ZMUN vs. BSMV

Last updated Jun 5, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and BSMV (Invesco BulletShares 2031 Municipal Bond ETF) are both Municipal Bonds funds - ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index while BSMV tracks the Invesco BulletShares Municipal Bond 2031 Index. Both are passively managed. At a 0.08 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.18%/yr for BSMV.

Performance

ZMUN vs. BSMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and Invesco BulletShares 2031 Municipal Bond ETF (BSMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZMUN achieves a 1.61% return, which is significantly higher than BSMV's 0.78% return.

ZMUN

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.61%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMV

• 1D: 0.11%
• 1M: 0.58%
• YTD: 0.78%
• 6M: 1.11%
• 1Y: 5.70%
• 3Y*: 3.00%
• 5Y*: —
• 10Y*: —

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

ZMUN vs. BSMV - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.61%	0.73%
BSMV Invesco BulletShares 2031 Municipal Bond ETF	0.78%	1.31%

Correlation

The correlation between ZMUN and BSMV 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 (All Time) Calculated using the full available price history since Oct 1, 2025	0.08

Return for Risk

ZMUN vs. BSMV — Risk / Return Rank

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

BSMV

BSMV Risk / Return Rank: 63
BSMV Sharpe Ratio Rank: 71
BSMV Sortino Ratio Rank: 78
BSMV Omega Ratio Rank: 81
BSMV Calmar Ratio Rank: 43
BSMV Martin Ratio Rank: 41

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.

ZMUN vs. BSMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m Ultrashort Tax-Free Municipal ETF (ZMUN) and Invesco BulletShares 2031 Municipal Bond ETF (BSMV). 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.

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

Sharpe Ratios by Period

	ZMUN	BSMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.54	-0.18	+6.72

Drawdowns

ZMUN vs. BSMV - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.09%, smaller than the maximum BSMV drawdown of -20.68%. Use the drawdown chart below to compare losses from any high point for ZMUN and BSMV.

Drawdown Indicators

	ZMUN	BSMV	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-20.68%	+20.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.79%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.63%	—
Current Drawdown Current decline from peak	0.00%	-5.33%	+5.33%
Average Drawdown Average peak-to-trough decline	-0.01%	-10.44%	+10.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.90%	—

Volatility

Volatility by Period

	ZMUN	BSMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	2.51%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	5.69%	-5.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	5.69%	-5.15%

ZMUN vs. BSMV - Expense Ratio Comparison

ZMUN has a 0.30% expense ratio, which is higher than BSMV's 0.18% expense ratio.

Dividends

ZMUN vs. BSMV - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.28%, less than BSMV's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021
BSMV Invesco BulletShares 2031 Municipal Bond ETF	2.90%	2.93%	3.10%	2.59%	2.21%	0.24%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZMUN and BSMV in my portfolio?

ZMUN and BSMV 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 ETF is better, ZMUN or BSMV?

On fees, BSMV 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, ZMUN or BSMV?

BSMV is cheaper with a 0.18% expense ratio, compared with 0.30% for ZMUN.

Which ETF pays a higher dividend yield, ZMUN or BSMV?

BSMV has the higher dividend yield at 2.90%, compared with 2.28% for ZMUN.

What is the main difference between ZMUN and BSMV?

ZMUN tracks Bloomberg Municipal Bond Currently Callable Index, while BSMV tracks Invesco BulletShares Municipal Bond 2031 Index. They also come from different issuers: F/m Investments and Invesco. Their fees differ too: 0.30% for ZMUN and 0.18% for BSMV.