IBMT vs. BSMR

Last updated Jun 4, 2026

IBMT (iShares iBonds Dec 2031 Term Muni Bond ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds - IBMT tracks the S&P AMT-Free Municipal Series Dec 2031 Index while BSMR tracks the Invesco BulletShares Municipal Bond 2027 Index. Both are passively managed. Over the past year, IBMT returned 6.34% vs 4.16% for BSMR. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.18% expense ratio.

Performance

IBMT vs. BSMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2031 Term Muni Bond ETF (IBMT) 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, IBMT achieves a 0.19% return, which is significantly lower than BSMR's 1.04% return.

IBMT

• 1D: -0.02%
• 1M: 0.35%
• YTD: 0.19%
• 6M: 0.25%
• 1Y: 6.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMR

• 1D: 0.05%
• 1M: 0.41%
• YTD: 1.04%
• 6M: 1.31%
• 1Y: 4.16%
• 3Y*: 3.03%
• 5Y*: 0.48%
• 10Y*: —

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

IBMT vs. BSMR - Yearly Performance Comparison

	2026 (YTD)	2025
IBMT iShares iBonds Dec 2031 Term Muni Bond ETF	0.19%	7.26%
BSMR Invesco BulletShares 2027 Municipal Bond ETF	1.04%	2.84%

Correlation

The correlation between IBMT 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 Mar 27, 2025	0.43

Return for Risk

IBMT vs. BSMR — Risk / Return Rank

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

IBMT

IBMT Risk / Return Rank: 60
IBMT Sharpe Ratio Rank: 62
IBMT Sortino Ratio Rank: 76
IBMT Omega Ratio Rank: 78
IBMT Calmar Ratio Rank: 43
IBMT Martin Ratio Rank: 39

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.

IBMT vs. BSMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2031 Term Muni Bond ETF (IBMT) 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.

	IBMT	BSMR	Difference
Sharpe ratio: Return per unit of total volatility	2.05	3.33	-1.28
Sortino ratio: Return per unit of downside risk	3.38	5.57	-2.19
Omega ratio: Gain probability vs. loss probability	1.46	1.74	-0.28
Calmar ratio: Return relative to maximum drawdown	2.06	7.37	-5.32
Martin ratio: Return relative to average drawdown	6.13	23.41	-17.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBMT vs. BSMR - Sharpe Ratio Comparison

The current IBMT Sharpe Ratio is 2.05, which is lower than the BSMR Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of IBMT 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

	IBMT	BSMR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	3.33	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	0.22	+1.41

Drawdowns

IBMT vs. BSMR - Drawdown Comparison

The maximum IBMT drawdown since its inception was -3.18%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for IBMT and BSMR.

Drawdown Indicators

	IBMT	BSMR	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-13.49%	+10.31%
Max Drawdown (1Y) Largest decline over 1 year	-3.10%	-0.57%	-2.53%
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	-1.65%	0.00%	-1.65%
Average Drawdown Average peak-to-trough decline	-0.74%	-3.49%	+2.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.18%	+0.86%

Volatility

IBMT vs. BSMR - Volatility Comparison

iShares iBonds Dec 2031 Term Muni Bond ETF (IBMT) has a higher volatility of 0.78% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.34%. This indicates that IBMT'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

	IBMT	BSMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.78%	0.34%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	2.06%	0.92%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	1.25%	+1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	3.03%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	5.72%	-1.86%

IBMT vs. BSMR - Expense Ratio Comparison

Both IBMT 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

IBMT vs. BSMR - Dividend Comparison

IBMT's dividend yield for the trailing twelve months is around 3.65%, 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%
IBMT iShares iBonds Dec 2031 Term Muni Bond ETF	3.65%	2.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBMT and BSMR in my portfolio?

IBMT 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, IBMT or BSMR?

IBMT has higher volatility (0.78%) compared to BSMR (0.34%). In terms of maximum drawdown, IBMT dropped -3.18% vs BSMR's -13.49%.

Which ETF is better, IBMT or BSMR?

On 1-year performance, IBMT leads with 6.34% vs 4.16% for BSMR. Both ETFs have the same 0.18% expense ratio. On volatility, BSMR has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBMT or BSMR?

Over the 1-year period, IBMT has performed better with a 6.34% return vs 4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBMT or BSMR?

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

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

IBMT has the higher dividend yield at 3.65%, compared with 2.72% for BSMR.

What is the main difference between IBMT and BSMR?

IBMT tracks S&P AMT-Free Municipal Series Dec 2031 Index, while BSMR tracks Invesco BulletShares Municipal Bond 2027 Index. They also come from different issuers: iShares and Invesco.

Which has better risk-adjusted returns?

BSMR currently has the higher Sharpe Ratio (3.33 vs 2.05), 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.