GMUN vs. BSMR
GMUN (Goldman Sachs Community Municipal Bond ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds - GMUN tracks the Bloomberg Goldman Sachs Community Municipal Index while BSMR tracks the Invesco BulletShares Municipal Bond 2027 Index. Both are passively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 2.93%/yr for BSMR. A 0.70 correlation means they provide meaningful diversification when combined. GMUN charges 0.15%/yr vs 0.18%/yr for BSMR.
Performance
GMUN vs. BSMR - Performance Comparison
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Returns By Period
In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than BSMR's 0.93% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.79%
- YTD
- -0.34%
- 6M
- 0.02%
- 1Y
- 4.76%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
BSMR
- 1D
- -0.11%
- 1M
- 0.23%
- YTD
- 0.93%
- 6M
- 1.19%
- 1Y
- 3.90%
- 3Y*
- 2.93%
- 5Y*
- 0.45%
- 10Y*
- —
GMUN vs. BSMR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.68% |
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 0.93% | 3.10% | 1.51% | 4.01% |
Correlation
The correlation between GMUN and BSMR is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | 0.70 |
Over the past year, the correlation between GMUN and BSMR has dropped to 0.49 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.
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Return for Risk
GMUN vs. BSMR — Risk / Return Rank
GMUN
BSMR
GMUN vs. BSMR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.
| GMUN | BSMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.68 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 6.93 | -5.18 |
| Martin ratioReturn relative to average drawdown | 5.36 | 21.96 | -16.60 |
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
| GMUN | BSMR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 3.12 | -1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.15 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.21 | +0.78 |
Drawdowns
GMUN vs. BSMR - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for GMUN and BSMR.
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Drawdown Indicators
| GMUN | BSMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -13.49% | +9.14% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -0.57% | -2.26% |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | -3.50% | +0.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.02% | — |
Current DrawdownCurrent decline from peak | -2.29% | -0.11% | -2.18% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -3.49% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.18% | +0.74% |
Volatility
GMUN vs. BSMR - Volatility Comparison
Goldman Sachs Community Municipal Bond ETF (GMUN) has a higher volatility of 1.09% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.37%. This indicates that GMUN'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
| GMUN | BSMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.37% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 0.93% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 1.26% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 3.03% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 5.72% | -2.76% |
GMUN vs. BSMR - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is lower than BSMR's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GMUN vs. BSMR - Dividend Comparison
GMUN's dividend yield for the trailing twelve months is around 3.12%, 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% |
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GMUN and BSMR have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GMUN has higher volatility (1.09%) compared to BSMR (0.37%). In terms of maximum drawdown, GMUN dropped -4.35% vs BSMR's -13.49%.
On 3-year performance, GMUN leads with 3.06% vs 2.93% for BSMR. On fees, GMUN is cheaper at 0.15% per year. On volatility, BSMR has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GMUN has performed better with a 3.06% return vs 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GMUN is cheaper with a 0.15% expense ratio, compared with 0.18% for BSMR.
GMUN has the higher dividend yield at 3.12%, compared with 2.72% for BSMR.
GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while BSMR tracks Invesco BulletShares Municipal Bond 2027 Index. They also come from different issuers: Goldman Sachs and Invesco. Their fees differ too: 0.15% for GMUN and 0.18% for BSMR.
BSMR currently has the higher Sharpe Ratio (3.12 vs 2.04), 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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