GMUB vs. BSMR

Last updated Jun 3, 2026

GMUB (Goldman Sachs Municipal Income ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds. GMUB is actively managed, while BSMR is passively managed. Over the past year, GMUB returned 7.61% vs 4.15% for BSMR. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

GMUB vs. BSMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Municipal Income ETF (GMUB) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMUB achieves a 1.59% return, which is significantly higher than BSMR's 0.99% return.

GMUB

• 1D: 0.10%
• 1M: 0.46%
• YTD: 1.59%
• 6M: 2.38%
• 1Y: 7.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMR

• 1D: 0.10%
• 1M: 0.28%
• YTD: 0.99%
• 6M: 1.26%
• 1Y: 4.15%
• 3Y*: 3.02%
• 5Y*: 0.49%
• 10Y*: —

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

GMUB vs. BSMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMUB Goldman Sachs Municipal Income ETF	1.59%	5.99%	1.08%
BSMR Invesco BulletShares 2027 Municipal Bond ETF	0.99%	3.10%	1.51%

Correlation

The correlation between GMUB and BSMR is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jul 26, 2024	0.49

The correlation between GMUB and BSMR shifts across timeframes, from 0.35 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GMUB vs. BSMR — Risk / Return Rank

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

GMUB

GMUB Risk / Return Rank: 78
GMUB Sharpe Ratio Rank: 83
GMUB Sortino Ratio Rank: 90
GMUB Omega Ratio Rank: 88
GMUB Calmar Ratio Rank: 64
GMUB Martin Ratio Rank: 63

BSMR

BSMR Risk / Return Rank: 94
BSMR Sharpe Ratio Rank: 92
BSMR Sortino Ratio Rank: 96
BSMR Omega Ratio Rank: 95
BSMR Calmar Ratio Rank: 94
BSMR Martin Ratio Rank: 92

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.

GMUB vs. BSMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Municipal Income ETF (GMUB) 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.

	GMUB	BSMR	Difference
Sharpe ratio Return per unit of total volatility	2.79	3.33	-0.54
Sortino ratio Return per unit of downside risk	4.29	5.56	-1.28
Omega ratio Gain probability vs. loss probability	1.57	1.74	-0.17
Calmar ratio Return relative to maximum drawdown	3.23	7.29	-4.06
Martin ratio Return relative to average drawdown	11.69	23.18	-11.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMUB vs. BSMR - Sharpe Ratio Comparison

The current GMUB Sharpe Ratio is 2.79, which is comparable to the BSMR Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of GMUB and BSMR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GMUB	BSMR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	3.33	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	0.21	+1.21

Drawdowns

GMUB vs. BSMR - Drawdown Comparison

The maximum GMUB drawdown since its inception was -3.28%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for GMUB and BSMR.

Drawdown Indicators

	GMUB	BSMR	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-13.49%	+10.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-0.57%	-1.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.02%	—
Current Drawdown Current decline from peak	-0.43%	-0.00%	-0.43%
Average Drawdown Average peak-to-trough decline	-0.63%	-3.49%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.18%	+0.45%

Volatility

GMUB vs. BSMR - Volatility Comparison

Goldman Sachs Municipal Income ETF (GMUB) has a higher volatility of 0.79% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.36%. This indicates that GMUB'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.

Volatility by Period

	GMUB	BSMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.36%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	0.92%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	1.25%	+1.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	3.03%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	5.73%	-2.43%

GMUB vs. BSMR - Expense Ratio Comparison

Both GMUB and BSMR have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

GMUB vs. BSMR - Dividend Comparison

GMUB's dividend yield for the trailing twelve months is around 3.26%, more than BSMR's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMR Invesco BulletShares 2027 Municipal Bond ETF	2.72%	2.77%	2.78%	2.72%	1.40%	1.00%	1.49%	0.45%
GMUB Goldman Sachs Municipal Income ETF	3.26%	3.14%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GMUB and BSMR in my portfolio?

GMUB and BSMR have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMUB or BSMR?

GMUB has higher volatility (0.79%) compared to BSMR (0.36%). In terms of maximum drawdown, GMUB dropped -3.28% vs BSMR's -13.49%.

Which ETF is better, GMUB or BSMR?

On 1-year performance, GMUB leads with 7.61% vs 4.15% for BSMR. Both ETFs have the same 0.18% expense ratio. On volatility, BSMR has been the lower-risk option at 0.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMUB or BSMR?

Over the 1-year period, GMUB has performed better with a 7.61% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMUB or BSMR?

GMUB and BSMR have the same expense ratio: 0.18% per year.

Which ETF pays a higher dividend yield, GMUB or BSMR?

GMUB has the higher dividend yield at 3.26%, compared with 2.72% for BSMR.

What is the main difference between GMUB and BSMR?

They also come from different issuers: Goldman Sachs and Invesco.

Which has better risk-adjusted returns?

BSMR currently has the higher Sharpe Ratio (3.33 vs 2.79), 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.