FMNY vs. BSMQ
FMNY (First Trust New York High Income Municipal ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. FMNY is actively managed, while BSMQ is passively managed. Over the past 5 years, FMNY returned 0.59%/yr vs 0.29%/yr for BSMQ. A 0.53 correlation means they provide meaningful diversification when combined. FMNY charges 0.65%/yr vs 0.18%/yr for BSMQ.
Performance
FMNY vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 1.87% return, which is significantly higher than BSMQ's 0.74% return.
FMNY
- 1D
- 0.06%
- 1M
- 0.60%
- YTD
- 1.87%
- 6M
- 2.23%
- 1Y
- 7.45%
- 3Y*
- 4.02%
- 5Y*
- 0.59%
- 10Y*
- —
BSMQ
- 1D
- -0.06%
- 1M
- 0.15%
- YTD
- 0.74%
- 6M
- 1.11%
- 1Y
- 2.78%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
FMNY vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 1.87% | 3.94% | 1.74% | 6.14% | -10.65% | 1.60% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.74% | 3.12% | 1.99% | 3.60% | -7.62% | 0.41% |
Correlation
The correlation between FMNY and BSMQ is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since May 14, 2021 | 0.53 |
Over the past year, the correlation between FMNY and BSMQ has dropped to 0.11 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.
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Return for Risk
FMNY vs. BSMQ — Risk / Return Rank
FMNY
BSMQ
FMNY vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.
| FMNY | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.43 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 8.52 | -5.88 |
| Martin ratioReturn relative to average drawdown | 8.54 | 22.59 | -14.05 |
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
| FMNY | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | 2.11 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.11 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.25 | -0.06 |
Drawdowns
FMNY vs. BSMQ - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, which is greater than BSMQ's maximum drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for FMNY and BSMQ.
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Drawdown Indicators
| FMNY | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -13.18% | -2.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -0.33% | -2.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.88% | -2.53% | -3.35% |
Max Drawdown (5Y)Largest decline over 5 years | -15.90% | -11.50% | -4.40% |
Current DrawdownCurrent decline from peak | -0.72% | -0.11% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -3.47% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.13% | +0.74% |
Volatility
FMNY vs. BSMQ - Volatility Comparison
First Trust New York High Income Municipal ETF (FMNY) has a higher volatility of 0.84% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.40%. This indicates that FMNY's price experiences larger fluctuations and is considered to be riskier 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
| FMNY | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.40% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | 0.95% | +1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 1.33% | +1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 2.68% | +1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 4.79% | -0.80% |
FMNY vs. BSMQ - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is higher than BSMQ's 0.18% expense ratio.
Dividends
FMNY vs. BSMQ - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.68%, 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% |
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY and BSMQ have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMNY has higher volatility (0.84%) compared to BSMQ (0.40%). In terms of maximum drawdown, FMNY dropped -15.90% vs BSMQ's -13.18%.
On 5-year performance, FMNY leads with 0.59% vs 0.29% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FMNY has performed better with a 0.59% return vs 0.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.65% for FMNY.
FMNY has the higher dividend yield at 3.68%, compared with 2.76% for BSMQ.
They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.65% for FMNY and 0.18% for BSMQ.
FMNY currently has the higher Sharpe Ratio (2.27 vs 2.11), 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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