TRPA vs. BSSX

Last updated Jun 24, 2026

TRPA (Hartford AAA CLO ETF) and BSSX (Invesco BulletShares 2033 Municipal Bond ETF) are both exchange-traded funds - TRPA is a CLO fund actively managed by Hartford, while BSSX is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2033 Index. TRPA is actively managed, while BSSX is passively managed. Over the past year, TRPA returned 5.51% vs 6.78% for BSSX. At a correlation of -0.04, they often move in opposite directions. TRPA charges 0.24%/yr vs 0.18%/yr for BSSX.

Performance

TRPA vs. BSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford AAA CLO ETF (TRPA) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TRPA achieves a 2.30% return, which is significantly higher than BSSX's 1.09% return.

TRPA

• 1D: 0.04%
• 1M: 0.50%
• YTD: 2.30%
• 6M: 2.43%
• 1Y: 5.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSSX

• 1D: 0.05%
• 1M: 1.49%
• YTD: 1.09%
• 6M: 1.35%
• 1Y: 6.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TRPA vs. BSSX - Yearly Performance Comparison

	2026 (YTD)	2025
TRPA Hartford AAA CLO ETF	2.30%	4.82%
BSSX Invesco BulletShares 2033 Municipal Bond ETF	1.09%	7.03%

Correlation

The correlation between TRPA and BSSX is -0.08, 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 (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	-0.04

Return for Risk

TRPA vs. BSSX — Risk / Return Rank

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

TRPA

TRPA Risk / Return Rank: 91
TRPA Sharpe Ratio Rank: 82
TRPA Sortino Ratio Rank: 91
TRPA Omega Ratio Rank: 88
TRPA Calmar Ratio Rank: 97
TRPA Martin Ratio Rank: 97

BSSX

BSSX Risk / Return Rank: 63
BSSX Sharpe Ratio Rank: 70
BSSX Sortino Ratio Rank: 76
BSSX Omega Ratio Rank: 80
BSSX Calmar Ratio Rank: 46
BSSX Martin Ratio Rank: 42

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.

TRPA vs. BSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford AAA CLO ETF (TRPA) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX). 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.

	TRPA	BSSX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.06	+0.33
Sortino ratio: Return per unit of downside risk	3.86	3.08	+0.79
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.07
Calmar ratio: Return relative to maximum drawdown	9.06	2.07	+6.98
Martin ratio: Return relative to average drawdown	36.94	6.33	+30.61

TRPA vs. BSSX - Sharpe Ratio Comparison

The current TRPA Sharpe Ratio is 2.39, which is comparable to the BSSX Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of TRPA and BSSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TRPA vs. BSSX - Drawdown Comparison

The maximum TRPA drawdown since its inception was -0.61%, smaller than the maximum BSSX drawdown of -8.12%. Use the drawdown chart below to compare losses from any high point for TRPA and BSSX.

Drawdown Indicators

	TRPA	BSSX	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-8.12%	+7.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.61%	-3.28%	+2.67%
Current Drawdown Current decline from peak	0.00%	-0.93%	+0.93%
Average Drawdown Average peak-to-trough decline	-0.09%	-3.21%	+3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	1.07%	-0.92%

Volatility

TRPA vs. BSSX - Volatility Comparison

The current volatility for Hartford AAA CLO ETF (TRPA) is 0.23%, while Invesco BulletShares 2033 Municipal Bond ETF (BSSX) has a volatility of 0.92%. This indicates that TRPA experiences smaller price fluctuations and is considered to be less risky than BSSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRPA	BSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.23%	0.92%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	2.38%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	2.31%	3.31%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.33%	7.76%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.33%	7.76%	-5.43%

TRPA vs. BSSX - Expense Ratio Comparison

TRPA has a 0.24% expense ratio, which is higher than BSSX'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

TRPA vs. BSSX - Dividend Comparison

TRPA's dividend yield for the trailing twelve months is around 5.17%, more than BSSX's 3.30% yield.

Position	TTM	2025	2024	2023
BSSX Invesco BulletShares 2033 Municipal Bond ETF	3.30%	3.27%	3.29%	0.95%
TRPA Hartford AAA CLO ETF	5.17%	4.14%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TRPA and BSSX in my portfolio?

TRPA and BSSX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRPA or BSSX?

BSSX has higher volatility (0.92%) compared to TRPA (0.23%). In terms of maximum drawdown, TRPA dropped -0.61% vs BSSX's -8.12%.

Which ETF is better, TRPA or BSSX?

On 1-year performance, BSSX leads with 6.78% vs 5.51% for TRPA. On fees, BSSX is cheaper at 0.18% per year. On volatility, TRPA has been the lower-risk option at 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRPA or BSSX?

Over the 1-year period, BSSX has performed better with a 6.78% return vs 5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRPA or BSSX?

BSSX is cheaper with a 0.18% expense ratio, compared with 0.24% for TRPA.

Which ETF pays a higher dividend yield, TRPA or BSSX?

TRPA has the higher dividend yield at 5.17%, compared with 3.30% for BSSX.

What is the main difference between TRPA and BSSX?

TRPA is categorized as CLO, while BSSX is Municipal Bonds. They also come from different issuers: Hartford and Invesco. Their fees differ too: 0.24% for TRPA and 0.18% for BSSX.

Which has better risk-adjusted returns?

TRPA currently has the higher Sharpe Ratio (2.39 vs 2.06), 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.