FOVL vs. BSSX

Last updated Jun 4, 2026

FOVL (iShares Focused Value Factor ETF) and BSSX (Invesco BulletShares 2033 Municipal Bond ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while BSSX is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2033 Index. Both are passively managed. At a correlation of -0.00, they often move in opposite directions. FOVL charges 0.25%/yr vs 0.18%/yr for BSSX.

Performance

FOVL vs. BSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Focused Value Factor ETF (FOVL) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FOVL

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSSX

• 1D: -0.25%
• 1M: 0.47%
• YTD: 0.90%
• 6M: 1.50%
• 1Y: 6.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FOVL vs. BSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FOVL iShares Focused Value Factor ETF	0.00%	6.43%	22.87%	13.87%
BSSX Invesco BulletShares 2033 Municipal Bond ETF	0.90%	3.79%	-0.09%	7.50%

Correlation

The correlation between FOVL and BSSX is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023	-0.00

The correlation between FOVL and BSSX shifts across timeframes, from -0.19 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

FOVL vs. BSSX - Sectors Allocation Comparison

Sectors	FOVL	BSSX
Financial Services	44.6%	3.1%
Industrials	12.8%	-
Energy	7.7%	-
Utilities	7.5%	-
Consumer Cyclical	5.2%	-
Consumer Defensive	5.0%	-
Technology	5.0%	-
Healthcare	4.9%	-
Communication Services	4.7%	-
Real Estate	2.6%	-
Basic Materials	-	-

Return for Risk

FOVL vs. BSSX — Risk / Return Rank

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

BSSX

BSSX Risk / Return Rank: 59
BSSX Sharpe Ratio Rank: 64
BSSX Sortino Ratio Rank: 69
BSSX Omega Ratio Rank: 74
BSSX Calmar Ratio Rank: 44
BSSX Martin Ratio Rank: 42

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.

FOVL vs. BSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FOVL	BSSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.57	—

Drawdowns

Drawdown Indicators

	FOVL	BSSX	Difference
Max Drawdown Largest peak-to-trough decline	—	-8.12%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-3.28%	—
Current Drawdown Current decline from peak	—	-1.12%	—
Average Drawdown Average peak-to-trough decline	—	-3.26%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.05%	—

Volatility

Volatility by Period

	FOVL	BSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	3.36%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	7.83%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	7.83%	—

FOVL vs. BSSX - Expense Ratio Comparison

FOVL has a 0.25% expense ratio, which is higher than BSSX'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

FOVL vs. BSSX - Dividend Comparison

FOVL's dividend yield for the trailing twelve months is around 0.55%, less than BSSX's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSSX Invesco BulletShares 2033 Municipal Bond ETF	3.31%	3.27%	3.29%	0.95%	0.00%	0.00%	0.00%	0.00%
FOVL iShares Focused Value Factor ETF	0.55%	1.36%	2.08%	2.59%	3.38%	2.80%	2.88%	2.09%

Frequently Asked Questions

Can I hold both FOVL and BSSX in my portfolio?

FOVL and BSSX have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FOVL or BSSX?

On fees, BSSX is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOVL or BSSX?

BSSX is cheaper with a 0.18% expense ratio, compared with 0.25% for FOVL.

Which ETF pays a higher dividend yield, FOVL or BSSX?

BSSX has the higher dividend yield at 3.31%, compared with 0.55% for FOVL.

What is the main difference between FOVL and BSSX?

FOVL is categorized as Mid Cap Value Equities, while BSSX is Municipal Bonds. FOVL tracks MSCI USA IMI Focused Value Factor Index, while BSSX tracks Invesco BulletShares USD Municipal Bond 2033 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for FOVL and 0.18% for BSSX.