HYMB vs. BSMQ

Last updated Jun 4, 2026

HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds - HYMB tracks the Bloomberg Municipal Yield while BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index. Both are passively managed. Over the past 5 years, HYMB returned 0.42%/yr vs 0.29%/yr for BSMQ. At a 0.45 correlation, their price movements are largely independent. HYMB charges 0.35%/yr vs 0.18%/yr for BSMQ.

Performance

HYMB vs. BSMQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYMB achieves a 2.87% return, which is significantly higher than BSMQ's 0.73% return.

HYMB

• 1D: -0.04%
• 1M: 1.19%
• YTD: 2.87%
• 6M: 3.18%
• 1Y: 7.43%
• 3Y*: 5.09%
• 5Y*: 0.42%
• 10Y*: 2.46%

BSMQ

• 1D: -0.06%
• 1M: 0.14%
• YTD: 0.73%
• 6M: 1.17%
• 1Y: 3.08%
• 3Y*: 2.92%
• 5Y*: 0.29%
• 10Y*: —

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

HYMB vs. BSMQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	2.87%	2.04%	5.52%	7.73%	-15.54%	5.16%	3.74%	0.74%
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	0.73%	3.12%	1.99%	3.60%	-7.62%	1.05%	5.26%	0.24%

Correlation

The correlation between HYMB and BSMQ is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.45

Over the past year, the correlation between HYMB and BSMQ has dropped to 0.17 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

HYMB vs. BSMQ - Sectors Allocation Comparison

Sectors	HYMB	BSMQ
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.0%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	2.6%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.0%

Return for Risk

HYMB vs. BSMQ — Risk / Return Rank

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

HYMB

HYMB Risk / Return Rank: 53
HYMB Sharpe Ratio Rank: 53
HYMB Sortino Ratio Rank: 54
HYMB Omega Ratio Rank: 60
HYMB Calmar Ratio Rank: 48
HYMB Martin Ratio Rank: 49

BSMQ

BSMQ Risk / Return Rank: 85
BSMQ Sharpe Ratio Rank: 71
BSMQ Sortino Ratio Rank: 82
BSMQ Omega Ratio Rank: 81
BSMQ Calmar Ratio Rank: 96
BSMQ Martin Ratio Rank: 93

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.

HYMB vs. BSMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) 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.

	HYMB	BSMQ	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.32	-0.48
Sortino ratio: Return per unit of downside risk	2.63	3.68	-1.05
Omega ratio: Gain probability vs. loss probability	1.37	1.48	-0.11
Calmar ratio: Return relative to maximum drawdown	2.40	9.43	-7.03
Martin ratio: Return relative to average drawdown	8.51	24.69	-16.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYMB vs. BSMQ - Sharpe Ratio Comparison

The current HYMB Sharpe Ratio is 1.84, which is comparable to the BSMQ Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of HYMB and BSMQ, 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

	HYMB	BSMQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	2.32	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.11	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.25	+0.20

Drawdowns

HYMB vs. BSMQ - Drawdown Comparison

The maximum HYMB drawdown since its inception was -29.57%, which is greater than BSMQ's maximum drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for HYMB and BSMQ.

Drawdown Indicators

	HYMB	BSMQ	Difference
Max Drawdown Largest peak-to-trough decline	-29.57%	-13.18%	-16.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-0.33%	-2.78%
Max Drawdown (3Y) Largest decline over 3 years	-7.44%	-2.53%	-4.91%
Max Drawdown (5Y) Largest decline over 5 years	-20.15%	-11.50%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	-29.57%	—	—
Current Drawdown Current decline from peak	-0.04%	-0.12%	+0.08%
Average Drawdown Average peak-to-trough decline	-3.81%	-3.48%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.12%	+0.76%

Volatility

HYMB vs. BSMQ - Volatility Comparison

SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a higher volatility of 1.35% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.39%. This indicates that HYMB's price experiences larger fluctuations and is considered to be riskier than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYMB	BSMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	0.39%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	3.14%	0.94%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	1.33%	+2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	2.68%	+3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.36%	4.79%	+6.57%

HYMB vs. BSMQ - Expense Ratio Comparison

HYMB has a 0.35% expense ratio, which is higher than BSMQ's 0.18% expense ratio.

Dividends

HYMB vs. BSMQ - Dividend Comparison

HYMB's dividend yield for the trailing twelve months is around 4.54%, more than BSMQ's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.76%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%	0.00%	0.00%	0.00%	0.00%
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	4.54%	4.55%	4.29%	4.07%	3.77%	3.19%	3.55%	3.95%	4.03%	3.78%	4.08%	4.54%

Frequently Asked Questions

Can I hold both HYMB and BSMQ in my portfolio?

HYMB and BSMQ have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYMB or BSMQ?

HYMB has higher volatility (1.35%) compared to BSMQ (0.39%). In terms of maximum drawdown, HYMB dropped -29.57% vs BSMQ's -13.18%.

Which ETF is better, HYMB or BSMQ?

On 5-year performance, HYMB leads with 0.42% vs 0.29% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYMB or BSMQ?

Over the 5-year period, HYMB has performed better with a 0.42% return vs 0.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYMB or BSMQ?

BSMQ is cheaper with a 0.18% expense ratio, compared with 0.35% for HYMB.

Which ETF pays a higher dividend yield, HYMB or BSMQ?

HYMB has the higher dividend yield at 4.54%, compared with 2.76% for BSMQ.

What is the main difference between HYMB and BSMQ?

HYMB tracks Bloomberg Municipal Yield, while BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for HYMB and 0.18% for BSMQ.

Which has better risk-adjusted returns?

BSMQ currently has the higher Sharpe Ratio (2.32 vs 1.84), 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.