BSMW vs SPY
Invesco BulletShares 2032 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. BSMW offers more diversification with 1,769 holdings.
Side-by-Side Comparison
| Metric | BSMW | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.18% | 0.09% | |
| AUM | $212M | $789.1B | |
| Dividend Yield | 3.19% | 1.01% | |
| Holdings | 1,769 | 505 | |
| YTD Return | +0.76% | +14.47% | |
| 1Y Return | +4.82% | +21.96% | |
| 3Y Return (annualized) | +3.01% | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 6.4% | 15.3% | |
| Max Drawdown | -7.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Mar 1, 2023 | Jan 22, 1993 |
BSMW vs SPY Performance
Invesco BulletShares 2032 Municipal Bond ETF (BSMW) 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 BSMW returned +4.82% while SPY returned +21.96%. Year to date, BSMW is up 0.76% versus a gain of 14.47% for SPY.
Over three years, BSMW compounded at +3.01% per year against +21.70% for SPY. Across the full 4-year window we track, SPY has the edge at +8.87% annualized vs +3.16%. 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 6.4% for BSMW. 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 -7.6% for BSMW 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 0.70. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BSMW 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, BSMW currently yields 3.19% against 1.01% for SPY.
Holdings Overlap
BSMW and SPY share 0 holdings out of 1087 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, BSMW or SPY?
BSMW 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, BSMW or SPY?
Over the past year BSMW returned +4.82% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), BSMW annualized +3.16% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, BSMW or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 6.4% for BSMW. Worst drawdown: BSMW -7.6% vs SPY -56.5%.
Should I hold both BSMW and SPY?
BSMW and SPY have a monthly-return correlation of 0.70, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BSMW and SPY?
BSMW and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1087 unique securities.
Which pays a higher dividend, BSMW or SPY?
BSMW yields 3.19% while SPY yields 1.01%, so BSMW currently pays the higher dividend yield.
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