Invesco BulletShares 2032 Municipal Bond ETF (BSMW) Performance
BSMW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −0.9% since Dec 31, 2025
- 1 year
- −0.5% total return
- 3 years
- +4.6% a year
- Since first price
- +2.7% a year since 2023
BSMW trailing returns vs AGG, TLT, SPY
| Period | BSMW total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.9% | +1.6% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.7% | −1.6% | −0.4% | −1.0% | +3.2% |
| 6 months | −1.8% | −3.4% | −1.5% | −3.8% | +7.8% |
| YTD | −0.9% | −3.5% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.5% | −3.7% | −1.1% | −6.9% | +14.4% |
| 3 years | +14.4%+4.6%/yr | +2.8% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| Since inceptionMar 1, 2023 | +10.2%+2.7%/yr | −3.0% | — | — | — |
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: BSMW vs AGG
From Mar 1, 2023: BSMW grew to $11,020, AGG to $11,363.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BSMW returns by calendar year
2 of 2 full years positive. Best 2025 (+3.4%), worst 2024 (+0.4%). 2026 is year to date.
BSMW annual returns table
| Year | BSMW | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −0.9% | −6.7% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.4% | −5.9% | +7.2% | +4.3% | +17.7% |
| 2024 | +0.4% | −3.4% | +1.3% | −8.1% | +24.9% |
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.
BSMW largest drawdowns
Now 3.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Apr 12, 2023 | −7.6% | Oct 25, 2023 | Dec 5, 2023 | 6 months | 8 months |
| Feb 27, 2026 | −6.7% | Sep 29, 2026 | not yet | 7 months | 8 months so far |
| Feb 28, 2025 | −5.9% | Apr 11, 2025 | Sep 11, 2025 | 42 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.
BSMW risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +3.1% | +1.3% |
| Volatility (annualized) | 6.6% | 6.5% |
| Sharpe ratio | -0.16 | -0.46 |
| Sortino ratio | -0.25 | -0.65 |
| Best month | +7.5% | +7.5% |
| Worst month | −3.6% | −3.6% |
| Best 12 months | +10.6% | +10.6% |
| Worst 12 months | −2.4% | −2.4% |
| Positive months | 56% | 52% |
| Beta vs S&P 500 | 0.34 | — |
| Correlation with S&P 500 | 0.63 | — |
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.
BSMW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 32 | −2.4% | +2.9% | +10.6% | 94% |
| 3-year (a year) | 8 | +2.6% | +3.2% | +4.6% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
BSMW performance overview
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) returned −0.5% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +2.7% a year, turning $10,000 into about $11,020. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −7.6%, from Apr 12, 2023 to Oct 25, 2023, and it took 41 days to get back to the old high. Volatility has been 6.5% a year.
Related: BSMW chart, BSMW dividends, BSMW bond profile. See the BSMW overview for the latest quote and fund facts.
BSMW performance FAQ
What is the BSMW return over the past year?
BSMW returned −0.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.7%.
How much would $10,000 invested in BSMW be worth?
$10,000 invested in BSMW at its first recorded close on March 1, 2023 would be worth about $11,020 on October 23, 2026 with distributions reinvested.
What was the worst year for BSMW?
The worst calendar year was 2024, with a total return of +0.4%. The best was 2025 at +3.4%.
What is the biggest drawdown of BSMW?
The largest peak-to-trough decline was −7.6% between April 12, 2023 and October 25, 2023. It recovered to the old high on December 5, 2023, 41 days after the bottom.
How volatile is BSMW?
Over the past 3 years BSMW had an annualized volatility of 6.6% and a Sharpe ratio of -0.16 (excess return over 1–3 month T-bills per unit of risk).