PMIO vs. BSMR

Last updated Jun 4, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both Municipal Bonds funds. PMIO is actively managed, while BSMR is passively managed. Over the past year, PMIO returned 6.80% vs 4.16% for BSMR. A 0.54 correlation means they provide meaningful diversification when combined. PMIO charges 0.25%/yr vs 0.18%/yr for BSMR.

Performance

PMIO vs. BSMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMIO achieves a 1.54% return, which is significantly higher than BSMR's 1.04% return.

PMIO

• 1D: -0.06%
• 1M: 0.84%
• YTD: 1.54%
• 6M: 1.81%
• 1Y: 6.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMR

• 1D: 0.05%
• 1M: 0.41%
• YTD: 1.04%
• 6M: 1.31%
• 1Y: 4.16%
• 3Y*: 3.03%
• 5Y*: 0.48%
• 10Y*: —

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

PMIO vs. BSMR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	1.54%	5.30%	2.41%
BSMR Invesco BulletShares 2027 Municipal Bond ETF	1.04%	3.10%	1.94%

Correlation

The correlation between PMIO and BSMR is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 1, 2024	0.54

The correlation between PMIO and BSMR has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

PMIO vs. BSMR - Sectors Allocation Comparison

Sectors	PMIO	BSMR
Financial Services	2.7%	1.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PMIO vs. BSMR — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 79
PMIO Sharpe Ratio Rank: 89
PMIO Sortino Ratio Rank: 93
PMIO Omega Ratio Rank: 94
PMIO Calmar Ratio Rank: 62
PMIO Martin Ratio Rank: 58

BSMR

BSMR Risk / Return Rank: 94
BSMR Sharpe Ratio Rank: 92
BSMR Sortino Ratio Rank: 96
BSMR Omega Ratio Rank: 95
BSMR Calmar Ratio Rank: 94
BSMR Martin Ratio Rank: 92

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.

PMIO vs. BSMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.

	PMIO	BSMR	Difference
Sharpe ratio: Return per unit of total volatility	3.04	3.33	-0.29
Sortino ratio: Return per unit of downside risk	4.55	5.57	-1.02
Omega ratio: Gain probability vs. loss probability	1.69	1.74	-0.04
Calmar ratio: Return relative to maximum drawdown	3.05	7.37	-4.33
Martin ratio: Return relative to average drawdown	10.15	23.41	-13.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMIO vs. BSMR - Sharpe Ratio Comparison

The current PMIO Sharpe Ratio is 3.04, which is comparable to the BSMR Sharpe Ratio of 3.33. The chart below compares the historical Sharpe Ratios of PMIO and BSMR, 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

	PMIO	BSMR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.04	3.33	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.57	0.22	+1.36

Drawdowns

PMIO vs. BSMR - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for PMIO and BSMR.

Drawdown Indicators

	PMIO	BSMR	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-13.49%	+10.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-0.57%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.02%	—
Current Drawdown Current decline from peak	-0.47%	0.00%	-0.47%
Average Drawdown Average peak-to-trough decline	-0.66%	-3.49%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.18%	+0.49%

Volatility

PMIO vs. BSMR - Volatility Comparison

PGIM Municipal Income Opportunities ETF (PMIO) has a higher volatility of 0.73% compared to Invesco BulletShares 2027 Municipal Bond ETF (BSMR) at 0.34%. This indicates that PMIO'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.

Volatility by Period

	PMIO	BSMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	0.34%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	1.58%	0.92%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	1.25%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.08%	3.03%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.08%	5.72%	-2.64%

PMIO vs. BSMR - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is higher than BSMR's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PMIO vs. BSMR - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.92%, more than BSMR's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMR Invesco BulletShares 2027 Municipal Bond ETF	2.72%	2.77%	2.78%	2.72%	1.40%	1.00%	1.49%	0.45%
PMIO PGIM Municipal Income Opportunities ETF	3.92%	4.00%	2.11%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PMIO and BSMR in my portfolio?

PMIO and BSMR have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMIO or BSMR?

PMIO has higher volatility (0.73%) compared to BSMR (0.34%). In terms of maximum drawdown, PMIO dropped -3.39% vs BSMR's -13.49%.

Which ETF is better, PMIO or BSMR?

On 1-year performance, PMIO leads with 6.80% vs 4.16% 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.

Which ETF has performed better, PMIO or BSMR?

Over the 1-year period, PMIO has performed better with a 6.80% return vs 4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PMIO or BSMR?

BSMR is cheaper with a 0.18% expense ratio, compared with 0.25% for PMIO.

Which ETF pays a higher dividend yield, PMIO or BSMR?

PMIO has the higher dividend yield at 3.92%, compared with 2.72% for BSMR.

What is the main difference between PMIO and BSMR?

They also come from different issuers: PGIM and Invesco. Their fees differ too: 0.25% for PMIO and 0.18% for BSMR.

Which has better risk-adjusted returns?

BSMR currently has the higher Sharpe Ratio (3.33 vs 3.04), 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.