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BSSX vs. SPHD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BSSX vs. SPHD

Last updated Jun 4, 2026

BSSX (Invesco BulletShares 2033 Municipal Bond ETF) and SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) are both exchange-traded funds - BSSX is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2033 Index, while SPHD is a S&P 500 fund tracking the S&P Low Volatility High Dividend index. Both are passively managed. Over the past year, BSSX returned 6.99% vs 8.12% for SPHD. At a 0.16 correlation, their price movements are largely independent. BSSX charges 0.18%/yr vs 0.30%/yr for SPHD.

Performance

BSSX vs. SPHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2033 Municipal Bond ETF (BSSX) and Invesco S&P 500® High Dividend Low Volatility ETF (SPHD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BSSX achieves a 0.90% return, which is significantly lower than SPHD's 4.38% return.

BSSX

1D
-0.25%
1M
0.47%
YTD
0.90%
6M
1.50%
1Y
6.99%
3Y*
—
5Y*
—
10Y*
—

SPHD

1D
-0.89%
1M
-0.82%
YTD
4.38%
6M
4.63%
1Y
8.12%
3Y*
11.42%
5Y*
5.48%
10Y*
7.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BSSX vs. SPHD - Yearly Performance Comparison

2026 (YTD)202520242023
BSSX
Invesco BulletShares 2033 Municipal Bond ETF		0.90%3.79%-0.09%7.50%
SPHD
Invesco S&P 500® High Dividend Low Volatility ETF		4.38%3.41%18.08%5.72%

Correlation

The correlation between BSSX and SPHD is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Sep 21, 2023

0.16

BSSX vs. SPHD - Sectors Allocation Comparison

Sectors
BSSX
SPHD

Financial Services

3.1%
15.6%

Basic Materials

-

-

Communication Services

-

8.6%

Consumer Cyclical

-

3.4%

Consumer Defensive

-

17.8%

Energy

-

14.1%

Healthcare

-

5.1%

Industrials

-

0.0%

Real Estate

-

20.1%

Technology

-

1.5%

Utilities

-

13.7%

Financial Services

BSSX
3.1%
SPHD
15.6%

Basic Materials

BSSX

-

SPHD

-

Communication Services

BSSX

-

SPHD
8.6%

Consumer Cyclical

BSSX

-

SPHD
3.4%

Consumer Defensive

BSSX

-

SPHD
17.8%

Energy

BSSX

-

SPHD
14.1%

Healthcare

BSSX

-

SPHD
5.1%

Industrials

BSSX

-

SPHD
0.0%

Real Estate

BSSX

-

SPHD
20.1%

Technology

BSSX

-

SPHD
1.5%

Utilities

BSSX

-

SPHD
13.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco BulletShares 2033 Municipal Bond ETF

Invesco S&P 500® High Dividend Low Volatility ETF

Often compared with BSSX:
BSSX vs. IBMOBSSX vs. FMHIBSSX vs. OVMBSSX vs. MEARBSSX vs. AMUNBSSX vs. SMMUBSSX vs. HYMB
Often compared with SPHD:
SPHD vs. SCHDSPHD vs. JEPISPHD vs. SPYDSPHD vs. VYMSPHD vs. SPYSPHD vs. SPLVSPHD vs. VOO

Return for Risk

BSSX vs. SPHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BSSX
BSSX Risk / Return Rank: 5959
Overall Rank
BSSX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
BSSX Sortino Ratio Rank: 6969
Sortino Ratio Rank
BSSX Omega Ratio Rank: 7474
Omega Ratio Rank
BSSX Calmar Ratio Rank: 4444
Calmar Ratio Rank
BSSX Martin Ratio Rank: 4242
Martin Ratio Rank
SPHD
SPHD Risk / Return Rank: 2121
Overall Rank
SPHD Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
SPHD Sortino Ratio Rank: 2121
Sortino Ratio Rank
SPHD Omega Ratio Rank: 1919
Omega Ratio Rank
SPHD Calmar Ratio Rank: 2323
Calmar Ratio Rank
SPHD Martin Ratio Rank: 2222
Martin Ratio Rank
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. SPHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2033 Municipal Bond ETF (BSSX) 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.

