely independent. BSMZ charges 0.18%/yr vs 0.30%/yr for SPHD.
Performance
BSMZ vs. SPHD - Performance Comparison
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Returns By Period
In the year-to-date period, BSMZ achieves a 1.48% return, which is significantly lower than SPHD's 13.60% return.
BSMZ
- 1D
- -0.31%
- 1M
- -0.36%
- 6M
- 0.66%
- YTD
- 1.48%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPHD
- 1D
- 2.11%
- 1M
- 4.57%
- 6M
- 10.03%
- YTD
- 13.60%
- 1Y
- 15.61%
- 3Y*
- 13.23%
- 5Y*
- 8.36%
- 10Y*
- 7.34%
BSMZ vs. SPHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMZ Invesco BulletShares 2035 Municipal Bond ETF | 1.48% | 1.66% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 13.60% | -0.46% |
Correlation
The correlation between BSMZ and SPHD is 0.07, 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 17, 2025 | 0.07 |
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Return for Risk
BSMZ vs. SPHD — Risk / Return Rank
BSMZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPHD
BSMZ vs. SPHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). 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.
| BSMZ | SPHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.23 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.14 | — |
| Martin ratioReturn relative to average drawdown | — | 5.24 | — |
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Drawdowns
BSMZ vs. SPHD - Drawdown Comparison
The maximum BSMZ drawdown since its inception was -3.26%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for BSMZ and SPHD.
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Drawdown Indicators
| BSMZ | SPHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.26% | -41.39% | +38.13% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.33% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.29% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.39% | — |
Current DrawdownCurrent decline from peak | -1.19% | 0.00% | -1.19% |
Average DrawdownAverage peak-to-trough decline | -0.67% | -4.67% | +4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.98% | — |
Volatility
BSMZ vs. SPHD - Volatility Comparison
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Volatility by Period
| BSMZ | SPHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.95% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.93% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 11.80% | -8.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.71% | 14.23% | -10.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.71% | 17.65% | -13.94% |
BSMZ vs. SPHD - Expense Ratio Comparison
BSMZ has a 0.18% expense ratio, which is lower than SPHD's 0.30% expense ratio.
Dividends
BSMZ vs. SPHD - Dividend Comparison
BSMZ's dividend yield for the trailing twelve months is around 2.36%, less than SPHD's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMZ Invesco BulletShares 2035 Municipal Bond ETF | 2.36% | 0.68% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHD Invesco S&P 500® High Dividend Low Volatility ETF | 4.38% | 4.02% | 3.41% | 4.48% | 3.89% | 3.45% | 4.89% | 4.07% | 4.40% | 3.14% | 3.83% | 3.49% |
Frequently Asked Questions
BSMZ and SPHD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
BSMZ is cheaper with a 0.18% expense ratio, compared with 0.30% for SPHD.
SPHD has the higher dividend yield at 4.38%, compared with 2.36% for BSMZ.
BSMZ is categorized as Municipal Bonds, while SPHD is Dividend. BSMZ tracks Invesco BulletShares USD Municipal Bond 2035 Index, while SPHD tracks S&P 500 Low Volatility High Dividend Index. Their fees differ too: 0.18% for BSMZ and 0.30% for SPHD.
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