CA vs. BSMV

Last updated Jul 17, 2026

CA (Xtrackers California Municipal Bond ETF) and BSMV (Invesco BulletShares 2031 Municipal Bond ETF) are both exchange-traded funds - CA is a Single State Muni fund tracking the ICE AMT-Free Broad Liquid California Municipal Index, while BSMV is a Municipal Bonds fund tracking the Invesco BulletShares Municipal Bond 2031 Index. Both are passively managed. Over the past year, CA returned 6.45% vs 4.39% for BSMV. A 0.60 correlation means they provide meaningful diversification when combined. CA charges 0.20%/yr vs 0.18%/yr for BSMV.

Performance

CA vs. BSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers California Municipal Bond ETF (CA) and Invesco BulletShares 2031 Municipal Bond ETF (BSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CA achieves a 1.20% return, which is significantly higher than BSMV's 0.54% return.

CA

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.45%
• YTD: 1.20%
• 1Y: 6.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMV

• 1D: -0.01%
• 1M: -0.13%
• 6M: 0.06%
• YTD: 0.54%
• 1Y: 4.39%
• 3Y*: 2.60%
• 5Y*: —
• 10Y*: —

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

CA vs. BSMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CA Xtrackers California Municipal Bond ETF	1.20%	3.05%	1.51%	0.79%
BSMV Invesco BulletShares 2031 Municipal Bond ETF	0.54%	4.03%	-0.28%	1.26%

Correlation

The correlation between CA and BSMV is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 14, 2023	0.60

The correlation between CA and BSMV has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.

Return for Risk

CA vs. BSMV — Risk / Return Rank

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

CA

CA Risk / Return Rank: 83
CA Sharpe Ratio Rank: 93
CA Sortino Ratio Rank: 94
CA Omega Ratio Rank: 96
CA Calmar Ratio Rank: 63
CA Martin Ratio Rank: 66

BSMV

BSMV Risk / Return Rank: 59
BSMV Sharpe Ratio Rank: 71
BSMV Sortino Ratio Rank: 73
BSMV Omega Ratio Rank: 79
BSMV Calmar Ratio Rank: 37
BSMV Martin Ratio Rank: 36

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.

CA vs. BSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers California Municipal Bond ETF (CA) and Invesco BulletShares 2031 Municipal Bond ETF (BSMV). 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.

	CA	BSMV	Difference
Sharpe ratio: Return per unit of total volatility	2.69	1.83	+0.86
Sortino ratio: Return per unit of downside risk	4.03	2.66	+1.37
Omega ratio: Gain probability vs. loss probability	1.68	1.37	+0.32
Calmar ratio: Return relative to maximum drawdown	2.52	1.58	+0.94
Martin ratio: Return relative to average drawdown	9.32	4.48	+4.84

CA vs. BSMV - Sharpe Ratio Comparison

The current CA Sharpe Ratio is 2.69, which is higher than the BSMV Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of CA and BSMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CA vs. BSMV - Drawdown Comparison

The maximum CA drawdown since its inception was -5.24%, smaller than the maximum BSMV drawdown of -20.68%. Use the drawdown chart below to compare losses from any high point for CA and BSMV.

Drawdown Indicators

	CA	BSMV	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-20.68%	+15.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-2.79%	+0.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.63%	—
Current Drawdown Current decline from peak	-0.75%	-5.56%	+4.81%
Average Drawdown Average peak-to-trough decline	-1.24%	-10.31%	+9.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.98%	-0.28%

Volatility

CA vs. BSMV - Volatility Comparison

The current volatility for Xtrackers California Municipal Bond ETF (CA) is 0.00%, while Invesco BulletShares 2031 Municipal Bond ETF (BSMV) has a volatility of 0.61%. This indicates that CA experiences smaller price fluctuations and is considered to be less risky than BSMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CA	BSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.61%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	1.85%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.41%	2.42%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	5.63%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.89%	5.63%	-1.74%

CA vs. BSMV - Expense Ratio Comparison

CA has a 0.20% expense ratio, which is higher than BSMV's 0.18% expense ratio. However, 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. BSMV - Dividend Comparison

CA's dividend yield for the trailing twelve months is around 2.69%, less than BSMV's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021
BSMV Invesco BulletShares 2031 Municipal Bond ETF	2.90%	2.93%	3.10%	2.59%	2.21%	0.24%
CA Xtrackers California Municipal Bond ETF	2.69%	3.14%	3.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CA and BSMV in my portfolio?

CA and BSMV have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CA or BSMV?

BSMV has higher volatility (0.61%) compared to CA (0.00%). In terms of maximum drawdown, CA dropped -5.24% vs BSMV's -20.68%.

Which ETF is better, CA or BSMV?

On 1-year performance, CA leads with 6.45% vs 4.39% for BSMV. On fees, BSMV is cheaper at 0.18% per year. On volatility, CA has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CA or BSMV?

Over the 1-year period, CA has performed better with a 6.45% return vs 4.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CA or BSMV?

BSMV is cheaper with a 0.18% expense ratio, compared with 0.20% for CA.

Which ETF pays a higher dividend yield, CA or BSMV?

BSMV has the higher dividend yield at 2.90%, compared with 2.69% for CA.

What is the main difference between CA and BSMV?

CA is categorized as Single State Muni, while BSMV is Municipal Bonds. CA tracks ICE AMT-Free Broad Liquid California Municipal Index, while BSMV tracks Invesco BulletShares Municipal Bond 2031 Index. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.20% for CA and 0.18% for BSMV.

Which has better risk-adjusted returns?

CA currently has the higher Sharpe Ratio (2.69 vs 1.83), 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.