SPOG vs. BSMW

Last updated Jul 17, 2026

SPOG (Leverage Shares 2X Long SPOT Daily ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - SPOG is a Leveraged Equities fund actively managed by Leverage Shares, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. SPOG is actively managed, while BSMW is passively managed. At a correlation of -0.07, they often move in opposite directions. SPOG charges 0.75%/yr vs 0.18%/yr for BSMW.

Performance

SPOG vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 2X Long SPOT Daily ETF (SPOG) 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, SPOG achieves a -45.69% return, which is significantly lower than BSMW's 1.28% return.

SPOG

• 1D: -4.20%
• 1M: 0.55%
• 6M: -28.66%
• YTD: -45.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMW

• 1D: -0.08%
• 1M: -0.02%
• 6M: 0.36%
• YTD: 1.28%
• 1Y: 6.03%
• 3Y*: 2.64%
• 5Y*: —
• 10Y*: —

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

SPOG vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025
SPOG Leverage Shares 2X Long SPOT Daily ETF	-45.69%	-18.73%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.28%	0.14%

Correlation

The correlation between SPOG and BSMW is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 17, 2025	-0.07

Return for Risk

SPOG vs. BSMW — Risk / Return Rank

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

SPOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BSMW

BSMW Risk / Return Rank: 74
BSMW Sharpe Ratio Rank: 89
BSMW Sortino Ratio Rank: 90
BSMW Omega Ratio Rank: 91
BSMW Calmar Ratio Rank: 50
BSMW Martin Ratio Rank: 48

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.

SPOG vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 2X Long SPOT Daily ETF (SPOG) 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.

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.

	SPOG	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	—	2.34	—
Sortino ratio: Return per unit of downside risk	—	3.37	—
Omega ratio: Gain probability vs. loss probability	—	1.48	—
Calmar ratio: Return relative to maximum drawdown	—	2.08	—
Martin ratio: Return relative to average drawdown	—	6.37	—

Drawdowns

SPOG vs. BSMW - Drawdown Comparison

The maximum SPOG drawdown since its inception was -64.41%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for SPOG and BSMW.

Drawdown Indicators

	SPOG	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-7.57%	-56.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.92%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.34%	—
Current Drawdown Current decline from peak	-56.30%	-1.00%	-55.30%
Average Drawdown Average peak-to-trough decline	-42.83%	-1.69%	-41.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.95%	—

Volatility

Volatility by Period

	SPOG	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	97.10%	2.58%	+94.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.10%	4.92%	+92.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.10%	4.92%	+92.18%

SPOG vs. BSMW - Expense Ratio Comparison

SPOG has a 0.75% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

SPOG vs. BSMW - Dividend Comparison

SPOG 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%
SPOG Leverage Shares 2X Long SPOT Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPOG and BSMW in my portfolio?

SPOG and BSMW have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPOG or BSMW?

On fees, BSMW is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPOG or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.75% for SPOG.

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

BSMW has the higher dividend yield at 3.20%, compared with 0.00% for SPOG.

What is the main difference between SPOG and BSMW?

SPOG is categorized as Leveraged Equities, while BSMW is Municipal Bonds. They also come from different issuers: Leverage Shares and Invesco. Their fees differ too: 0.75% for SPOG and 0.18% for BSMW.