BSMR vs SPY
Invesco BulletShares 2027 Municipal Bond ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. BSMR offers more diversification with 683 holdings.
Side-by-Side Comparison
| Metric | BSMR | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $344M | $789.1B | |
| Dividend Yield | 2.72% | 1.01% | |
| Holdings | 2,405 | 505 | |
| YTD Return | +1.33% | +13.68% | |
| 1Y Return | +2.77% | +21.53% | |
| 3Y Return (annualized) | +2.96% | +21.44% | |
| 5Y Return (annualized) | +0.43% | +13.18% | |
| Volatility (annualized) | 5.0% | 15.3% | |
| Max Drawdown | -13.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Sep 25, 2019 | Jan 22, 1993 |
BSMR vs SPY Performance
Invesco BulletShares 2027 Municipal Bond ETF (BSMR) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BSMR returned +2.77% while SPY returned +21.53%. Year to date, BSMR is up 1.33% versus a gain of 13.68% for SPY.
Over three years, BSMR compounded at +2.96% per year against +21.44% for SPY; over five years the annualized figures are +0.43% and +13.18% respectively. Across the full 7-year window we track, SPY has the edge at +8.85% annualized vs +0.94%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.0% for BSMR. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.6% for BSMR and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BSMR charges 0.18% per year while SPY charges 0.09%. On a $10,000 position that is $18 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, BSMR currently yields 2.72% against 1.01% for SPY.
Holdings Overlap
BSMR and SPY share 0 holdings out of 1186 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BSMR or SPY?
BSMR has an expense ratio of 0.18% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
Which performed better, BSMR or SPY?
Over the past year BSMR returned +2.77% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), BSMR annualized +0.94% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, BSMR or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 5.0% for BSMR. Worst drawdown: BSMR -13.6% vs SPY -56.5%.
Should I hold both BSMR and SPY?
BSMR and SPY have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BSMR and SPY?
BSMR and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1186 unique securities.
Which pays a higher dividend, BSMR or SPY?
BSMR yields 2.72% while SPY yields 1.01%, so BSMR currently pays the higher dividend yield.
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