XLVI vs. BSMR

Last updated Jun 24, 2026

XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) and BSMR (Invesco BulletShares 2027 Municipal Bond ETF) are both exchange-traded funds - XLVI is a Derivative Income fund actively managed by State Street, while BSMR is a Municipal Bonds fund tracking the Invesco BulletShares Municipal Bond 2027 Index. XLVI is actively managed, while BSMR is passively managed. At a 0.03 correlation, their price movements are largely independent. XLVI charges 0.35%/yr vs 0.18%/yr for BSMR.

Performance

XLVI vs. BSMR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLVI achieves a 2.50% return, which is significantly higher than BSMR's 1.25% return.

XLVI

• 1D: 1.53%
• 1M: 2.15%
• YTD: 2.50%
• 6M: 2.57%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMR

• 1D: -0.06%
• 1M: 0.50%
• YTD: 1.25%
• 6M: 1.38%
• 1Y: 3.82%
• 3Y*: 2.84%
• 5Y*: 0.51%
• 10Y*: —

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

XLVI vs. BSMR - Yearly Performance Comparison

	2026 (YTD)	2025
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	2.50%	12.41%
BSMR Invesco BulletShares 2027 Municipal Bond ETF	1.25%	1.83%

Correlation

The correlation between XLVI and BSMR is 0.03, 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 (All Time) Calculated using the full available price history since Jul 30, 2025	0.03

Return for Risk

XLVI vs. BSMR — Risk / Return Rank

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

XLVI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BSMR

BSMR Risk / Return Rank: 94
BSMR Sharpe Ratio Rank: 92
BSMR Sortino Ratio Rank: 96
BSMR Omega Ratio Rank: 94
BSMR Calmar Ratio Rank: 94
BSMR Martin Ratio Rank: 92

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.

XLVI vs. BSMR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) and Invesco BulletShares 2027 Municipal Bond ETF (BSMR). 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.

	XLVI	BSMR	Difference
Sharpe ratio: Return per unit of total volatility	—	3.01	—
Sortino ratio: Return per unit of downside risk	—	5.01	—
Omega ratio: Gain probability vs. loss probability	—	1.65	—
Calmar ratio: Return relative to maximum drawdown	—	6.78	—
Martin ratio: Return relative to average drawdown	—	21.35	—

Drawdowns

XLVI vs. BSMR - Drawdown Comparison

The maximum XLVI drawdown since its inception was -8.14%, smaller than the maximum BSMR drawdown of -13.49%. Use the drawdown chart below to compare losses from any high point for XLVI and BSMR.

Drawdown Indicators

	XLVI	BSMR	Difference
Max Drawdown Largest peak-to-trough decline	-8.14%	-13.49%	+5.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.57%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.50%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.02%	—
Current Drawdown Current decline from peak	-0.97%	-0.06%	-0.91%
Average Drawdown Average peak-to-trough decline	-1.94%	-3.46%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.18%	—

Volatility

Volatility by Period

	XLVI	BSMR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.06%	1.28%	+9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	3.02%	+8.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	5.70%	+5.36%

XLVI vs. BSMR - Expense Ratio Comparison

XLVI has a 0.35% expense ratio, which is higher than BSMR's 0.18% expense ratio.

Dividends

XLVI vs. BSMR - Dividend Comparison

XLVI's dividend yield for the trailing twelve months is around 11.17%, more than BSMR's 2.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMR Invesco BulletShares 2027 Municipal Bond ETF	2.71%	2.77%	2.78%	2.72%	1.40%	1.00%	1.49%	0.45%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.17%	5.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLVI and BSMR in my portfolio?

XLVI and BSMR have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLVI or BSMR?

On fees, BSMR is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLVI or BSMR?

BSMR is cheaper with a 0.18% expense ratio, compared with 0.35% for XLVI.

Which ETF pays a higher dividend yield, XLVI or BSMR?

XLVI has the higher dividend yield at 11.17%, compared with 2.71% for BSMR.

What is the main difference between XLVI and BSMR?

XLVI is categorized as Derivative Income, while BSMR is Municipal Bonds. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for XLVI and 0.18% for BSMR.