MNBD vs. BSMR

Last updated Jun 4, 2026

MNBD (ALPS Intermediate Municipal Bond ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds. MNBD is actively managed, while BSMR is passively managed. Over the past 3 years, MNBD returned 4.51%/yr vs 3.03%/yr for BSMR. A 0.73 correlation means they provide meaningful diversification when combined. MNBD charges 0.50%/yr vs 0.18%/yr for BSMR.

Performance

MNBD vs. BSMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Intermediate Municipal Bond ETF (MNBD) 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, MNBD achieves a 1.33% return, which is significantly higher than BSMR's 1.04% return.

MNBD

• 1D: -0.26%
• 1M: 0.34%
• YTD: 1.33%
• 6M: 1.65%
• 1Y: 6.31%
• 3Y*: 4.51%
• 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)

MNBD vs. BSMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MNBD ALPS Intermediate Municipal Bond ETF	1.33%	5.15%	2.41%	6.13%	3.12%
BSMR Invesco BulletShares 2027 Municipal Bond ETF	1.04%	3.10%	1.51%	4.47%	1.80%

Correlation

The correlation between MNBD and BSMR is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 23, 2022	0.73

Over the past year, the correlation between MNBD and BSMR has dropped to 0.51 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.

MNBD vs. BSMR - Sectors Allocation Comparison

Sectors	MNBD	BSMR
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-
Financial Services	-1.0%	1.9%

Return for Risk

MNBD vs. BSMR — Risk / Return Rank

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

MNBD

MNBD Risk / Return Rank: 71
MNBD Sharpe Ratio Rank: 78
MNBD Sortino Ratio Rank: 83
MNBD Omega Ratio Rank: 88
MNBD Calmar Ratio Rank: 55
MNBD Martin Ratio Rank: 52

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.

MNBD vs. BSMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Intermediate Municipal Bond ETF (MNBD) 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.

	MNBD	BSMR	Difference
Sharpe ratio: Return per unit of total volatility	2.53	3.33	-0.80
Sortino ratio: Return per unit of downside risk	3.71	5.57	-1.86
Omega ratio: Gain probability vs. loss probability	1.55	1.74	-0.19
Calmar ratio: Return relative to maximum drawdown	2.66	7.37	-4.71
Martin ratio: Return relative to average drawdown	8.75	23.41	-14.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNBD vs. BSMR - Sharpe Ratio Comparison

The current MNBD Sharpe Ratio is 2.53, which is comparable to the BSMR Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of MNBD 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

	MNBD	BSMR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	3.33	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.22	+0.98

Drawdowns

MNBD vs. BSMR - Drawdown Comparison

The maximum MNBD drawdown since its inception was -5.89%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for MNBD and BSMR.

Drawdown Indicators

	MNBD	BSMR	Difference
Max Drawdown Largest peak-to-trough decline	-5.89%	-13.49%	+7.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.38%	-0.57%	-1.81%
Max Drawdown (3Y) Largest decline over 3 years	-3.97%	-3.50%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-12.02%	—
Current Drawdown Current decline from peak	-0.92%	0.00%	-0.92%
Average Drawdown Average peak-to-trough decline	-1.09%	-3.49%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	0.18%	+0.54%

Volatility

MNBD vs. BSMR - Volatility Comparison

ALPS Intermediate Municipal Bond ETF (MNBD) has a higher volatility of 0.87% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.34%. This indicates that MNBD'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

	MNBD	BSMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	0.34%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	0.92%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	1.25%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	3.03%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.78%	5.72%	-1.94%

MNBD vs. BSMR - Expense Ratio Comparison

MNBD has a 0.50% expense ratio, which is higher than BSMR's 0.18% expense ratio.

Dividends

MNBD vs. BSMR - Dividend Comparison

MNBD's dividend yield for the trailing twelve months is around 3.32%, 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%
MNBD ALPS Intermediate Municipal Bond ETF	3.32%	3.32%	3.83%	3.44%	2.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNBD and BSMR in my portfolio?

MNBD and BSMR have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNBD or BSMR?

MNBD has higher volatility (0.87%) compared to BSMR (0.34%). In terms of maximum drawdown, MNBD dropped -5.89% vs BSMR's -13.49%.

Which ETF is better, MNBD or BSMR?

On 3-year performance, MNBD leads with 4.51% vs 3.03% for BSMR. On fees, BSMR is cheaper at 0.18% per year. 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, MNBD or BSMR?

Over the 3-year period, MNBD has performed better with a 4.51% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNBD or BSMR?

BSMR is cheaper with a 0.18% expense ratio, compared with 0.50% for MNBD.

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

MNBD has the higher dividend yield at 3.32%, compared with 2.72% for BSMR.

What is the main difference between MNBD and BSMR?

They also come from different issuers: ALPS and Invesco. Their fees differ too: 0.50% for MNBD and 0.18% for BSMR.

Which has better risk-adjusted returns?

BSMR currently has the higher Sharpe Ratio (3.33 vs 2.53), 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.