BSMZ vs. ZMUN

Last updated Jul 14, 2026

BSMZ (Invesco BulletShares 2035 Municipal Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - BSMZ tracks the Invesco BulletShares USD Municipal Bond 2035 Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.15 correlation, their price movements are largely independent. BSMZ charges 0.18%/yr vs 0.30%/yr for ZMUN.

Performance

BSMZ vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BSMZ having a 1.84% return and ZMUN slightly higher at 1.89%.

BSMZ

• 1D: -0.08%
• 1M: 0.25%
• 6M: 1.18%
• YTD: 1.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: 0.01%
• 1M: 0.21%
• 6M: 1.80%
• YTD: 1.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMZ vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	1.84%	1.92%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.89%	0.67%

Correlation

The correlation between BSMZ and ZMUN is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.15

Return for Risk

BSMZ vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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. ZMUN - Drawdown Comparison

The maximum BSMZ drawdown since its inception was -3.26%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for BSMZ and ZMUN.

Drawdown Indicators

	BSMZ	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.26%	-0.13%	-3.13%
Current Drawdown Current decline from peak	-0.84%	-0.06%	-0.78%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.02%	-0.64%

Volatility

Volatility by Period

	BSMZ	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.71%	0.54%	+3.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.71%	0.54%	+3.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.71%	0.54%	+3.17%

BSMZ vs. ZMUN - Expense Ratio Comparison

BSMZ has a 0.18% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

BSMZ vs. ZMUN - Dividend Comparison

BSMZ's dividend yield for the trailing twelve months is around 2.36%, less than ZMUN's 2.59% yield.

Position	TTM	2025
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	2.36%	0.68%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.59%	0.70%

Frequently Asked Questions

Can I hold both BSMZ and ZMUN in my portfolio?

BSMZ and ZMUN have a correlation of 0.15, 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 ZMUN?

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 ZMUN?

BSMZ is cheaper with a 0.18% expense ratio, compared with 0.30% for ZMUN.

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

ZMUN has the higher dividend yield at 2.59%, compared with 2.36% for BSMZ.

What is the main difference between BSMZ and ZMUN?

BSMZ tracks Invesco BulletShares USD Municipal Bond 2035 Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Invesco and F/m Investments. Their fees differ too: 0.18% for BSMZ and 0.30% for ZMUN.