Blackrock 2037 Municipal Target Term ETF (BMN) Performance
BMN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −11.6% since Dec 31, 2025
- 1 year
- −6.3% total return
- 3 years
- +4.8% a year
- Since first price
- +1.4% a year since 2022
BMN trailing returns vs AGG, TLT, SPY
| Period | BMN total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | −7.0% | −7.4% | +0.9% | +1.5% | −1.0% |
| 3 months | −10.5% | −11.6% | −0.4% | −1.0% | +3.2% |
| 6 months | −12.5% | −14.5% | −1.5% | −3.8% | +7.8% |
| YTD | −11.6% | −14.9% | −1.0% | −3.4% | +12.3% |
| 1 year | −6.3% | −10.4% | −1.1% | −6.9% | +14.4% |
| 3 years | +15.1%+4.8%/yr | +0.5% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionOct 27, 2022 | +5.8%+1.4%/yr | −11.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BMN vs AGG
From Oct 27, 2022: BMN grew to $10,583, AGG to $11,625.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BMN returns by calendar year
3 of 3 full years positive. Best 2024 (+12.7%), worst 2023 (+1.9%). 2026 is year to date.
BMN annual returns table
| Year | BMN | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −11.6% | −19.7% | −1.0% | −3.4% | +12.3% |
| 2025 | +7.1% | −7.9% | +7.2% | +4.3% | +17.7% |
| 2024 | +12.7% | −3.6% | +1.3% | −8.1% | +24.9% |
| 2023 | +1.9% | −13.0% | +5.7% | +2.8% | +26.2% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BMN largest drawdowns
Now 16.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 2, 2026 | −19.7% | Oct 7, 2026 | not yet | 7 months | 8 months so far |
| May 11, 2023 | −13.0% | Oct 30, 2023 | May 7, 2024 | 6 months | 12 months |
| Mar 3, 2025 | −7.9% | Apr 10, 2025 | Sep 10, 2025 | 38 days | 6 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
BMN risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +3.5% | +0.9% |
| Volatility (annualized) | 13.1% | 12.2% |
| Sharpe ratio | -0.01 | -0.22 |
| Sortino ratio | -0.01 | -0.28 |
| Best month | +9.2% | +9.2% |
| Worst month | −14.8% | −14.8% |
| Best 12 months | +19.6% | +19.6% |
| Worst 12 months | −8.4% | −10.0% |
| Positive months | 64% | 60% |
| Beta vs S&P 500 | 0.42 | — |
| Correlation with S&P 500 | 0.40 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BMN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 37 | −10.0% | +5.0% | +19.6% | 86% |
| 3-year (a year) | 13 | +3.5% | +5.7% | +7.8% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
BMN performance overview
Blackrock 2037 Municipal Target Term ETF (BMN) returned −6.3% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +1.4% a year, turning $10,000 into about $10,583. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −19.7%, from Mar 2, 2026 to Oct 7, 2026; the fund has not yet regained that high. BMN finished 3 of its 3 full calendar years with a gain; the best year was 2024 (+12.7%) and the worst 2023 (+1.9%). Volatility has been 12.2% a year.
Related: BMN chart, BMN dividends, BMN bond profile. See the BMN overview for the latest quote and fund facts.
BMN performance FAQ
What is the BMN return over the past year?
BMN returned −6.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 10.4%.
How much would $10,000 invested in BMN be worth?
$10,000 invested in BMN at its first recorded close on October 27, 2022 would be worth about $10,583 on October 23, 2026 with distributions reinvested.
What was the worst year for BMN?
The worst calendar year was 2023, with a total return of +1.9%. The best was 2024 at +12.7%.
What is the biggest drawdown of BMN?
The largest peak-to-trough decline was −19.7% between March 2, 2026 and October 7, 2026. It has not yet recovered to that high; it is 16.6% below its peak.
How volatile is BMN?
Over the past 3 years BMN had an annualized volatility of 13.1% and a Sharpe ratio of -0.01 (excess return over 1–3 month T-bills per unit of risk).