ZMUN vs. BSMZ

Last updated Jul 12, 2026

ZMUN (F/m Ultrashort Tax-Free Municipal ETF) and BSMZ (Invesco BulletShares 2035 Municipal Bond ETF) are both Municipal Bonds funds - ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index while BSMZ tracks the Invesco BulletShares USD Municipal Bond 2035 Index. Both are passively managed. At a 0.15 correlation, their price movements are largely independent. ZMUN charges 0.30%/yr vs 0.18%/yr for BSMZ.

Performance

ZMUN vs. BSMZ - 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 2035 Municipal Bond ETF (BSMZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ZMUN having a 1.88% return and BSMZ slightly higher at 1.92%.

ZMUN

• 1D: 0.05%
• 1M: 0.20%
• 6M: 1.76%
• YTD: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMZ

• 1D: -0.02%
• 1M: 0.14%
• 6M: 1.18%
• YTD: 1.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMUN vs. BSMZ - Yearly Performance Comparison

	2026 (YTD)	2025
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.88%	0.67%
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	1.92%	1.92%

Correlation

The correlation between ZMUN and BSMZ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.15

Return for Risk

ZMUN vs. BSMZ - 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 2035 Municipal Bond ETF (BSMZ). 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.

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

Drawdowns

ZMUN vs. BSMZ - Drawdown Comparison

The maximum ZMUN drawdown since its inception was -0.13%, smaller than the maximum BSMZ drawdown of -3.26%. Use the drawdown chart below to compare losses from any high point for ZMUN and BSMZ.

Drawdown Indicators

	ZMUN	BSMZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.13%	-3.26%	+3.13%
Current Drawdown Current decline from peak	-0.07%	-0.76%	+0.69%
Average Drawdown Average peak-to-trough decline	-0.02%	-0.66%	+0.64%

Volatility

Volatility by Period

	ZMUN	BSMZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.54%	3.72%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.54%	3.72%	-3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.54%	3.72%	-3.18%

ZMUN vs. BSMZ - Expense Ratio Comparison

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

Dividends

ZMUN vs. BSMZ - Dividend Comparison

ZMUN's dividend yield for the trailing twelve months is around 2.60%, more than BSMZ's 2.35% yield.

Position	TTM	2025
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	2.35%	0.68%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.60%	0.70%

Frequently Asked Questions

Can I hold both ZMUN and BSMZ in my portfolio?

ZMUN and BSMZ have a correlation of 0.15, 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 BSMZ?

On fees, BSMZ 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 BSMZ?

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

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

ZMUN has the higher dividend yield at 2.60%, compared with 2.35% for BSMZ.

What is the main difference between ZMUN and BSMZ?

ZMUN tracks Bloomberg Municipal Bond Currently Callable Index, while BSMZ tracks Invesco BulletShares USD Municipal Bond 2035 Index. They also come from different issuers: F/m Investments and Invesco. Their fees differ too: 0.30% for ZMUN and 0.18% for BSMZ.