TILL vs. BSMW
TILL (Teucrium Agricultural Strategy No K-1 ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - TILL is a Commodities fund actively managed by Teucrium, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. TILL is actively managed, while BSMW is passively managed. Over the past 3 years, TILL returned -5.74%/yr vs 3.23%/yr for BSMW. At a 0.02 correlation, their price movements are largely independent. TILL charges 0.89%/yr vs 0.18%/yr for BSMW.
Performance
TILL vs. BSMW - Performance Comparison
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Returns By Period
In the year-to-date period, TILL achieves a 5.10% return, which is significantly higher than BSMW's 1.28% return.
TILL
- 1D
- -1.13%
- 1M
- -6.31%
- YTD
- 5.10%
- 6M
- 3.12%
- 1Y
- -1.33%
- 3Y*
- -5.74%
- 5Y*
- —
- 10Y*
- —
BSMW
- 1D
- -0.02%
- 1M
- 0.65%
- YTD
- 1.28%
- 6M
- 1.64%
- 1Y
- 6.54%
- 3Y*
- 3.23%
- 5Y*
- —
- 10Y*
- —
TILL vs. BSMW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TILL Teucrium Agricultural Strategy No K-1 ETF | 5.10% | -5.97% | -13.98% | -2.90% |
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 1.28% | 3.42% | -0.35% | 7.00% |
Correlation
The correlation between TILL and BSMW is -0.23, 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 | -0.23 |
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 | 0.02 |
The correlation between TILL and BSMW shifts across timeframes, from -0.23 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TILL vs. BSMW — Risk / Return Rank
TILL
BSMW
TILL vs. BSMW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Teucrium Agricultural Strategy No K-1 ETF (TILL) 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.
| TILL | BSMW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| Sortino ratioReturn per unit of downside risk | -3.43 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.47 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.15 | 2.25 | -2.40 |
| Martin ratioReturn relative to average drawdown | -0.25 | 7.09 | -7.34 |
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
| TILL | BSMW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.11 | 2.35 | -2.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | 0.69 | -1.26 |
Drawdowns
TILL vs. BSMW - Drawdown Comparison
The maximum TILL drawdown since its inception was -33.76%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for TILL and BSMW.
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Drawdown Indicators
| TILL | BSMW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.76% | -7.57% | -26.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.98% | -2.92% | -6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -30.40% | -7.34% | -23.06% |
Current DrawdownCurrent decline from peak | -29.47% | -1.00% | -28.47% |
Average DrawdownAverage peak-to-trough decline | -21.40% | -1.72% | -19.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.41% | 0.92% | +4.49% |
Volatility
TILL vs. BSMW - Volatility Comparison
Teucrium Agricultural Strategy No K-1 ETF (TILL) has a higher volatility of 5.38% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.92%. This indicates that TILL'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
| TILL | BSMW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.38% | 0.92% | +4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.25% | 1.97% | +8.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.68% | 2.81% | +9.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.74% | 5.00% | +9.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.74% | 5.00% | +9.74% |
TILL vs. BSMW - Expense Ratio Comparison
TILL has a 0.89% expense ratio, which is higher than BSMW's 0.18% expense ratio.
Dividends
TILL vs. BSMW - Dividend Comparison
TILL's dividend yield for the trailing twelve months is around 4.72%, more than BSMW's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.20% | 3.24% | 3.48% | 2.36% | 0.00% |
TILL Teucrium Agricultural Strategy No K-1 ETF | 4.72% | 4.97% | 2.55% | 51.24% | 0.73% |
Frequently Asked Questions
TILL and BSMW have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TILL has higher volatility (5.38%) compared to BSMW (0.92%). In terms of maximum drawdown, TILL dropped -33.76% vs BSMW's -7.57%.
On 3-year performance, BSMW leads with 3.23% vs -5.74% for TILL. 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.
Over the 3-year period, BSMW has performed better with a 3.23% return vs -5.74%. 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 0.89% for TILL.
TILL has the higher dividend yield at 4.72%, compared with 3.20% for BSMW.
TILL is categorized as Commodities, while BSMW is Municipal Bonds. They also come from different issuers: Teucrium and Invesco. Their fees differ too: 0.89% for TILL and 0.18% for BSMW.
BSMW currently has the higher Sharpe Ratio (2.35 vs -0.11), 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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