TAGS vs. BSMW

Last updated Jun 5, 2026

TAGS (Teucrium Agricultural Fund) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - TAGS is a Agricultural Commodities fund tracking the Teucrium TAGS Index, 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, TAGS returned -7.37%/yr vs 3.23%/yr for BSMW. At a correlation of -0.01, they often move in opposite directions. TAGS charges 0.21%/yr vs 0.18%/yr for BSMW.

Performance

TAGS vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Teucrium Agricultural Fund (TAGS) 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, TAGS achieves a 4.80% return, which is significantly higher than BSMW's 1.28% return.

TAGS

• 1D: -1.23%
• 1M: -5.66%
• YTD: 4.80%
• 6M: 2.35%
• 1Y: -2.42%
• 3Y*: -7.37%
• 5Y*: -1.75%
• 10Y*: -1.87%

BSMW

• 1D: -0.02%
• 1M: 0.65%
• YTD: 1.28%
• 6M: 1.64%
• 1Y: 6.54%
• 3Y*: 3.23%
• 5Y*: —
• 10Y*: —

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

TAGS vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TAGS Teucrium Agricultural Fund	4.80%	-8.76%	-14.57%	-4.20%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.28%	3.42%	-0.35%	7.00%

Correlation

The correlation between TAGS and BSMW is -0.28, 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	-0.28
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	-0.01

Over the past year, the inverse relationship between TAGS and BSMW has strengthened: their correlation has moved from -0.01 to -0.28, meaning they now move in opposite directions more often than their long-term average.

TAGS vs. BSMW - Sectors Allocation Comparison

Sectors	TAGS	BSMW
Financial Services	99.9%	1.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.1%
Utilities	-	-

Return for Risk

TAGS vs. BSMW — Risk / Return Rank

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

TAGS

TAGS Risk / Return Rank: 7
TAGS Sharpe Ratio Rank: 7
TAGS Sortino Ratio Rank: 7
TAGS Omega Ratio Rank: 7
TAGS Calmar Ratio Rank: 7
TAGS Martin Ratio Rank: 7

BSMW

BSMW Risk / Return Rank: 64
BSMW Sharpe Ratio Rank: 74
BSMW Sortino Ratio Rank: 76
BSMW Omega Ratio Rank: 81
BSMW Calmar Ratio Rank: 47
BSMW Martin Ratio Rank: 45

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.

TAGS vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Teucrium Agricultural Fund (TAGS) 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.

	TAGS	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	2.35	-2.54
Sortino ratio: Return per unit of downside risk	-0.19	3.37	-3.55
Omega ratio: Gain probability vs. loss probability	0.98	1.47	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.24	2.25	-2.49
Martin ratio: Return relative to average drawdown	-0.41	7.09	-7.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAGS vs. BSMW - Sharpe Ratio Comparison

The current TAGS Sharpe Ratio is -0.19, which is lower than the BSMW Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of TAGS and BSMW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TAGS	BSMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.19	2.35	-2.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.69	-0.93

Drawdowns

TAGS vs. BSMW - Drawdown Comparison

The maximum TAGS drawdown since its inception was -76.40%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for TAGS and BSMW.

Drawdown Indicators

	TAGS	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-76.40%	-7.57%	-68.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-2.92%	-7.15%
Max Drawdown (3Y) Largest decline over 3 years	-33.59%	-7.34%	-26.25%
Max Drawdown (5Y) Largest decline over 5 years	-37.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.30%	—	—
Current Drawdown Current decline from peak	-64.14%	-1.00%	-63.14%
Average Drawdown Average peak-to-trough decline	-57.23%	-1.72%	-55.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.90%	0.92%	+4.98%

Volatility

TAGS vs. BSMW - Volatility Comparison

Teucrium Agricultural Fund (TAGS) has a higher volatility of 5.55% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.92%. This indicates that TAGS'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.

Volatility by Period

	TAGS	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	0.92%	+4.63%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	1.97%	+8.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.63%	2.81%	+9.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.57%	5.00%	+11.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	5.00%	+13.04%

TAGS vs. BSMW - Expense Ratio Comparison

TAGS has a 0.21% expense ratio, which is higher than BSMW's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TAGS vs. BSMW - Dividend Comparison

TAGS 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%
TAGS Teucrium Agricultural Fund	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAGS and BSMW in my portfolio?

TAGS and BSMW have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TAGS or BSMW?

TAGS has higher volatility (5.55%) compared to BSMW (0.92%). In terms of maximum drawdown, TAGS dropped -76.40% vs BSMW's -7.57%.

Which ETF is better, TAGS or BSMW?

On 3-year performance, BSMW leads with 3.23% vs -7.37% for TAGS. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TAGS or BSMW?

Over the 3-year period, BSMW has performed better with a 3.23% return vs -7.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TAGS or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.21% for TAGS.

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

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

What is the main difference between TAGS and BSMW?

TAGS is categorized as Agricultural Commodities, while BSMW is Municipal Bonds. TAGS tracks Teucrium TAGS Index, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. They also come from different issuers: Teucrium and Invesco. Their fees differ too: 0.21% for TAGS and 0.18% for BSMW.

Which has better risk-adjusted returns?

BSMW currently has the higher Sharpe Ratio (2.35 vs -0.19), 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.