MUNI vs. BSMO
Compare and contrast key facts about PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Invesco BulletShares 2024 Municipal Bond ETF (BSMO).
MUNI and BSMO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUNI is an actively managed fund by PIMCO. It was launched on Nov 30, 2009. BSMO is a passively managed fund by Invesco that tracks the performance of the Invesco BulletShares Municipal Bond 2024 Index. It was launched on Sep 25, 2019.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MUNI or BSMO.
Key characteristics
| MUNI | BSMO | |
|---|---|---|
| YTD Return | 1.44% | 1.94% |
| 1Y Return | 6.96% | 2.86% |
| 3Y Return (Ann) | 0.40% | 0.66% |
| 5Y Return (Ann) | 1.45% | 1.40% |
| Sharpe Ratio | 2.20 | 1.87 |
| Sortino Ratio | 3.31 | 2.85 |
| Omega Ratio | 1.46 | 1.37 |
| Calmar Ratio | 1.17 | 2.30 |
| Martin Ratio | 10.75 | 15.41 |
| Ulcer Index | 0.68% | 0.19% |
| Daily Std Dev | 3.33% | 1.59% |
| Max Drawdown | -11.15% | -9.06% |
| Current Drawdown | -1.42% | 0.00% |
Correlation
The correlation between MUNI and BSMO is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
MUNI vs. BSMO - Performance Comparison
In the year-to-date period, MUNI achieves a 1.44% return, which is significantly lower than BSMO's 1.94% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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MUNI vs. BSMO - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than BSMO's 0.18% expense ratio.
Risk-Adjusted Performance
MUNI vs. BSMO - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Invesco BulletShares 2024 Municipal Bond ETF (BSMO). 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.
Dividends
MUNI vs. BSMO - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 4.03%, more than BSMO's 2.53% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 4.03% | 3.63% | 2.13% | 1.62% | 1.92% | 2.44% | 2.57% | 2.37% | 2.37% | 2.20% | 1.91% | 2.30% |
BSMO Invesco BulletShares 2024 Municipal Bond ETF | 2.53% | 2.24% | 0.98% | 0.58% | 1.13% | 0.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MUNI vs. BSMO - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, which is greater than BSMO's maximum drawdown of -9.06%. Use the drawdown chart below to compare losses from any high point for MUNI and BSMO. For additional features, visit the drawdowns tool.
Volatility
MUNI vs. BSMO - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 1.61% compared to Invesco BulletShares 2024 Municipal Bond ETF (BSMO) at 0.52%. This indicates that MUNI's price experiences larger fluctuations and is considered to be riskier than BSMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.