CA vs. BSMQ
CA (Xtrackers California Municipal Bond ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds - CA tracks the ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross while BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index. Both are passively managed. Over the past year, CA returned 6.67% vs 3.08% for BSMQ. At a 0.39 correlation, their price movements are largely independent. CA charges 0.07%/yr vs 0.18%/yr for BSMQ.
Performance
CA vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, CA achieves a 1.20% return, which is significantly higher than BSMQ's 0.73% return.
CA
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.20%
- 6M
- 1.44%
- 1Y
- 6.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMQ
- 1D
- -0.06%
- 1M
- 0.14%
- YTD
- 0.73%
- 6M
- 1.17%
- 1Y
- 3.08%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
CA vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CA Xtrackers California Municipal Bond ETF | 1.20% | 3.05% | 1.51% | 0.79% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.73% | 3.12% | 1.99% | 0.30% |
Correlation
The correlation between CA and BSMQ is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2023 | 0.39 |
Over the past year, the correlation between CA and BSMQ has dropped to 0.18 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.
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Return for Risk
CA vs. BSMQ — Risk / Return Rank
CA
BSMQ
CA vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). 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.
| CA | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.48 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 9.43 | -6.82 |
| Martin ratioReturn relative to average drawdown | 9.84 | 24.69 | -14.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CA | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 2.32 | +0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.25 | +0.43 |
Drawdowns
CA vs. BSMQ - Drawdown Comparison
The maximum CA drawdown since its inception was -5.24%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for CA and BSMQ.
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Drawdown Indicators
| CA | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.24% | -13.18% | +7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.57% | -0.33% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.53% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.50% | — |
Current DrawdownCurrent decline from peak | -0.75% | -0.12% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -1.27% | -3.48% | +2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.12% | +0.56% |
Volatility
CA vs. BSMQ - Volatility Comparison
The current volatility for Xtrackers California Municipal Bond ETF (CA) is 0.31%, while Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) has a volatility of 0.39%. This indicates that CA experiences smaller price fluctuations and is considered to be less risky than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CA | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 0.39% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 0.94% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.64% | 1.33% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.99% | 2.68% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 4.79% | -0.80% |
CA vs. BSMQ - Expense Ratio Comparison
CA has a 0.07% expense ratio, which is lower than BSMQ's 0.18% 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
CA vs. BSMQ - Dividend Comparison
CA's dividend yield for the trailing twelve months is around 2.96%, more than BSMQ's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% |
CA Xtrackers California Municipal Bond ETF | 2.96% | 3.14% | 3.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CA and BSMQ have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMQ has higher volatility (0.39%) compared to CA (0.31%). In terms of maximum drawdown, CA dropped -5.24% vs BSMQ's -13.18%.
On 1-year performance, CA leads with 6.67% vs 3.08% for BSMQ. On fees, CA is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CA has performed better with a 6.67% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CA is cheaper with a 0.07% expense ratio, compared with 0.18% for BSMQ.
CA has the higher dividend yield at 2.96%, compared with 2.76% for BSMQ.
CA tracks ICE AMT-Free Broad Liquid California Municipal Index - Benchmark TR Gross, while BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.07% for CA and 0.18% for BSMQ.
CA currently has the higher Sharpe Ratio (2.54 vs 2.32), 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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