Invesco BulletShares (R) 2028 Municipal Bond ETF (BSMS) Performance
BSMS total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.7% since Dec 31, 2025
- 1 year
- +1.7% total return
- 5 years
- +0.2% a year
- Since first price
- +1.1% a year since 2019
BSMS trailing returns vs AGG, TLT, SPY
| Period | BSMS total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +0.9% | +0.7% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.1% | −0.6% | −0.4% | −1.0% | +3.2% |
| 6 months | +0.1% | −1.3% | −1.5% | −3.8% | +7.8% |
| YTD | +0.7% | −1.6% | −1.0% | −3.4% | +12.3% |
| 1 year | +1.7% | −1.1% | −1.1% | −6.9% | +14.4% |
| 3 years | +12.2%+3.9%/yr | +3.1% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +1.0%+0.2%/yr | −10.8% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionSep 26, 2019 | +8.2%+1.1%/yr | −7.7% | — | — | — |
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: BSMS vs AGG
From Sep 26, 2019: BSMS grew to $10,819, AGG to $10,463.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BSMS returns by calendar year
5 of 6 full years positive. Best 2020 (+6.7%), worst 2022 (−9.9%). 2026 is year to date.
BSMS annual returns table
| Year | BSMS | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +0.7% | −3.0% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.6% | −3.6% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.0% | −1.8% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.0% | −5.1% | +5.7% | +2.8% | +26.2% |
| 2022 | −9.9% | −14.2% | −13.0% | −31.2% | −18.2% |
| 2021 | +1.5% | −2.9% | −1.8% | −4.6% | +28.7% |
| 2020 | +6.7% | −14.0% | +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.
BSMS largest drawdowns
Now 1.2% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 19, 2021 | −15.0% | Oct 31, 2022 | not yet | 1.3 years | 5.3 years so far |
| Mar 10, 2020 | −14.0% | Mar 23, 2020 | Jul 20, 2020 | 13 days | 4 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
BSMS risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +3.2% | −0.2% | +0.9% |
| Volatility (annualized) | 3.8% | 5.8% | 5.6% |
| Sharpe ratio | -0.29 | -0.64 | -0.29 |
| Sortino ratio | -0.44 | -0.82 | -0.39 |
| Best month | +4.6% | +4.9% | +4.9% |
| Worst month | −2.0% | −4.0% | −4.0% |
| Best 12 months | +7.6% | +7.6% | +7.6% |
| Worst 12 months | +0.1% | −13.3% | −13.3% |
| Positive months | 64% | 55% | 57% |
| Beta vs S&P 500 | 0.19 | 0.24 | — |
| Correlation with S&P 500 | 0.60 | 0.65 | — |
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.
BSMS rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 74 | −13.3% | +2.6% | +7.6% | 80% |
| 3-year (a year) | 50 | −2.5% | −0.7% | +4.5% | 42% |
| 5-year (a year) | 26 | −0.2% | +0.2% | +0.9% | 85% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
BSMS performance overview
Invesco BulletShares (R) 2028 Municipal Bond ETF (BSMS) returned +1.7% over the past year and +0.2% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +1.1% a year, turning $10,000 into about $10,819. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −15.0%, from Jul 19, 2021 to Oct 31, 2022; the fund has not yet regained that high. BSMS finished 5 of its 6 full calendar years with a gain; the best year was 2020 (+6.7%) and the worst 2022 (−9.9%). Volatility has been 5.6% a year.
Related: BSMS chart, BSMS dividends, BSMS bond profile. See the BSMS overview for the latest quote and fund facts.
BSMS performance FAQ
What is the BSMS return over the past year?
BSMS returned +1.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.1%.
What is the average annual return of BSMS?
BSMS has returned +0.2% a year over 5 years, +1.1% a year since September 26, 2019 (total return, distributions reinvested).
How much would $10,000 invested in BSMS be worth?
$10,000 invested in BSMS at its first recorded close on September 26, 2019 would be worth about $10,819 on October 23, 2026 with distributions reinvested.
What was the worst year for BSMS?
The worst calendar year was 2022, with a total return of −9.9%. The best was 2020 at +6.7%.
What is the biggest drawdown of BSMS?
The largest peak-to-trough decline was −15.0% between July 19, 2021 and October 31, 2022. It has not yet recovered to that high; it is 1.2% below its peak.
How volatile is BSMS?
Over the past 3 years BSMS had an annualized volatility of 3.8% and a Sharpe ratio of -0.29 (excess return over 1–3 month T-bills per unit of risk).