USNG vs. BSMW

Last updated Jun 24, 2026

USNG (Amplify Samsung U.S. Natural Gas Infrastructure ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - USNG is a Energy Equities fund actively managed by Amplify, while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. USNG is actively managed, while BSMW is passively managed. Over the past year, USNG returned 47.43% vs 6.18% for BSMW. At a correlation of -0.08, they often move in opposite directions. USNG charges 0.59%/yr vs 0.18%/yr for BSMW.

Performance

USNG vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) 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, USNG achieves a 36.17% return, which is significantly higher than BSMW's 1.38% return.

USNG

• 1D: -0.48%
• 1M: -0.64%
• YTD: 36.17%
• 6M: 36.35%
• 1Y: 47.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMW

• 1D: -0.06%
• 1M: 1.23%
• YTD: 1.38%
• 6M: 1.51%
• 1Y: 6.18%
• 3Y*: 2.88%
• 5Y*: —
• 10Y*: —

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

USNG vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025
USNG Amplify Samsung U.S. Natural Gas Infrastructure ETF	36.17%	10.51%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.38%	4.98%

Correlation

The correlation between USNG and BSMW is -0.12, 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	-0.12
Correlation (All Time) Calculated using the full available price history since May 20, 2025	-0.08

Return for Risk

USNG vs. BSMW — Risk / Return Rank

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

USNG

USNG Risk / Return Rank: 91
USNG Sharpe Ratio Rank: 91
USNG Sortino Ratio Rank: 91
USNG Omega Ratio Rank: 86
USNG Calmar Ratio Rank: 95
USNG Martin Ratio Rank: 93

BSMW

BSMW Risk / Return Rank: 68
BSMW Sharpe Ratio Rank: 80
BSMW Sortino Ratio Rank: 82
BSMW Omega Ratio Rank: 86
BSMW Calmar Ratio Rank: 47
BSMW Martin Ratio Rank: 43

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.

USNG vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) 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.

	USNG	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	2.86	2.32	+0.54
Sortino ratio: Return per unit of downside risk	3.85	3.30	+0.55
Omega ratio: Gain probability vs. loss probability	1.48	1.47	0.00
Calmar ratio: Return relative to maximum drawdown	6.99	2.13	+4.86
Martin ratio: Return relative to average drawdown	21.05	6.54	+14.51

USNG vs. BSMW - Sharpe Ratio Comparison

The current USNG Sharpe Ratio is 2.86, which is comparable to the BSMW Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of USNG 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.

Drawdowns

USNG vs. BSMW - Drawdown Comparison

The maximum USNG drawdown since its inception was -6.82%, smaller than the maximum BSMW drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for USNG and BSMW.

Drawdown Indicators

	USNG	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-6.82%	-7.57%	+0.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.82%	-2.92%	-3.90%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.34%	—
Current Drawdown Current decline from peak	-0.64%	-0.90%	+0.26%
Average Drawdown Average peak-to-trough decline	-1.52%	-1.71%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	0.95%	+1.31%

Volatility

USNG vs. BSMW - Volatility Comparison

Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) has a higher volatility of 6.29% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.48%. This indicates that USNG'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

	USNG	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.29%	0.48%	+5.81%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	1.95%	+10.52%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	2.68%	+14.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	4.96%	+11.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	4.96%	+11.65%

USNG vs. BSMW - Expense Ratio Comparison

USNG has a 0.59% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

USNG vs. BSMW - Dividend Comparison

USNG's dividend yield for the trailing twelve months is around 1.09%, less than BSMW's 3.20% yield.

Position	TTM	2025	2024	2023
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%
USNG Amplify Samsung U.S. Natural Gas Infrastructure ETF	1.09%	1.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USNG and BSMW in my portfolio?

USNG and BSMW have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USNG or BSMW?

USNG has higher volatility (6.29%) compared to BSMW (0.48%). In terms of maximum drawdown, USNG dropped -6.82% vs BSMW's -7.57%.

Which ETF is better, USNG or BSMW?

On 1-year performance, USNG leads with 47.43% vs 6.18% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USNG or BSMW?

Over the 1-year period, USNG has performed better with a 47.43% return vs 6.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USNG or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.59% for USNG.

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

BSMW has the higher dividend yield at 3.20%, compared with 1.09% for USNG.

What is the main difference between USNG and BSMW?

USNG is categorized as Energy Equities, while BSMW is Municipal Bonds. They also come from different issuers: Amplify and Invesco. Their fees differ too: 0.59% for USNG and 0.18% for BSMW.

Which has better risk-adjusted returns?

USNG currently has the higher Sharpe Ratio (2.86 vs 2.32), 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.