Invesco BulletShares (R) 2026 Municipal Bond ETF (BSMQ) Performance
BSMQ total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.5% since Dec 31, 2025
- 1 year
- +2.2% total return
- 5 years
- +0.6% a year
- Since first price
- +1.2% a year since 2019
BSMQ trailing returns vs AGG, TLT, SPY
| Period | BSMQ total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +0.5% | +0.3% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.5% | −0.1% | −0.4% | −1.0% | +3.2% |
| 6 months | +1.0% | −0.4% | −1.5% | −3.8% | +7.8% |
| YTD | +1.5% | −0.8% | −1.0% | −3.4% | +12.3% |
| 1 year | +2.2% | −0.6% | −1.1% | −6.9% | +14.4% |
| 3 years | +11.4%+3.7%/yr | +2.6% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +2.8%+0.6%/yr | −8.9% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionSep 26, 2019 | +9.0%+1.2%/yr | −6.3% | — | — | — |
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: BSMQ vs AGG
From Sep 26, 2019: BSMQ grew to $10,896, AGG to $10,463.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BSMQ returns by calendar year
5 of 6 full years positive. Best 2020 (+5.3%), worst 2022 (−7.6%). 2026 is year to date.
BSMQ annual returns table
| Year | BSMQ | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +1.5% | −0.6% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.1% | −2.1% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.0% | −0.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +3.6% | −3.2% | +5.7% | +2.8% | +26.2% |
| 2022 | −7.6% | −10.9% | −13.0% | −31.2% | −18.2% |
| 2021 | +1.0% | −2.0% | −1.8% | −4.6% | +28.7% |
| 2020 | +5.3% | −13.2% | +7.5% | +18.2% | +18.3% |
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.
BSMQ largest drawdowns
At an all-time high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 10, 2020 | −13.2% | Mar 23, 2020 | Nov 19, 2020 | 13 days | 8 months |
| Aug 12, 2021 | −11.5% | Oct 25, 2022 | Dec 31, 2025 | 1.2 years | 4.4 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
BSMQ risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +3.4% | +0.4% | +1.2% |
| Volatility (annualized) | 2.2% | 4.2% | 4.5% |
| Sharpe ratio | -0.45 | -0.76 | -0.31 |
| Sortino ratio | -0.70 | -0.93 | -0.40 |
| Best month | +3.1% | +3.5% | +3.5% |
| Worst month | −0.7% | −3.4% | −3.9% |
| Best 12 months | +6.1% | +6.1% | +9.3% |
| Worst 12 months | +1.9% | −10.7% | −10.7% |
| Positive months | 72% | 62% | 62% |
| Beta vs S&P 500 | 0.10 | 0.17 | — |
| Correlation with S&P 500 | 0.55 | 0.64 | — |
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.
BSMQ rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 74 | −10.7% | +2.6% | +9.3% | 77% |
| 3-year (a year) | 50 | −1.9% | −0.5% | +3.9% | 48% |
| 5-year (a year) | 26 | +0.2% | +0.5% | +1.4% | 100% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
BSMQ performance overview
Invesco BulletShares (R) 2026 Municipal Bond ETF (BSMQ) returned +2.2% over the past year and +0.6% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +1.2% a year, turning $10,000 into about $10,896. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −13.2%, from Mar 10, 2020 to Mar 23, 2020, and it took 8 months to get back to the old high. BSMQ finished 5 of its 6 full calendar years with a gain; the best year was 2020 (+5.3%) and the worst 2022 (−7.6%). Volatility has been 4.5% a year.
Related: BSMQ chart, BSMQ dividends, BSMQ bond profile. See the BSMQ overview for the latest quote and fund facts.
BSMQ performance FAQ
What is the BSMQ return over the past year?
BSMQ returned +2.2% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 0.6%.
What is the average annual return of BSMQ?
BSMQ has returned +0.6% a year over 5 years, +1.2% a year since September 26, 2019 (total return, distributions reinvested).
How much would $10,000 invested in BSMQ be worth?
$10,000 invested in BSMQ at its first recorded close on September 26, 2019 would be worth about $10,896 on October 23, 2026 with distributions reinvested.
What was the worst year for BSMQ?
The worst calendar year was 2022, with a total return of −7.6%. The best was 2020 at +5.3%.
What is the biggest drawdown of BSMQ?
The largest peak-to-trough decline was −13.2% between March 10, 2020 and March 23, 2020. It recovered to the old high on November 19, 2020, 8 months after the bottom.
How volatile is BSMQ?
Over the past 3 years BSMQ had an annualized volatility of 2.2% and a Sharpe ratio of -0.45 (excess return over 1–3 month T-bills per unit of risk).