Invesco BulletShares 2029 Municipal Bond ETF (BSMT) Performance
BSMT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +0.1% since Dec 31, 2025
- 1 year
- +0.9% total return
- 5 years
- −0.1% a year
- Since first price
- +0.8% a year since 2019
BSMT trailing returns vs AGG, TLT, SPY
| Period | BSMT total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.3% | +1.0% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.0% | −0.7% | −0.4% | −1.0% | +3.2% |
| 6 months | −0.6% | −2.0% | −1.5% | −3.8% | +7.8% |
| YTD | +0.1% | −2.2% | −1.0% | −3.4% | +12.3% |
| 1 year | +0.9% | −1.8% | −1.1% | −6.9% | +14.4% |
| 3 years | +12.2%+3.9%/yr | +3.2% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | −0.5%−0.1%/yr | −12.1% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| Since inceptionSep 25, 2019 | +5.7%+0.8%/yr | −9.8% | — | — | — |
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: BSMT vs AGG
From Sep 25, 2019: BSMT grew to $10,571, AGG to $10,481.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BSMT returns by calendar year
5 of 6 full years positive. Best 2020 (+7.0%), worst 2022 (−11.0%). 2026 is year to date.
BSMT annual returns table
| Year | BSMT | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +0.1% | −3.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.8% | −4.0% | +7.2% | +4.3% | +17.7% |
| 2024 | +0.4% | −2.6% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.4% | −6.1% | +5.7% | +2.8% | +26.2% |
| 2022 | −11.0% | −15.5% | −13.0% | −31.2% | −18.2% |
| 2021 | +1.4% | −3.4% | −1.8% | −4.6% | +28.7% |
| 2020 | +7.0% | −15.1% | +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.
BSMT largest drawdowns
Now 2.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jul 19, 2021 | −16.2% | Oct 31, 2022 | not yet | 1.3 years | 5.3 years so far |
| Feb 27, 2020 | −15.1% | Mar 23, 2020 | Jul 23, 2020 | 25 days | 5 months |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
BSMT risk statistics
| Statistic | 3 years | 5 years | Since 2019 |
|---|---|---|---|
| Annualized return | +3.0% | −0.6% | +0.6% |
| Volatility (annualized) | 4.5% | 6.4% | 6.5% |
| Sharpe ratio | -0.28 | -0.63 | -0.29 |
| Sortino ratio | -0.42 | -0.81 | -0.39 |
| Best month | +5.3% | +5.5% | +5.5% |
| Worst month | −2.5% | −4.2% | −4.9% |
| Best 12 months | +8.1% | +8.1% | +9.4% |
| Worst 12 months | −1.0% | −14.5% | −14.5% |
| Positive months | 58% | 50% | 52% |
| Beta vs S&P 500 | 0.23 | 0.27 | — |
| Correlation with S&P 500 | 0.64 | 0.66 | — |
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.
BSMT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 74 | −14.5% | +2.4% | +9.4% | 76% |
| 3-year (a year) | 50 | −3.0% | −1.0% | +4.7% | 42% |
| 5-year (a year) | 26 | −0.6% | −0.0% | +0.7% | 38% |
Every holding period starting at a month-end since 2019. Returns for 3 years and longer are annualized.
BSMT performance overview
Invesco BulletShares 2029 Municipal Bond ETF (BSMT) returned +0.9% over the past year and −0.1% a year over five years, with distributions reinvested. Since its first recorded price in 2019 it has returned +0.8% a year, turning $10,000 into about $10,571. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −16.2%, from Jul 19, 2021 to Oct 31, 2022; the fund has not yet regained that high. BSMT finished 5 of its 6 full calendar years with a gain; the best year was 2020 (+7.0%) and the worst 2022 (−11.0%). Volatility has been 6.5% a year.
Related: BSMT chart, BSMT dividends, BSMT bond profile. See the BSMT overview for the latest quote and fund facts.
BSMT performance FAQ
What is the BSMT return over the past year?
BSMT returned +0.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.8%.
What is the average annual return of BSMT?
BSMT has returned −0.1% a year over 5 years, +0.8% a year since September 25, 2019 (total return, distributions reinvested).
How much would $10,000 invested in BSMT be worth?
$10,000 invested in BSMT at its first recorded close on September 25, 2019 would be worth about $10,571 on October 23, 2026 with distributions reinvested.
What was the worst year for BSMT?
The worst calendar year was 2022, with a total return of −11.0%. The best was 2020 at +7.0%.
What is the biggest drawdown of BSMT?
The largest peak-to-trough decline was −16.2% between July 19, 2021 and October 31, 2022. It has not yet recovered to that high; it is 2.9% below its peak.
How volatile is BSMT?
Over the past 3 years BSMT had an annualized volatility of 4.5% and a Sharpe ratio of -0.28 (excess return over 1–3 month T-bills per unit of risk).