DBA vs. BSMW
DBA (Invesco DB Agriculture Fund) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - DBA is a Agricultural Commodities fund tracking the DBIQ Diversified Agriculture Index Excess Return, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. Both are passively managed. Over the past 3 years, DBA returned 11.69%/yr vs 2.88%/yr for BSMW. At a 0.01 correlation, their price movements are largely independent. DBA charges 0.88%/yr vs 0.18%/yr for BSMW.
Performance
DBA vs. BSMW - Performance Comparison
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Returns By Period
In the year-to-date period, DBA achieves a 4.23% return, which is significantly higher than BSMW's 1.38% return.
DBA
- 1D
- -0.19%
- 1M
- -3.48%
- YTD
- 4.23%
- 6M
- 4.40%
- 1Y
- 4.08%
- 3Y*
- 11.69%
- 5Y*
- 11.06%
- 10Y*
- 3.65%
BSMW
- 1D
- -0.06%
- 1M
- 1.23%
- YTD
- 1.38%
- 6M
- 1.51%
- 1Y
- 6.18%
- 3Y*
- 2.88%
- 5Y*
- —
- 10Y*
- —
DBA vs. BSMW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DBA Invesco DB Agriculture Fund | 4.23% | -0.56% | 33.45% | 7.42% |
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.38% | 3.42% | -0.35% | 7.00% |
Correlation
The correlation between DBA and BSMW is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | 0.01 |
The correlation between DBA and BSMW shifts across timeframes, from -0.17 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DBA vs. BSMW — Risk / Return Rank
DBA
BSMW
DBA vs. BSMW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DB Agriculture Fund (DBA) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). 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.
| DBA | BSMW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.47 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.47 | 2.13 | -1.66 |
| Martin ratioReturn relative to average drawdown | 1.03 | 6.54 | -5.50 |
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Drawdowns
DBA vs. BSMW - Drawdown Comparison
The maximum DBA drawdown since its inception was -67.97%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for DBA and BSMW.
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Drawdown Indicators
| DBA | BSMW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.97% | -7.57% | -60.40% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -2.92% | -5.75% |
Max Drawdown (3Y)Largest decline over 3 years | -12.36% | -7.34% | -5.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.12% | — | — |
Current DrawdownCurrent decline from peak | -26.62% | -0.90% | -25.72% |
Average DrawdownAverage peak-to-trough decline | -41.06% | -1.71% | -39.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.98% | 0.95% | +3.03% |
Volatility
DBA vs. BSMW - Volatility Comparison
Invesco DB Agriculture Fund (DBA) has a higher volatility of 2.62% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.48%. This indicates that DBA's price experiences larger fluctuations and is considered to be riskier than BSMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DBA | BSMW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.62% | 0.48% | +2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.65% | 1.95% | +4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 2.68% | +7.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.93% | 4.96% | +8.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.05% | 4.96% | +8.09% |
DBA vs. BSMW - Expense Ratio Comparison
DBA has a 0.88% expense ratio, which is higher than BSMW's 0.18% expense ratio.
Dividends
DBA vs. BSMW - Dividend Comparison
DBA's dividend yield for the trailing twelve months is around 3.43%, more than BSMW's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.20% | 3.24% | 3.48% | 2.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
DBA Invesco DB Agriculture Fund | 3.43% | 3.58% | 4.08% | 4.63% | 0.48% | 0.00% | 0.00% | 1.55% | 1.06% |
Frequently Asked Questions
DBA and BSMW 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.
DBA has higher volatility (2.62%) compared to BSMW (0.48%). In terms of maximum drawdown, DBA dropped -67.97% vs BSMW's -7.57%.
On 3-year performance, DBA leads with 11.69% vs 2.88% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, DBA has performed better with a 11.69% return vs 2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMW is cheaper with a 0.18% expense ratio, compared with 0.88% for DBA.
DBA has the higher dividend yield at 3.43%, compared with 3.20% for BSMW.
DBA is categorized as Agricultural Commodities, while BSMW is Municipal Bonds. DBA tracks DBIQ Diversified Agriculture Index Excess Return, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. Their fees differ too: 0.88% for DBA and 0.18% for BSMW.
BSMW currently has the higher Sharpe Ratio (2.32 vs 0.39), 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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