LTAX vs. BSMQ

Last updated Jun 25, 2026

LTAX (Nomura Tax-Free USA ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. LTAX is actively managed, while BSMQ is passively managed. At a 0.23 correlation, their price movements are largely independent. LTAX charges 0.39%/yr vs 0.18%/yr for BSMQ.

Performance

LTAX vs. BSMQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Tax-Free USA ETF (LTAX) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LTAX

• 1D: 0.31%
• 1M: 2.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMQ

• 1D: -0.08%
• 1M: 0.27%
• YTD: 1.01%
• 6M: 1.09%
• 1Y: 2.94%
• 3Y*: 2.79%
• 5Y*: 0.38%
• 10Y*: —

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

LTAX vs. BSMQ - Yearly Performance Comparison

	2026 (YTD)
LTAX Nomura Tax-Free USA ETF	2.33%
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	0.90%

Correlation

The correlation between LTAX and BSMQ is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.23

Return for Risk

LTAX vs. BSMQ — Risk / Return Rank

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

LTAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BSMQ

BSMQ Risk / Return Rank: 89
BSMQ Sharpe Ratio Rank: 80
BSMQ Sortino Ratio Rank: 89
BSMQ Omega Ratio Rank: 86
BSMQ Calmar Ratio Rank: 97
BSMQ Martin Ratio Rank: 94

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.

LTAX vs. BSMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Tax-Free USA ETF (LTAX) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	LTAX	BSMQ	Difference
Sharpe ratio: Return per unit of total volatility	—	2.24	—
Sortino ratio: Return per unit of downside risk	—	3.57	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	9.00	—
Martin ratio: Return relative to average drawdown	—	23.77	—

Drawdowns

LTAX vs. BSMQ - Drawdown Comparison

The maximum LTAX drawdown since its inception was -3.18%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for LTAX and BSMQ.

Drawdown Indicators

	LTAX	BSMQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-13.18%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.33%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.50%	—
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-0.64%	-3.44%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.12%	—

Volatility

Volatility by Period

	LTAX	BSMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	1.32%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	2.66%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.73%	4.77%	+0.96%

LTAX vs. BSMQ - Expense Ratio Comparison

LTAX has a 0.39% expense ratio, which is higher than BSMQ's 0.18% expense ratio.

Dividends

LTAX vs. BSMQ - Dividend Comparison

LTAX's dividend yield for the trailing twelve months is around 1.33%, less than BSMQ's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.75%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%
LTAX Nomura Tax-Free USA ETF	1.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LTAX and BSMQ in my portfolio?

LTAX and BSMQ have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LTAX or BSMQ?

On fees, BSMQ is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LTAX or BSMQ?

BSMQ is cheaper with a 0.18% expense ratio, compared with 0.39% for LTAX.

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

BSMQ has the higher dividend yield at 2.75%, compared with 1.33% for LTAX.

What is the main difference between LTAX and BSMQ?

They also come from different issuers: Nomura and Invesco. Their fees differ too: 0.39% for LTAX and 0.18% for BSMQ.