FSMB vs. BSMQ
FSMB (First Trust Short Duration Managed Municipal ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. FSMB is actively managed, while BSMQ is passively managed. Over the past 5 years, FSMB returned 1.53%/yr vs 0.38%/yr for BSMQ. At a 0.41 correlation, their price movements are largely independent. FSMB charges 0.45%/yr vs 0.18%/yr for BSMQ.
Performance
FSMB vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, FSMB achieves a 1.26% return, which is significantly higher than BSMQ's 1.01% return.
FSMB
- 1D
- 0.00%
- 1M
- 0.65%
- YTD
- 1.26%
- 6M
- 1.36%
- 1Y
- 3.71%
- 3Y*
- 3.39%
- 5Y*
- 1.53%
- 10Y*
- —
BSMQ
- 1D
- -0.08%
- 1M
- 0.27%
- YTD
- 1.01%
- 6M
- 1.09%
- 1Y
- 2.94%
- 3Y*
- 2.79%
- 5Y*
- 0.38%
- 10Y*
- —
FSMB vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 1.26% | 4.22% | 2.35% | 3.54% | -3.75% | 1.20% | 3.53% | 0.46% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 1.01% | 3.12% | 1.99% | 3.60% | -7.62% | 1.05% | 5.26% | 0.28% |
Correlation
The correlation between FSMB and BSMQ is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019 | 0.41 |
Over the past year, the correlation between FSMB and BSMQ has dropped to 0.07 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
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Return for Risk
FSMB vs. BSMQ — Risk / Return Rank
FSMB
BSMQ
FSMB vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Short Duration Managed Municipal ETF (FSMB) 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.
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.
| FSMB | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.46 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | 9.00 | -6.10 |
| Martin ratioReturn relative to average drawdown | 9.82 | 23.77 | -13.96 |
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Drawdowns
FSMB vs. BSMQ - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for FSMB and BSMQ.
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Drawdown Indicators
| FSMB | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -13.18% | +6.86% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -0.33% | -0.96% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | -2.53% | +0.77% |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | -11.50% | +5.53% |
Current DrawdownCurrent decline from peak | -0.15% | -0.08% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -1.15% | -3.44% | +2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.12% | +0.26% |
Volatility
FSMB vs. BSMQ - Volatility Comparison
The current volatility for First Trust Short Duration Managed Municipal ETF (FSMB) is 0.31%, while Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) has a volatility of 0.41%. This indicates that FSMB experiences smaller price fluctuations and is considered to be less risky 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
| FSMB | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 0.41% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | 0.94% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 1.32% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.96% | 2.66% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.91% | 4.77% | -1.86% |
FSMB vs. BSMQ - Expense Ratio Comparison
FSMB has a 0.45% expense ratio, which is higher than BSMQ's 0.18% expense ratio.
Dividends
FSMB vs. BSMQ - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.14%, more than BSMQ's 2.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.75% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% | 0.00% |
FSMB First Trust Short Duration Managed Municipal ETF | 3.14% | 3.09% | 2.88% | 2.40% | 1.47% | 1.20% | 1.79% | 2.27% | 0.19% |
Frequently Asked Questions
FSMB and BSMQ have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMQ has higher volatility (0.41%) compared to FSMB (0.31%). In terms of maximum drawdown, FSMB dropped -6.32% vs BSMQ's -13.18%.
On 5-year performance, FSMB leads with 1.53% vs 0.38% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, FSMB has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FSMB has performed better with a 1.53% return vs 0.38%. 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 0.45% for FSMB.
FSMB has the higher dividend yield at 3.14%, compared with 2.75% for BSMQ.
They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.45% for FSMB and 0.18% for BSMQ.
FSMB currently has the higher Sharpe Ratio (2.66 vs 2.24), 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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