FSMB vs. BSMR
FSMB (First Trust Short Duration Managed Municipal ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds. FSMB is actively managed, while BSMR is passively managed. Over the past 5 years, FSMB returned 1.51%/yr vs 0.48%/yr for BSMR. At a 0.44 correlation, their price movements are largely independent. FSMB charges 0.45%/yr vs 0.18%/yr for BSMR.
Performance
FSMB vs. BSMR - Performance Comparison
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Returns By Period
In the year-to-date period, FSMB achieves a 1.15% return, which is significantly higher than BSMR's 1.04% return.
FSMB
- 1D
- 0.05%
- 1M
- 0.44%
- YTD
- 1.15%
- 6M
- 1.51%
- 1Y
- 4.18%
- 3Y*
- 3.56%
- 5Y*
- 1.51%
- 10Y*
- —
BSMR
- 1D
- 0.05%
- 1M
- 0.41%
- YTD
- 1.04%
- 6M
- 1.31%
- 1Y
- 4.16%
- 3Y*
- 3.03%
- 5Y*
- 0.48%
- 10Y*
- —
FSMB vs. BSMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FSMB First Trust Short Duration Managed Municipal ETF | 1.15% | 4.22% | 2.35% | 3.54% | -3.75% | 1.20% | 3.53% | 0.59% |
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 FSMB and BSMR is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.44 |
The correlation between FSMB and BSMR shifts across timeframes, from 0.26 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FSMB vs. BSMR — Risk / Return Rank
FSMB
BSMR
FSMB vs. BSMR - 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 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.
| FSMB | BSMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.74 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 7.37 | -4.11 |
| Martin ratioReturn relative to average drawdown | 11.17 | 23.41 | -12.23 |
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
| FSMB | BSMR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.99 | 3.33 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.78 | 0.16 | +0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.22 | +0.54 |
Drawdowns
FSMB vs. BSMR - Drawdown Comparison
The maximum FSMB drawdown since its inception was -6.32%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for FSMB and BSMR.
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Drawdown Indicators
| FSMB | BSMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.32% | -13.49% | +7.17% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -0.57% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | -3.50% | +1.74% |
Max Drawdown (5Y)Largest decline over 5 years | -5.97% | -12.02% | +6.05% |
Current DrawdownCurrent decline from peak | -0.25% | 0.00% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -1.16% | -3.49% | +2.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.18% | +0.19% |
Volatility
FSMB vs. BSMR - Volatility Comparison
First Trust Short Duration Managed Municipal ETF (FSMB) has a higher volatility of 0.42% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.34%. This indicates that FSMB'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
| FSMB | BSMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.34% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.02% | 0.92% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.40% | 1.25% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.96% | 3.03% | -1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.92% | 5.72% | -2.80% |
FSMB vs. BSMR - Expense Ratio Comparison
FSMB has a 0.45% expense ratio, which is higher than BSMR's 0.18% expense ratio.
Dividends
FSMB vs. BSMR - Dividend Comparison
FSMB's dividend yield for the trailing twelve months is around 3.14%, more than BSMR's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
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 BSMR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSMB has higher volatility (0.42%) compared to BSMR (0.34%). In terms of maximum drawdown, FSMB dropped -6.32% vs BSMR's -13.49%.
On 5-year performance, FSMB leads with 1.51% vs 0.48% for BSMR. On fees, BSMR is cheaper at 0.18% per year. Their volatility is very similar. 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 1.51% 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 0.45% for FSMB.
FSMB has the higher dividend yield at 3.14%, compared with 2.72% for BSMR.
They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.45% for FSMB and 0.18% for BSMR.
BSMR currently has the higher Sharpe Ratio (3.33 vs 2.99), 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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