NBET vs. BSMW
NBET (Neuberger Berman Energy Transition & Infrastructure ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - NBET is a Energy Equities fund actively managed by Neuberger Berman, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. NBET is actively managed, while BSMW is passively managed. Over the past 3 years, NBET returned 20.01%/yr vs 2.91%/yr for BSMW. At a 0.02 correlation, their price movements are largely independent. NBET charges 0.65%/yr vs 0.18%/yr for BSMW.
Performance
NBET vs. BSMW - Performance Comparison
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Returns By Period
In the year-to-date period, NBET achieves a 21.93% return, which is significantly higher than BSMW's 1.59% return.
NBET
- 1D
- 1.28%
- 1M
- -3.13%
- YTD
- 21.93%
- 6M
- 22.32%
- 1Y
- 24.61%
- 3Y*
- 20.01%
- 5Y*
- —
- 10Y*
- —
BSMW
- 1D
- 0.13%
- 1M
- 1.11%
- YTD
- 1.59%
- 6M
- 1.75%
- 1Y
- 6.25%
- 3Y*
- 2.91%
- 5Y*
- —
- 10Y*
- —
NBET vs. BSMW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 21.93% | 5.87% | 30.30% | 5.11% |
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.59% | 3.42% | -0.35% | 7.00% |
Correlation
The correlation between NBET and BSMW is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2023 | 0.02 |
The correlation between NBET and BSMW shifts across timeframes, from -0.23 (1 year) to 0.06 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NBET vs. BSMW — Risk / Return Rank
NBET
BSMW
NBET vs. BSMW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Energy Transition & Infrastructure ETF (NBET) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NBET | BSMW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.48 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 2.15 | +0.94 |
| Martin ratioReturn relative to average drawdown | 8.27 | 6.59 | +1.68 |
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Drawdowns
NBET vs. BSMW - Drawdown Comparison
The maximum NBET drawdown since its inception was -18.72%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for NBET and BSMW.
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Drawdown Indicators
| NBET | BSMW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -7.57% | -11.15% |
Max Drawdown (1Y)Largest decline over 1 year | -8.00% | -2.92% | -5.08% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -7.34% | -11.38% |
Current DrawdownCurrent decline from peak | -6.11% | -0.70% | -5.41% |
Average DrawdownAverage peak-to-trough decline | -5.07% | -1.71% | -3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.98% | 0.95% | +2.03% |
Volatility
NBET vs. BSMW - Volatility Comparison
Neuberger Berman Energy Transition & Infrastructure ETF (NBET) has a higher volatility of 4.82% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.40%. This indicates that NBET's price experiences larger fluctuations and is considered to be riskier than BSMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NBET | BSMW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.82% | 0.40% | +4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 11.14% | 1.95% | +9.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.72% | 2.68% | +12.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.48% | 4.96% | +14.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.48% | 4.96% | +14.52% |
NBET vs. BSMW - Expense Ratio Comparison
NBET has a 0.65% expense ratio, which is higher than BSMW's 0.18% expense ratio.
Dividends
NBET vs. BSMW - Dividend Comparison
NBET's dividend yield for the trailing twelve months is around 2.47%, less than BSMW's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.19% | 3.24% | 3.48% | 2.36% | 0.00% |
NBET Neuberger Berman Energy Transition & Infrastructure ETF | 2.47% | 2.70% | 2.43% | 1.22% | 0.87% |
Frequently Asked Questions
NBET and BSMW have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NBET has higher volatility (4.82%) compared to BSMW (0.40%). In terms of maximum drawdown, NBET dropped -18.72% vs BSMW's -7.57%.
On 3-year performance, NBET leads with 20.01% vs 2.91% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NBET has performed better with a 20.01% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMW is cheaper with a 0.18% expense ratio, compared with 0.65% for NBET.
BSMW has the higher dividend yield at 3.19%, compared with 2.47% for NBET.
NBET is categorized as Energy Equities, while BSMW is Municipal Bonds. They also come from different issuers: Neuberger Berman and Invesco. Their fees differ too: 0.65% for NBET and 0.18% for BSMW.
BSMW currently has the higher Sharpe Ratio (2.34 vs 1.68), 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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