MBNE vs. BSMQ

Last updated Jun 5, 2026

MBNE (SPDR Nuveen Municipal Bond ESG ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. MBNE is actively managed, while BSMQ is passively managed. Over the past 3 years, MBNE returned 2.95%/yr vs 2.90%/yr for BSMQ. At a 0.47 correlation, their price movements are largely independent. MBNE charges 0.43%/yr vs 0.18%/yr for BSMQ.

Performance

MBNE vs. BSMQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MBNE having a 0.84% return and BSMQ slightly lower at 0.81%.

MBNE

• 1D: 0.00%
• 1M: 0.05%
• YTD: 0.84%
• 6M: 0.94%
• 1Y: 4.70%
• 3Y*: 2.95%
• 5Y*: —
• 10Y*: —

BSMQ

• 1D: 0.07%
• 1M: 0.17%
• YTD: 0.81%
• 6M: 1.18%
• 1Y: 2.98%
• 3Y*: 2.90%
• 5Y*: 0.31%
• 10Y*: —

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

MBNE vs. BSMQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	2.45%	1.27%	5.82%	-0.71%
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	0.81%	3.12%	1.99%	3.60%	-1.83%

Correlation

The correlation between MBNE and BSMQ is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 6, 2022	0.47

Over the past year, the correlation between MBNE and BSMQ has dropped to 0.09 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

Return for Risk

MBNE vs. BSMQ — Risk / Return Rank

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

MBNE

MBNE Risk / Return Rank: 50
MBNE Sharpe Ratio Rank: 49
MBNE Sortino Ratio Rank: 48
MBNE Omega Ratio Rank: 59
MBNE Calmar Ratio Rank: 48
MBNE Martin Ratio Rank: 45

BSMQ

BSMQ Risk / Return Rank: 84
BSMQ Sharpe Ratio Rank: 70
BSMQ Sortino Ratio Rank: 81
BSMQ Omega Ratio Rank: 80
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.

MBNE vs. BSMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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.

	MBNE	BSMQ	Difference
Sharpe ratio: Return per unit of total volatility	1.67	2.26	-0.59
Sortino ratio: Return per unit of downside risk	2.33	3.57	-1.23
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.11
Calmar ratio: Return relative to maximum drawdown	2.34	9.12	-6.78
Martin ratio: Return relative to average drawdown	7.16	23.88	-16.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBNE vs. BSMQ - Sharpe Ratio Comparison

The current MBNE Sharpe Ratio is 1.67, which is comparable to the BSMQ Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of MBNE 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

	MBNE	BSMQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	2.26	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.12	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.25	+0.38

Drawdowns

MBNE vs. BSMQ - Drawdown Comparison

The maximum MBNE drawdown since its inception was -6.19%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for MBNE and BSMQ.

Drawdown Indicators

	MBNE	BSMQ	Difference
Max Drawdown Largest peak-to-trough decline	-6.19%	-13.18%	+6.99%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-0.33%	-1.69%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-2.53%	-2.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-11.50%	—
Current Drawdown Current decline from peak	-1.04%	-0.05%	-0.99%
Average Drawdown Average peak-to-trough decline	-1.41%	-3.47%	+2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.12%	+0.54%

Volatility

MBNE vs. BSMQ - Volatility Comparison

The current volatility for SPDR Nuveen Municipal Bond ESG ETF (MBNE) is 0.33%, while Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) has a volatility of 0.40%. This indicates that MBNE experiences smaller price fluctuations and is considered to be less risky than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBNE	BSMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	0.40%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.97%	0.94%	+1.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	1.33%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	2.68%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	4.79%	-1.09%

MBNE vs. BSMQ - Expense Ratio Comparison

MBNE has a 0.43% expense ratio, which is higher than BSMQ's 0.18% expense ratio.

Dividends

MBNE vs. BSMQ - Dividend Comparison

MBNE's dividend yield for the trailing twelve months is around 3.15%, more than BSMQ's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.76%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%
MBNE SPDR Nuveen Municipal Bond ESG ETF	3.15%	3.63%	3.32%	3.01%	1.81%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBNE and BSMQ in my portfolio?

MBNE and BSMQ have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBNE or BSMQ?

BSMQ has higher volatility (0.40%) compared to MBNE (0.33%). In terms of maximum drawdown, MBNE dropped -6.19% vs BSMQ's -13.18%.

Which ETF is better, MBNE or BSMQ?

On 3-year performance, MBNE leads with 2.95% vs 2.90% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBNE or BSMQ?

Over the 3-year period, MBNE has performed better with a 2.95% return vs 2.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBNE or BSMQ?

BSMQ is cheaper with a 0.18% expense ratio, compared with 0.43% for MBNE.

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

MBNE has the higher dividend yield at 3.15%, compared with 2.76% for BSMQ.

What is the main difference between MBNE and BSMQ?

They also come from different issuers: State Street and Invesco. Their fees differ too: 0.43% for MBNE and 0.18% for BSMQ.

Which has better risk-adjusted returns?

BSMQ currently has the higher Sharpe Ratio (2.26 vs 1.67), 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.