BSSX vs. CGSM

Last updated Jun 5, 2026

BSSX (Invesco BulletShares 2033 Municipal Bond ETF) and CGSM (Capital Group Short Duration Municipal Income ETF) are both Municipal Bonds funds. BSSX is passively managed, while CGSM is actively managed. Over the past year, BSSX returned 7.02% vs 4.67% for CGSM. A 0.52 correlation means they provide meaningful diversification when combined. BSSX charges 0.18%/yr vs 0.25%/yr for CGSM.

Performance

BSSX vs. CGSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2033 Municipal Bond ETF (BSSX) and Capital Group Short Duration Municipal Income ETF (CGSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSSX achieves a 1.06% return, which is significantly lower than CGSM's 1.37% return.

BSSX

• 1D: 0.15%
• 1M: 0.66%
• YTD: 1.06%
• 6M: 1.73%
• 1Y: 7.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CGSM

• 1D: 0.08%
• 1M: 0.46%
• YTD: 1.37%
• 6M: 1.64%
• 1Y: 4.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSSX vs. CGSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSSX Invesco BulletShares 2033 Municipal Bond ETF	1.06%	3.79%	-0.09%	10.23%
CGSM Capital Group Short Duration Municipal Income ETF	1.37%	4.58%	3.71%	4.04%

Correlation

The correlation between BSSX and CGSM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.52

The correlation between BSSX and CGSM shifts across timeframes, from 0.33 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BSSX vs. CGSM — Risk / Return Rank

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

BSSX

BSSX Risk / Return Rank: 59
BSSX Sharpe Ratio Rank: 64
BSSX Sortino Ratio Rank: 70
BSSX Omega Ratio Rank: 75
BSSX Calmar Ratio Rank: 44
BSSX Martin Ratio Rank: 42

CGSM

CGSM Risk / Return Rank: 87
CGSM Sharpe Ratio Rank: 94
CGSM Sortino Ratio Rank: 96
CGSM Omega Ratio Rank: 96
CGSM Calmar Ratio Rank: 79
CGSM Martin Ratio Rank: 71

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.

BSSX vs. CGSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2033 Municipal Bond ETF (BSSX) and Capital Group Short Duration Municipal Income ETF (CGSM). 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.

	BSSX	CGSM	Difference
Sharpe ratio: Return per unit of total volatility	2.10	3.52	-1.42
Sortino ratio: Return per unit of downside risk	3.13	5.44	-2.30
Omega ratio: Gain probability vs. loss probability	1.44	1.82	-0.38
Calmar ratio: Return relative to maximum drawdown	2.15	3.98	-1.83
Martin ratio: Return relative to average drawdown	6.71	13.02	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSSX vs. CGSM - Sharpe Ratio Comparison

The current BSSX Sharpe Ratio is 2.10, which is lower than the CGSM Sharpe Ratio of 3.52. The chart below compares the historical Sharpe Ratios of BSSX and CGSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BSSX	CGSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	3.52	-1.42
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	2.89	-2.31

Drawdowns

BSSX vs. CGSM - Drawdown Comparison

The maximum BSSX drawdown since its inception was -8.12%, which is greater than CGSM's maximum drawdown of -1.42%. Use the drawdown chart below to compare losses from any high point for BSSX and CGSM.

Drawdown Indicators

	BSSX	CGSM	Difference
Max Drawdown Largest peak-to-trough decline	-8.12%	-1.42%	-6.70%
Max Drawdown (1Y) Largest decline over 1 year	-3.28%	-1.18%	-2.10%
Current Drawdown Current decline from peak	-0.97%	-0.14%	-0.83%
Average Drawdown Average peak-to-trough decline	-3.26%	-0.24%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.36%	+0.69%

Volatility

BSSX vs. CGSM - Volatility Comparison

Invesco BulletShares 2033 Municipal Bond ETF (BSSX) has a higher volatility of 1.17% compared to Capital Group Short Duration Municipal Income ETF (CGSM) at 0.43%. This indicates that BSSX's price experiences larger fluctuations and is considered to be riskier than CGSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSSX	CGSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	0.43%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	2.37%	0.98%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	3.36%	1.33%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.83%	1.79%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.83%	1.79%	+6.04%

BSSX vs. CGSM - Expense Ratio Comparison

BSSX has a 0.18% expense ratio, which is lower than CGSM's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BSSX vs. CGSM - Dividend Comparison

BSSX's dividend yield for the trailing twelve months is around 3.30%, more than CGSM's 2.99% yield.

Position	TTM	2025	2024	2023
BSSX Invesco BulletShares 2033 Municipal Bond ETF	3.30%	3.27%	3.29%	0.95%
CGSM Capital Group Short Duration Municipal Income ETF	2.99%	3.05%	3.11%	0.84%

Frequently Asked Questions

Can I hold both BSSX and CGSM in my portfolio?

BSSX and CGSM have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSSX or CGSM?

BSSX has higher volatility (1.17%) compared to CGSM (0.43%). In terms of maximum drawdown, BSSX dropped -8.12% vs CGSM's -1.42%.

Which ETF is better, BSSX or CGSM?

On 1-year performance, BSSX leads with 7.02% vs 4.67% for CGSM. On fees, BSSX is cheaper at 0.18% per year. On volatility, CGSM has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSSX or CGSM?

Over the 1-year period, BSSX has performed better with a 7.02% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSSX or CGSM?

BSSX is cheaper with a 0.18% expense ratio, compared with 0.25% for CGSM.

Which ETF pays a higher dividend yield, BSSX or CGSM?

BSSX has the higher dividend yield at 3.30%, compared with 2.99% for CGSM.

What is the main difference between BSSX and CGSM?

They also come from different issuers: Invesco and Capital Group. Their fees differ too: 0.18% for BSSX and 0.25% for CGSM.

Which has better risk-adjusted returns?

CGSM currently has the higher Sharpe Ratio (3.52 vs 2.10), 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.