SHYD vs. BSMQ
SHYD (VanEck Short High Yield Muni ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds - SHYD tracks the Bloomberg Municipal High Yield Short Duration while BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index. Both are passively managed. Over the past 5 years, SHYD returned 0.93%/yr vs 0.29%/yr for BSMQ. At a 0.35 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.18%/yr for BSMQ.
Performance
SHYD vs. BSMQ - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SHYD having a 0.74% return and BSMQ slightly lower at 0.73%.
SHYD
- 1D
- -0.09%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 1.44%
- 1Y
- 5.37%
- 3Y*
- 4.40%
- 5Y*
- 0.93%
- 10Y*
- 2.02%
BSMQ
- 1D
- -0.06%
- 1M
- 0.14%
- YTD
- 0.73%
- 6M
- 1.17%
- 1Y
- 3.08%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
SHYD vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.74% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 1.56% | 1.21% |
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.73% | 3.12% | 1.99% | 3.60% | -7.62% | 1.05% | 5.26% | 0.24% |
Correlation
The correlation between SHYD and BSMQ is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.35 |
The correlation between SHYD and BSMQ shifts across timeframes, from 0.21 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. BSMQ — Risk / Return Rank
SHYD
BSMQ
SHYD vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.48 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 9.43 | -6.94 |
| Martin ratioReturn relative to average drawdown | 8.17 | 24.69 | -16.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHYD | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 2.32 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.11 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.25 | +0.01 |
Drawdowns
SHYD vs. BSMQ - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than BSMQ's maximum drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for SHYD and BSMQ.
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Drawdown Indicators
| SHYD | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -13.18% | -18.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -0.33% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -2.53% | -1.64% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -11.50% | -1.82% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | -0.12% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -3.48% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.12% | +0.54% |
Volatility
SHYD vs. BSMQ - Volatility Comparison
VanEck Short High Yield Muni ETF (SHYD) has a higher volatility of 0.84% compared to Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) at 0.39%. This indicates that SHYD'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.
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Volatility by Period
| SHYD | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.39% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 0.94% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 1.33% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 2.68% | +2.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 4.79% | +4.90% |
SHYD vs. BSMQ - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than BSMQ's 0.18% expense ratio.
Dividends
SHYD vs. BSMQ - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.51%, more than BSMQ's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
SHYD VanEck Short High Yield Muni ETF | 3.51% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD and BSMQ have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHYD has higher volatility (0.84%) compared to BSMQ (0.39%). In terms of maximum drawdown, SHYD dropped -31.22% vs BSMQ's -13.18%.
On 5-year performance, SHYD leads with 0.93% vs 0.29% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. On volatility, BSMQ has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYD has performed better with a 0.93% return vs 0.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMQ is cheaper with a 0.18% expense ratio, compared with 0.35% for SHYD.
SHYD has the higher dividend yield at 3.51%, compared with 2.76% for BSMQ.
SHYD tracks Bloomberg Municipal High Yield Short Duration, while BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SHYD and 0.18% for BSMQ.
BSMQ currently has the higher Sharpe Ratio (2.32 vs 1.80), 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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