RMCA vs. BSMQ

Last updated Jun 25, 2026

RMCA (Rockefeller California Municipal Bond ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. RMCA is actively managed, while BSMQ is passively managed. Over the past year, RMCA returned 7.55% vs 2.94% for BSMQ. At a 0.35 correlation, their price movements are largely independent. RMCA charges 0.55%/yr vs 0.18%/yr for BSMQ.

Performance

RMCA vs. BSMQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rockefeller California Municipal Bond ETF (RMCA) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RMCA achieves a 3.06% return, which is significantly higher than BSMQ's 1.01% return.

RMCA

• 1D: 0.31%
• 1M: 1.94%
• YTD: 3.06%
• 6M: 3.12%
• 1Y: 7.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMQ

• 1D: -0.08%
• 1M: 0.27%
• YTD: 1.01%
• 6M: 1.09%
• 1Y: 2.94%
• 3Y*: 2.79%
• 5Y*: 0.38%
• 10Y*: —

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

RMCA vs. BSMQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RMCA Rockefeller California Municipal Bond ETF	3.06%	2.35%	-0.24%
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	1.01%	3.12%	0.96%

Correlation

The correlation between RMCA and BSMQ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since Aug 13, 2024	0.35

The correlation between RMCA and BSMQ shifts across timeframes, from 0.19 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RMCA vs. BSMQ — Risk / Return Rank

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

RMCA

RMCA Risk / Return Rank: 76
RMCA Sharpe Ratio Rank: 75
RMCA Sortino Ratio Rank: 82
RMCA Omega Ratio Rank: 85
RMCA Calmar Ratio Rank: 73
RMCA Martin Ratio Rank: 67

BSMQ

BSMQ Risk / Return Rank: 89
BSMQ Sharpe Ratio Rank: 80
BSMQ Sortino Ratio Rank: 89
BSMQ Omega Ratio Rank: 86
BSMQ Calmar Ratio Rank: 97
BSMQ Martin Ratio Rank: 94

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.

RMCA vs. BSMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rockefeller California Municipal Bond ETF (RMCA) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). 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.

	RMCA	BSMQ	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.24	-0.15
Sortino ratio: Return per unit of downside risk	3.18	3.57	-0.39
Omega ratio: Gain probability vs. loss probability	1.45	1.46	-0.02
Calmar ratio: Return relative to maximum drawdown	3.23	9.00	-5.77
Martin ratio: Return relative to average drawdown	10.75	23.77	-13.03

RMCA vs. BSMQ - Sharpe Ratio Comparison

The current RMCA Sharpe Ratio is 2.09, which is comparable to the BSMQ Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of RMCA and BSMQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RMCA vs. BSMQ - Drawdown Comparison

The maximum RMCA drawdown since its inception was -5.95%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for RMCA and BSMQ.

Drawdown Indicators

	RMCA	BSMQ	Difference
Max Drawdown Largest peak-to-trough decline	-5.95%	-13.18%	+7.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.35%	-0.33%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.50%	—
Current Drawdown Current decline from peak	0.00%	-0.08%	+0.08%
Average Drawdown Average peak-to-trough decline	-1.58%	-3.44%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.12%	+0.58%

Volatility

RMCA vs. BSMQ - Volatility Comparison

Rockefeller California Municipal Bond ETF (RMCA) has a higher volatility of 0.91% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.41%. This indicates that RMCA's price experiences larger fluctuations and is considered to be riskier than BSMQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RMCA	BSMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.41%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	0.94%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.62%	1.32%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	2.66%	+2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	4.77%	+0.55%

RMCA vs. BSMQ - Expense Ratio Comparison

RMCA has a 0.55% expense ratio, which is higher than BSMQ's 0.18% expense ratio.

Dividends

RMCA vs. BSMQ - Dividend Comparison

RMCA's dividend yield for the trailing twelve months is around 4.33%, more than BSMQ's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.75%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%
RMCA Rockefeller California Municipal Bond ETF	4.33%	4.51%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RMCA and BSMQ in my portfolio?

RMCA and BSMQ 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, RMCA or BSMQ?

RMCA has higher volatility (0.91%) compared to BSMQ (0.41%). In terms of maximum drawdown, RMCA dropped -5.95% vs BSMQ's -13.18%.

Which ETF is better, RMCA or BSMQ?

On 1-year performance, RMCA leads with 7.55% vs 2.94% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RMCA or BSMQ?

Over the 1-year period, RMCA has performed better with a 7.55% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RMCA or BSMQ?

BSMQ is cheaper with a 0.18% expense ratio, compared with 0.55% for RMCA.

Which ETF pays a higher dividend yield, RMCA or BSMQ?

RMCA has the higher dividend yield at 4.33%, compared with 2.75% for BSMQ.

What is the main difference between RMCA and BSMQ?

They also come from different issuers: Rockefeller and Invesco. Their fees differ too: 0.55% for RMCA and 0.18% for BSMQ.

Which has better risk-adjusted returns?

BSMQ currently has the higher Sharpe Ratio (2.24 vs 2.09), 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.