SOYB vs. BSMW
SOYB (Teucrium Soybean Fund) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - SOYB is a Agricultural Commodities fund tracking the Teucrium Soybean Fund Benchmark, 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, SOYB returned -0.07%/yr vs 3.20%/yr for BSMW. At a 0.04 correlation, their price movements are largely independent. SOYB charges 1.88%/yr vs 0.18%/yr for BSMW.
Performance
SOYB vs. BSMW - Performance Comparison
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Returns By Period
In the year-to-date period, SOYB achieves a 12.90% return, which is significantly higher than BSMW's 1.30% return.
SOYB
- 1D
- -1.00%
- 1M
- -2.14%
- YTD
- 12.90%
- 6M
- 6.01%
- 1Y
- 14.47%
- 3Y*
- -0.07%
- 5Y*
- 0.26%
- 10Y*
- 1.86%
BSMW
- 1D
- 0.11%
- 1M
- 0.55%
- YTD
- 1.30%
- 6M
- 1.59%
- 1Y
- 6.93%
- 3Y*
- 3.20%
- 5Y*
- —
- 10Y*
- —
SOYB vs. BSMW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SOYB Teucrium Soybean Fund | 12.90% | 1.77% | -20.48% | -2.49% |
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.30% | 3.42% | -0.35% | 7.00% |
Correlation
The correlation between SOYB and BSMW is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023 | 0.04 |
The correlation between SOYB and BSMW shifts across timeframes, from -0.17 (1 year) to 0.06 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SOYB vs. BSMW — Risk / Return Rank
SOYB
BSMW
SOYB vs. BSMW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Teucrium Soybean Fund (SOYB) 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.
| SOYB | BSMW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.50 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.39 | -0.73 |
| Martin ratioReturn relative to average drawdown | 4.06 | 7.53 | -3.47 |
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
| SOYB | BSMW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.11 | 2.48 | -1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.00 | 0.69 | -0.69 |
Drawdowns
SOYB vs. BSMW - Drawdown Comparison
The maximum SOYB drawdown since its inception was -53.76%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for SOYB and BSMW.
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Drawdown Indicators
| SOYB | BSMW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.76% | -7.57% | -46.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.78% | -2.92% | -5.86% |
Max Drawdown (3Y)Largest decline over 3 years | -31.01% | -7.34% | -23.67% |
Max Drawdown (5Y)Largest decline over 5 years | -31.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.28% | — | — |
Current DrawdownCurrent decline from peak | -15.80% | -0.98% | -14.82% |
Average DrawdownAverage peak-to-trough decline | -25.76% | -1.72% | -24.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 0.92% | +2.65% |
Volatility
SOYB vs. BSMW - Volatility Comparison
Teucrium Soybean Fund (SOYB) has a higher volatility of 4.05% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.93%. This indicates that SOYB'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.
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Volatility by Period
| SOYB | BSMW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.05% | 0.93% | +3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 8.94% | 1.98% | +6.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.06% | 2.82% | +10.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.00% | 5.00% | +13.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.98% | 5.00% | +11.98% |
SOYB vs. BSMW - Expense Ratio Comparison
SOYB has a 1.88% expense ratio, which is higher than BSMW's 0.18% expense ratio.
Dividends
SOYB vs. BSMW - Dividend Comparison
SOYB has not paid dividends to shareholders, while BSMW's dividend yield for the trailing twelve months is around 3.20%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.20% | 3.24% | 3.48% | 2.36% |
SOYB Teucrium Soybean Fund | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SOYB and BSMW have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOYB has higher volatility (4.05%) compared to BSMW (0.93%). In terms of maximum drawdown, SOYB dropped -53.76% vs BSMW's -7.57%.
On 3-year performance, BSMW leads with 3.20% vs -0.07% for SOYB. 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.
Over the 3-year period, BSMW has performed better with a 3.20% return vs -0.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSMW is cheaper with a 0.18% expense ratio, compared with 1.88% for SOYB.
BSMW has the higher dividend yield at 3.20%, compared with 0.00% for SOYB.
SOYB is categorized as Agricultural Commodities, while BSMW is Municipal Bonds. SOYB tracks Teucrium Soybean Fund Benchmark, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. They also come from different issuers: Teucrium and Invesco. Their fees differ too: 1.88% for SOYB and 0.18% for BSMW.
BSMW currently has the higher Sharpe Ratio (2.48 vs 1.11), 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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