BSSXSPHDDifference

Sharpe ratio

Return per unit of total volatility

2.09

0.74

+1.35

Sortino ratio

Return per unit of downside risk

3.12

1.15

+1.97

Omega ratio

Gain probability vs. loss probability

1.43

1.13

+0.31

Calmar ratio

Return relative to maximum drawdown

2.14

1.11

+1.03

Martin ratio

Return relative to average drawdown

6.69

2.78

+3.91

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. SPHD - Sharpe Ratio Comparison

The current BSSX Sharpe Ratio is 2.09, which is higher than the SPHD Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of BSSX and SPHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BSSXSPHDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.09

0.74

+1.35

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.39

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.40

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.58

-0.01

Drawdowns

BSSX vs. SPHD - Drawdown Comparison

The maximum BSSX drawdown since its inception was -8.12%, smaller than the maximum SPHD drawdown of -41.39%. Use the drawdown chart below to compare losses from any high point for BSSX and SPHD.

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Drawdown Indicators

BSSXSPHDDifference

Max Drawdown

Largest peak-to-trough decline

-8.12%

-41.39%

+33.27%

Max Drawdown (1Y)

Largest decline over 1 year

-3.28%

-7.33%

+4.05%

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 Drawdown

Current decline from peak

-1.12%

-5.37%

+4.25%

Average Drawdown

Average peak-to-trough decline

-3.26%

-4.70%

+1.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.05%

2.93%

-1.88%

Volatility

BSSX vs. SPHD - Volatility Comparison

The current volatility for Invesco BulletShares 2033 Municipal Bond ETF (BSSX) is 1.16%, while Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a volatility of 2.99%. This indicates that BSSX experiences smaller price fluctuations and is considered to be less risky than SPHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BSSXSPHDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.16%

2.99%

-1.83%

Volatility (6M)

Calculated over the trailing 6-month period

2.38%

7.55%

-5.17%

Volatility (1Y)

Calculated over the trailing 1-year period

3.36%

11.04%

-7.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.83%

14.16%

-6.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.83%

17.64%

-9.81%

BSSX vs. SPHD - Expense Ratio Comparison

BSSX has a 0.18% expense ratio, which is lower than SPHD's 0.30% expense ratio.

Dividends

BSSX vs. SPHD - Dividend Comparison

BSSX's dividend yield for the trailing twelve months is around 3.31%, less than SPHD's 4.62% yield.

PositionTTM20252024202320222021202020192018201720162015
BSSX
Invesco BulletShares 2033 Municipal Bond ETF		3.31%3.27%3.29%0.95%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		4.62%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

BSSX and SPHD have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPHD has higher volatility (2.99%) compared to BSSX (1.16%). In terms of maximum drawdown, BSSX dropped -8.12% vs SPHD's -41.39%.

On 1-year performance, SPHD leads with 8.12% vs 6.99% for BSSX. On fees, BSSX is cheaper at 0.18% per year. On volatility, BSSX has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, SPHD has performed better with a 8.12% return vs 6.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BSSX is cheaper with a 0.18% expense ratio, compared with 0.30% for SPHD.

SPHD has the higher dividend yield at 4.62%, compared with 3.31% for BSSX.

BSSX is categorized as Municipal Bonds, while SPHD is S&P 500. BSSX tracks Invesco BulletShares USD Municipal Bond 2033 Index, while SPHD tracks S&P Low Volatility High Dividend index. Their fees differ too: 0.18% for BSSX and 0.30% for SPHD.

BSSX currently has the higher Sharpe Ratio (2.09 vs 0.74), 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.

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