MUNI vs. BSMQ
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. MUNI is actively managed, while BSMQ is passively managed. Over the past 5 years, MUNI returned 1.27%/yr vs 0.29%/yr for BSMQ. A 0.51 correlation means they provide meaningful diversification when combined. MUNI charges 0.35%/yr vs 0.18%/yr for BSMQ.
Performance
MUNI vs. BSMQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MUNI achieves a 1.24% return, which is significantly higher than BSMQ's 0.73% return.
MUNI
- 1D
- -0.04%
- 1M
- 0.42%
- YTD
- 1.24%
- 6M
- 1.44%
- 1Y
- 6.52%
- 3Y*
- 3.96%
- 5Y*
- 1.27%
- 10Y*
- 2.16%
BSMQ
- 1D
- -0.06%
- 1M
- 0.14%
- YTD
- 0.73%
- 6M
- 1.17%
- 1Y
- 3.08%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
MUNI vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.24% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 0.65% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.73% | 3.12% | 1.99% | 3.60% | -7.62% | 1.05% | 5.26% | 0.24% |
Correlation
The correlation between MUNI and BSMQ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.51 |
Over the past year, the correlation between MUNI and BSMQ has dropped to 0.26 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MUNI vs. BSMQ — Risk / Return Rank
MUNI
BSMQ
MUNI vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
| MUNI | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.48 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 9.43 | -6.57 |
| Martin ratioReturn relative to average drawdown | 9.39 | 24.69 | -15.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MUNI | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 2.32 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.11 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.78 | 0.25 | +0.54 |
Drawdowns
MUNI vs. BSMQ - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for MUNI and BSMQ.
Loading charts...
Drawdown Indicators
| MUNI | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -13.18% | +2.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -0.33% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -2.53% | -1.56% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -11.50% | +0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -0.79% | -0.12% | -0.67% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.48% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.12% | +0.58% |
Volatility
MUNI vs. BSMQ - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 0.77% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.39%. This indicates that MUNI's price experiences larger fluctuations and is considered to be riskier than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MUNI | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.39% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 0.94% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 1.33% | +0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 2.68% | +0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 4.79% | -0.94% |
MUNI vs. BSMQ - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than BSMQ's 0.18% expense ratio.
Dividends
MUNI vs. BSMQ - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.29%, more than BSMQ's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.29% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Frequently Asked Questions
MUNI and BSMQ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUNI has higher volatility (0.77%) compared to BSMQ (0.39%). In terms of maximum drawdown, MUNI dropped -11.15% vs BSMQ's -13.18%.
On 5-year performance, MUNI leads with 1.27% vs 0.29% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MUNI has performed better with a 1.27% return vs 0.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.35% for MUNI.
MUNI has the higher dividend yield at 3.29%, compared with 2.76% for BSMQ.
They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.35% for MUNI and 0.18% for BSMQ.
MUNI currently has the higher Sharpe Ratio (2.89 vs 2.32), 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.
Find the right allocation for MUNI and BSMQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer