SMMU vs. BSMQ
SMMU (PIMCO Short Term Municipal Bond Active ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds. SMMU is actively managed, while BSMQ is passively managed. Over the past 5 years, SMMU returned 1.90%/yr vs 0.29%/yr for BSMQ. At a 0.43 correlation, their price movements are largely independent. SMMU charges 0.35%/yr vs 0.18%/yr for BSMQ.
Performance
SMMU vs. BSMQ - Performance Comparison
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Returns By Period
In the year-to-date period, SMMU achieves a 1.10% return, which is significantly higher than BSMQ's 0.73% return.
SMMU
- 1D
- 0.07%
- 1M
- 0.31%
- YTD
- 1.10%
- 6M
- 1.36%
- 1Y
- 3.92%
- 3Y*
- 3.67%
- 5Y*
- 1.90%
- 10Y*
- 1.82%
BSMQ
- 1D
- -0.06%
- 1M
- 0.14%
- YTD
- 0.73%
- 6M
- 1.17%
- 1Y
- 3.08%
- 3Y*
- 2.92%
- 5Y*
- 0.29%
- 10Y*
- —
SMMU vs. BSMQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 4.06% | 2.68% | 4.39% | -2.45% | 0.17% | 2.87% | 0.48% |
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 SMMU and BSMQ is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019 | 0.43 |
Over the past year, the correlation between SMMU and BSMQ has dropped to 0.22 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
SMMU vs. BSMQ — Risk / Return Rank
SMMU
BSMQ
SMMU vs. BSMQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) 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.
| SMMU | BSMQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.52 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.90 | 1.48 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | 9.43 | -4.32 |
| Martin ratioReturn relative to average drawdown | 18.24 | 24.69 | -6.45 |
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
| SMMU | BSMQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | 2.32 | +1.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | 0.11 | +1.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.25 | +0.36 |
Drawdowns
SMMU vs. BSMQ - Drawdown Comparison
The maximum SMMU drawdown since its inception was -5.09%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for SMMU and BSMQ.
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Drawdown Indicators
| SMMU | BSMQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -13.18% | +8.09% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | -0.33% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | -2.53% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -4.76% | -11.50% | +6.74% |
Max Drawdown (10Y)Largest decline over 10 years | -5.09% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.12% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -3.48% | +2.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 0.12% | +0.10% |
Volatility
SMMU vs. BSMQ - Volatility Comparison
The current volatility for PIMCO Short Term Municipal Bond Active ETF (SMMU) is 0.31%, while Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) has a volatility of 0.39%. This indicates that SMMU experiences smaller price fluctuations and is considered to be less risky 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
| SMMU | BSMQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | 0.39% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | 0.94% | -0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.02% | 1.33% | -0.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 2.68% | -1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 4.79% | -2.06% |
SMMU vs. BSMQ - Expense Ratio Comparison
SMMU has a 0.35% expense ratio, which is higher than BSMQ's 0.18% expense ratio.
Dividends
SMMU vs. BSMQ - Dividend Comparison
SMMU's dividend yield for the trailing twelve months is around 2.84%, 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% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.84% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
Frequently Asked Questions
SMMU and BSMQ have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BSMQ has higher volatility (0.39%) compared to SMMU (0.31%). In terms of maximum drawdown, SMMU dropped -5.09% vs BSMQ's -13.18%.
On 5-year performance, SMMU leads with 1.90% vs 0.29% for BSMQ. On fees, BSMQ is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMMU has performed better with a 1.90% 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 SMMU.
SMMU has the higher dividend yield at 2.84%, compared with 2.76% for BSMQ.
They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.35% for SMMU and 0.18% for BSMQ.
SMMU currently has the higher Sharpe Ratio (3.84 vs 2.32), 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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