NDIV vs. BSMW

Last updated Jun 5, 2026

NDIV (Amplify Natural Resources Dividend Income ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - NDIV is a Energy Equities fund tracking the EQM Natural Resources Dividend Income Index, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. Both are passively managed. Over the past 3 years, NDIV returned 19.61%/yr vs 3.23%/yr for BSMW. At a correlation of -0.07, they often move in opposite directions. NDIV charges 0.59%/yr vs 0.18%/yr for BSMW.

Performance

NDIV vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Natural Resources Dividend Income ETF (NDIV) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NDIV achieves a 34.08% return, which is significantly higher than BSMW's 1.28% return.

NDIV

• 1D: 1.08%
• 1M: -2.62%
• YTD: 34.08%
• 6M: 29.69%
• 1Y: 37.09%
• 3Y*: 19.61%
• 5Y*: —
• 10Y*: —

BSMW

• 1D: -0.02%
• 1M: 0.65%
• YTD: 1.28%
• 6M: 1.64%
• 1Y: 6.54%
• 3Y*: 3.23%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NDIV vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NDIV Amplify Natural Resources Dividend Income ETF	34.08%	2.85%	6.18%	13.38%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.28%	3.42%	-0.35%	7.00%

Correlation

The correlation between NDIV and BSMW is -0.27, 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	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	-0.07

Over the past year, the inverse relationship between NDIV and BSMW has strengthened: their correlation has moved from -0.07 to -0.27, meaning they now move in opposite directions more often than their long-term average.

NDIV vs. BSMW - Sectors Allocation Comparison

Sectors	NDIV	BSMW
Energy	81.7%	-
Basic Materials	18.2%	-
Financial Services	0.1%	1.7%
Communication Services	-	-
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.1%
Utilities	-	-

Return for Risk

NDIV vs. BSMW — Risk / Return Rank

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

NDIV

NDIV Risk / Return Rank: 56
NDIV Sharpe Ratio Rank: 56
NDIV Sortino Ratio Rank: 53
NDIV Omega Ratio Rank: 51
NDIV Calmar Ratio Rank: 70
NDIV Martin Ratio Rank: 49

BSMW

BSMW Risk / Return Rank: 64
BSMW Sharpe Ratio Rank: 74
BSMW Sortino Ratio Rank: 76
BSMW Omega Ratio Rank: 81
BSMW Calmar Ratio Rank: 47
BSMW Martin Ratio Rank: 45

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.

NDIV vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Natural Resources Dividend Income ETF (NDIV) 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.

	NDIV	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.35	-0.47
Sortino ratio: Return per unit of downside risk	2.50	3.37	-0.87
Omega ratio: Gain probability vs. loss probability	1.32	1.47	-0.16
Calmar ratio: Return relative to maximum drawdown	3.47	2.25	+1.22
Martin ratio: Return relative to average drawdown	8.17	7.09	+1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NDIV vs. BSMW - Sharpe Ratio Comparison

The current NDIV Sharpe Ratio is 1.88, which is comparable to the BSMW Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of NDIV and BSMW, 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

	NDIV	BSMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.35	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.69	+0.05

Drawdowns

NDIV vs. BSMW - Drawdown Comparison

The maximum NDIV drawdown since its inception was -19.73%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for NDIV and BSMW.

Drawdown Indicators

	NDIV	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-19.73%	-7.57%	-12.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.73%	-2.92%	-7.81%
Max Drawdown (3Y) Largest decline over 3 years	-19.73%	-7.34%	-12.39%
Current Drawdown Current decline from peak	-3.05%	-1.00%	-2.05%
Average Drawdown Average peak-to-trough decline	-4.20%	-1.72%	-2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.55%	0.92%	+3.63%

Volatility

NDIV vs. BSMW - Volatility Comparison

Amplify Natural Resources Dividend Income ETF (NDIV) has a higher volatility of 4.72% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.92%. This indicates that NDIV'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.

Volatility by Period

	NDIV	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	0.92%	+3.80%
Volatility (6M) Calculated over the trailing 6-month period	13.39%	1.97%	+11.42%
Volatility (1Y) Calculated over the trailing 1-year period	19.86%	2.81%	+17.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.92%	5.00%	+15.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	5.00%	+15.92%

NDIV vs. BSMW - Expense Ratio Comparison

NDIV has a 0.59% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

NDIV vs. BSMW - Dividend Comparison

NDIV's dividend yield for the trailing twelve months is around 6.46%, more than BSMW's 3.20% yield.

Position	TTM	2025	2024	2023	2022
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%	0.00%
NDIV Amplify Natural Resources Dividend Income ETF	6.46%	5.64%	5.88%	7.37%	1.69%

Frequently Asked Questions

Can I hold both NDIV and BSMW in my portfolio?

NDIV and BSMW have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NDIV or BSMW?

NDIV has higher volatility (4.72%) compared to BSMW (0.92%). In terms of maximum drawdown, NDIV dropped -19.73% vs BSMW's -7.57%.

Which ETF is better, NDIV or BSMW?

On 3-year performance, NDIV leads with 19.61% vs 3.23% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NDIV or BSMW?

Over the 3-year period, NDIV has performed better with a 19.61% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NDIV or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.59% for NDIV.

Which ETF pays a higher dividend yield, NDIV or BSMW?

NDIV has the higher dividend yield at 6.46%, compared with 3.20% for BSMW.

What is the main difference between NDIV and BSMW?

NDIV is categorized as Energy Equities, while BSMW is Municipal Bonds. NDIV tracks EQM Natural Resources Dividend Income Index, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. They also come from different issuers: Amplify and Invesco. Their fees differ too: 0.59% for NDIV and 0.18% for BSMW.

Which has better risk-adjusted returns?

BSMW currently has the higher Sharpe Ratio (2.35 vs 1.88), 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.