MUNI vs. BSMR
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds. MUNI is actively managed, while BSMR is passively managed. Over the past 5 years, MUNI returned 1.27%/yr vs 0.48%/yr for BSMR. A 0.58 correlation means they provide meaningful diversification when combined. MUNI charges 0.35%/yr vs 0.18%/yr for BSMR.
Performance
MUNI vs. BSMR - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.24% return, which is significantly higher than BSMR's 1.04% 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%
BSMR
- 1D
- 0.05%
- 1M
- 0.41%
- YTD
- 1.04%
- 6M
- 1.31%
- 1Y
- 4.16%
- 3Y*
- 3.03%
- 5Y*
- 0.48%
- 10Y*
- —
MUNI vs. BSMR - 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% |
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 1.04% | 3.10% | 1.51% | 4.47% | -7.60% | 1.09% | 4.97% | 0.16% |
Correlation
The correlation between MUNI and BSMR is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.58 |
The correlation between MUNI and BSMR shifts across timeframes, from 0.49 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUNI vs. BSMR — Risk / Return Rank
MUNI
BSMR
MUNI vs. BSMR - 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 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.
| MUNI | BSMR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.74 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 7.37 | -4.52 |
| Martin ratioReturn relative to average drawdown | 9.39 | 23.41 | -14.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUNI | BSMR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 3.33 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.16 | +0.23 |
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 | 0.22 | +0.57 |
Drawdowns
MUNI vs. BSMR - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for MUNI and BSMR.
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Drawdown Indicators
| MUNI | BSMR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -13.49% | +2.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -0.57% | -1.72% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -3.50% | -0.59% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -12.02% | +0.87% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -0.79% | 0.00% | -0.79% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.49% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.18% | +0.52% |
Volatility
MUNI vs. BSMR - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 0.77% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.34%. This indicates that MUNI'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.
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Volatility by Period
| MUNI | BSMR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.34% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 1.60% | 0.92% | +0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.27% | 1.25% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 3.03% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 5.72% | -1.87% |
MUNI vs. BSMR - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than BSMR's 0.18% expense ratio.
Dividends
MUNI vs. BSMR - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.29%, more than BSMR's 2.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.72% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% | 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 BSMR have a correlation of 0.49, 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 BSMR (0.34%). In terms of maximum drawdown, MUNI dropped -11.15% vs BSMR's -13.49%.
On 5-year performance, MUNI leads with 1.27% vs 0.48% 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.
Over the 5-year period, MUNI has performed better with a 1.27% return vs 0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMR 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 2.72% for BSMR.
They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.35% for MUNI and 0.18% for BSMR.
BSMR currently has the higher Sharpe Ratio (3.33 vs 2.89), 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.
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