VRAI vs. BSMW

Last updated Jun 5, 2026

VRAI (Virtus Real Asset Income ETF) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - VRAI is a REIT fund tracking the Indxx Real Asset Income 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, VRAI returned 12.52%/yr vs 3.23%/yr for BSMW. At a 0.06 correlation, their price movements are largely independent. VRAI charges 0.55%/yr vs 0.18%/yr for BSMW.

Performance

VRAI vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Real Asset Income ETF (VRAI) 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, VRAI achieves a 22.49% return, which is significantly higher than BSMW's 1.28% return.

VRAI

• 1D: 1.14%
• 1M: 0.11%
• YTD: 22.49%
• 6M: 19.28%
• 1Y: 29.47%
• 3Y*: 12.52%
• 5Y*: 5.64%
• 10Y*: —

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)

VRAI vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
VRAI Virtus Real Asset Income ETF	22.49%	6.67%	2.66%	5.20%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.28%	3.42%	-0.35%	7.00%

Correlation

The correlation between VRAI and BSMW is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	0.06

The correlation between VRAI and BSMW shifts across timeframes, from -0.11 (1 year) to 0.08 (3 years), reflecting how their relationship changes across market environments.

VRAI vs. BSMW - Sectors Allocation Comparison

Sectors	VRAI	BSMW
Real Estate	33.6%	-
Energy	32.4%	-
Utilities	18.0%	-
Basic Materials	7.7%	-
Communication Services	2.7%	-
Consumer Defensive	1.9%	-
Technology	1.3%	0.1%
Consumer Cyclical	-	0.3%
Financial Services	-	1.7%
Healthcare	-	-
Industrials	-	-

Return for Risk

VRAI vs. BSMW — Risk / Return Rank

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

VRAI

VRAI Risk / Return Rank: 83
VRAI Sharpe Ratio Rank: 79
VRAI Sortino Ratio Rank: 81
VRAI Omega Ratio Rank: 75
VRAI Calmar Ratio Rank: 92
VRAI Martin Ratio Rank: 89

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.

VRAI vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Real Asset Income ETF (VRAI) 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.

	VRAI	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.35	+0.15
Sortino ratio: Return per unit of downside risk	3.54	3.37	+0.17
Omega ratio: Gain probability vs. loss probability	1.44	1.47	-0.04
Calmar ratio: Return relative to maximum drawdown	6.14	2.25	+3.89
Martin ratio: Return relative to average drawdown	19.39	7.09	+12.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VRAI vs. BSMW - Sharpe Ratio Comparison

The current VRAI Sharpe Ratio is 2.50, which is comparable to the BSMW Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of VRAI 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

	VRAI	BSMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.35	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.69	-0.40

Drawdowns

VRAI vs. BSMW - Drawdown Comparison

The maximum VRAI drawdown since its inception was -47.51%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for VRAI and BSMW.

Drawdown Indicators

	VRAI	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-47.51%	-7.57%	-39.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.82%	-2.92%	-1.90%
Max Drawdown (3Y) Largest decline over 3 years	-16.89%	-7.34%	-9.55%
Max Drawdown (5Y) Largest decline over 5 years	-26.71%	—	—
Current Drawdown Current decline from peak	0.00%	-1.00%	+1.00%
Average Drawdown Average peak-to-trough decline	-10.09%	-1.72%	-8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.52%	0.92%	+0.60%

Volatility

VRAI vs. BSMW - Volatility Comparison

Virtus Real Asset Income ETF (VRAI) has a higher volatility of 3.63% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.92%. This indicates that VRAI'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

	VRAI	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	0.92%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	1.97%	+6.50%
Volatility (1Y) Calculated over the trailing 1-year period	11.88%	2.81%	+9.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.65%	5.00%	+11.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.13%	5.00%	+17.13%

VRAI vs. BSMW - Expense Ratio Comparison

VRAI has a 0.55% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

VRAI vs. BSMW - Dividend Comparison

VRAI's dividend yield for the trailing twelve months is around 3.19%, which matches BSMW's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%	0.00%	0.00%	0.00%	0.00%
VRAI Virtus Real Asset Income ETF	3.19%	4.68%	7.13%	5.02%	4.48%	3.34%	3.91%	2.80%

Frequently Asked Questions

Can I hold both VRAI and BSMW in my portfolio?

VRAI and BSMW have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRAI or BSMW?

VRAI has higher volatility (3.63%) compared to BSMW (0.92%). In terms of maximum drawdown, VRAI dropped -47.51% vs BSMW's -7.57%.

Which ETF is better, VRAI or BSMW?

On 3-year performance, VRAI leads with 12.52% vs 3.23% for BSMW. 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, VRAI or BSMW?

Over the 3-year period, VRAI has performed better with a 12.52% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VRAI or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.55% for VRAI.

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

BSMW has the higher dividend yield at 3.20%, compared with 3.19% for VRAI.

What is the main difference between VRAI and BSMW?

VRAI is categorized as REIT, while BSMW is Municipal Bonds. VRAI tracks Indxx Real Asset Income Index, while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. They also come from different issuers: Virtus Investment Partners and Invesco. Their fees differ too: 0.55% for VRAI and 0.18% for BSMW.

Which has better risk-adjusted returns?

VRAI currently has the higher Sharpe Ratio (2.50 vs 2.35), 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.