FMB vs. BSMR
FMB (First Trust Managed Municipal ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds. FMB is actively managed, while BSMR is passively managed. Over the past 5 years, FMB returned 0.72%/yr vs 0.48%/yr for BSMR. A 0.61 correlation means they provide meaningful diversification when combined. FMB charges 0.50%/yr vs 0.18%/yr for BSMR.
Performance
FMB vs. BSMR - Performance Comparison
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Returns By Period
In the year-to-date period, FMB achieves a 1.78% return, which is significantly higher than BSMR's 1.04% return.
FMB
- 1D
- -0.04%
- 1M
- 0.70%
- YTD
- 1.78%
- 6M
- 2.21%
- 1Y
- 7.15%
- 3Y*
- 3.96%
- 5Y*
- 0.72%
- 10Y*
- 2.31%
BSMR
- 1D
- 0.05%
- 1M
- 0.41%
- YTD
- 1.04%
- 6M
- 1.31%
- 1Y
- 4.16%
- 3Y*
- 3.03%
- 5Y*
- 0.48%
- 10Y*
- —
FMB vs. BSMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FMB First Trust Managed Municipal ETF | 1.78% | 3.73% | 1.94% | 6.31% | -9.91% | 2.43% | 4.44% | 0.55% |
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 1.04% | 3.10% | 1.51% | 4.47% | -7.60% | 1.09% | 4.97% | 0.16% |
Correlation
The correlation between FMB and BSMR is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.61 |
The correlation between FMB and BSMR shifts across timeframes, from 0.49 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FMB vs. BSMR — Risk / Return Rank
FMB
BSMR
FMB vs. BSMR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Municipal ETF (FMB) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR). 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.
| FMB | BSMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -1.65 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.74 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 7.37 | -4.74 |
| Martin ratioReturn relative to average drawdown | 9.44 | 23.41 | -13.96 |
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
| FMB | BSMR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 3.33 | -0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.16 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.22 | +0.45 |
Drawdowns
FMB vs. BSMR - Drawdown Comparison
The maximum FMB drawdown since its inception was -14.16%, roughly equal to the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for FMB and BSMR.
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Drawdown Indicators
| FMB | BSMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.16% | -13.49% | -0.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -0.57% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -3.50% | -1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -14.16% | -12.02% | -2.14% |
Max Drawdown (10Y)Largest decline over 10 years | -14.16% | — | — |
Current DrawdownCurrent decline from peak | -0.50% | 0.00% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -3.49% | +0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.18% | +0.58% |
Volatility
FMB vs. BSMR - Volatility Comparison
First Trust Managed Municipal ETF (FMB) has a higher volatility of 0.88% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.34%. This indicates that FMB's price experiences larger fluctuations and is considered to be riskier than BSMR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMB | BSMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.34% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 0.92% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 1.25% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.71% | 3.03% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 5.72% | -1.17% |
FMB vs. BSMR - Expense Ratio Comparison
FMB has a 0.50% expense ratio, which is higher than BSMR's 0.18% expense ratio.
Dividends
FMB vs. BSMR - Dividend Comparison
FMB's dividend yield for the trailing twelve months is around 3.50%, more than BSMR's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.72% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% | 0.00% | 0.00% | 0.00% | 0.00% |
FMB First Trust Managed Municipal ETF | 3.50% | 3.37% | 3.22% | 2.98% | 2.47% | 1.96% | 2.19% | 2.47% | 2.58% | 2.49% | 2.93% | 3.07% |
Frequently Asked Questions
FMB and BSMR have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMB has higher volatility (0.88%) compared to BSMR (0.34%). In terms of maximum drawdown, FMB dropped -14.16% vs BSMR's -13.49%.
On 5-year performance, FMB leads with 0.72% vs 0.48% for BSMR. On fees, BSMR is cheaper at 0.18% per year. On volatility, BSMR has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FMB has performed better with a 0.72% return vs 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMR is cheaper with a 0.18% expense ratio, compared with 0.50% for FMB.
FMB has the higher dividend yield at 3.50%, compared with 2.72% for BSMR.
They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.50% for FMB and 0.18% for BSMR.
BSMR currently has the higher Sharpe Ratio (3.33 vs 2.70), 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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