PXJ vs. BSMW

Last updated Jun 3, 2026

PXJ (Invesco Dynamic Oil & Gas Services ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - PXJ is a Energy Equities fund tracking the Dynamic Oil & Gas Services Intellidex 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, PXJ returned 25.03%/yr vs 3.16%/yr for BSMW. At a correlation of -0.08, they often move in opposite directions. PXJ charges 0.63%/yr vs 0.18%/yr for BSMW.

Performance

PXJ vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Dynamic Oil & Gas Services ETF (PXJ) 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, PXJ achieves a 47.03% return, which is significantly higher than BSMW's 1.19% return.

PXJ

• 1D: 1.35%
• 1M: -5.54%
• YTD: 47.03%
• 6M: 44.84%
• 1Y: 89.31%
• 3Y*: 25.03%
• 5Y*: 17.57%
• 10Y*: -0.74%

BSMW

• 1D: 0.23%
• 1M: 0.45%
• YTD: 1.19%
• 6M: 1.45%
• 1Y: 6.71%
• 3Y*: 3.16%
• 5Y*: —
• 10Y*: —

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

PXJ vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PXJ Invesco Dynamic Oil & Gas Services ETF	47.03%	8.74%	0.21%	1.90%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.19%	3.42%	-0.35%	7.00%

Correlation

The correlation between PXJ and BSMW is -0.19, 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	-0.19
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	-0.08

The correlation between PXJ and BSMW shifts across timeframes, from -0.19 (1 year) to -0.04 (3 years), reflecting how their relationship changes across market environments.

PXJ vs. BSMW - Sectors Allocation Comparison

Sectors	PXJ	BSMW
Energy	92.6%	-
Industrials	5.2%	-
Utilities	2.1%	-
Financial Services	0.1%	1.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	0.1%

Return for Risk

PXJ vs. BSMW — Risk / Return Rank

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

PXJ

PXJ Risk / Return Rank: 91
PXJ Sharpe Ratio Rank: 92
PXJ Sortino Ratio Rank: 89
PXJ Omega Ratio Rank: 84
PXJ Calmar Ratio Rank: 96
PXJ Martin Ratio Rank: 94

BSMW

BSMW Risk / Return Rank: 63
BSMW Sharpe Ratio Rank: 71
BSMW Sortino Ratio Rank: 75
BSMW Omega Ratio Rank: 79
BSMW Calmar Ratio Rank: 46
BSMW Martin Ratio Rank: 44

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.

PXJ vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Oil & Gas Services ETF (PXJ) 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.

	PXJ	BSMW	Difference
Sharpe ratio Return per unit of total volatility	3.40	2.39	+1.01
Sortino ratio Return per unit of downside risk	4.14	3.44	+0.70
Omega ratio Gain probability vs. loss probability	1.51	1.48	+0.03
Calmar ratio Return relative to maximum drawdown	9.00	2.32	+6.68
Martin ratio Return relative to average drawdown	26.58	7.35	+19.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXJ vs. BSMW - Sharpe Ratio Comparison

The current PXJ Sharpe Ratio is 3.40, which is higher than the BSMW Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PXJ 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

	PXJ	BSMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.40	2.39	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.69	-0.73

Drawdowns

PXJ vs. BSMW - Drawdown Comparison

The maximum PXJ drawdown since its inception was -94.82%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for PXJ and BSMW.

Drawdown Indicators

	PXJ	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-94.82%	-7.57%	-87.25%
Max Drawdown (1Y) Largest decline over 1 year	-10.10%	-2.92%	-7.18%
Max Drawdown (3Y) Largest decline over 3 years	-40.03%	-7.34%	-32.69%
Max Drawdown (5Y) Largest decline over 5 years	-40.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-87.72%	—	—
Current Drawdown Current decline from peak	-66.40%	-1.09%	-65.31%
Average Drawdown Average peak-to-trough decline	-55.67%	-1.73%	-53.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	0.92%	+2.50%

Volatility

PXJ vs. BSMW - Volatility Comparison

Invesco Dynamic Oil & Gas Services ETF (PXJ) has a higher volatility of 7.76% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.93%. This indicates that PXJ'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

	PXJ	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.76%	0.93%	+6.83%
Volatility (6M) Calculated over the trailing 6-month period	18.28%	1.97%	+16.31%
Volatility (1Y) Calculated over the trailing 1-year period	26.40%	2.81%	+23.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.57%	5.01%	+29.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.48%	5.01%	+34.47%

PXJ vs. BSMW - Expense Ratio Comparison

PXJ has a 0.63% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

PXJ vs. BSMW - Dividend Comparison

PXJ's dividend yield for the trailing twelve months is around 2.19%, less than BSMW's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.19%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%

Frequently Asked Questions

Can I hold both PXJ and BSMW in my portfolio?

PXJ and BSMW have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXJ or BSMW?

PXJ has higher volatility (7.76%) compared to BSMW (0.93%). In terms of maximum drawdown, PXJ dropped -94.82% vs BSMW's -7.57%.

Which ETF is better, PXJ or BSMW?

On 3-year performance, PXJ leads with 25.03% vs 3.16% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXJ or BSMW?

Over the 3-year period, PXJ has performed better with a 25.03% return vs 3.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXJ or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.63% for PXJ.

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

BSMW has the higher dividend yield at 3.20%, compared with 2.19% for PXJ.

What is the main difference between PXJ and BSMW?

PXJ is categorized as Energy Equities, while BSMW is Municipal Bonds. PXJ tracks Dynamic Oil & Gas Services Intellidex Index, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. Their fees differ too: 0.63% for PXJ and 0.18% for BSMW.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (3.40 vs 2.39), 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.