Invesco BulletShares (R) 2028 Municipal Bond ETF

10-Year Study

BSMS.US · · US · ETF

Executive Summary: Invesco BulletShares (R) 2028 Municipal Bond ETF has compounded at 1.2% annually over the last 10 years, with a maximum drawdown of 14.7% and an annualized volatility of 5.1%.

1Y CAGR
+4.0%
3Y CAGR
+3.0%
5Y CAGR
+0.1%
10Y CAGR
+1.2%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
14.7%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
-0.56
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
-0.77
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
5.7%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2020 · +6.7%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2022 · -9.9%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
86%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
20260.60.6-1.20.4————————0.4%
20250.31.2-1.4-0.50.80.70.10.90.50.00.70.33.6%
2024-0.2-0.0-0.3-0.9-0.40.91.00.21.0-0.81.2-0.81.0%
20232.7-2.22.1-0.4-0.90.70.3-0.9-2.3-0.74.62.25.0%
2022-3.0-0.6-3.8-3.41.4-1.72.9-2.5-4.0-0.44.90.1-9.9%
20210.8-2.40.71.30.30.60.9-0.5-0.9-0.31.00.11.5%
20202.41.7-3.70.20.91.22.5-0.8-0.4-0.42.30.96.7%
2019—————————-0.1-0.10.40.2%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 5.1%. The dominant macroeconomic risk driver is LQD.US, accounting for 55.6% of variance. Idiosyncratic stock-specific factors contribute 25.8%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2019-09-0110000
2019-10-019991.366998975978
2019-11-019984.84632798975
2019-12-0110022.271305833243
2020-01-0110266.934228471453
2020-02-0110442.579063135709
2020-03-0110057.124751456819
2020-04-0110073.104987394898
2020-05-0110161.914689418603
2020-06-0110286.312560557288
2020-07-0110541.032010984118
2020-08-0110461.176751511923
2020-09-0110415.440214171897
2020-10-0110370.208799232214
2020-11-0110605.09071539108
2020-12-0110696.24234854364
2021-01-0110779.449783945372
2021-02-0110518.531104059804
2021-03-0110589.799282726191
2021-04-0110732.33564005896
2021-05-0110761.86234036984
2021-06-0110827.390491759616
2021-07-0110921.61877953244
2021-08-0110867.662523132309
2021-09-0110765.260436517594
2021-10-0110737.570544935228
2021-11-0110847.916829300771
2021-12-0110856.320229233728
2022-01-0110531.98572799618
2022-02-0110473.712971084036
2022-03-0110077.28372725227
2022-04-019738.300676404815
2022-05-019878.265501517664
2022-06-019709.233178276063
2022-07-019987.922982610013
2022-08-019734.58113872957
2022-09-019346.555294830761
2022-10-019312.71209400787
2022-11-019769.618265225996
2022-12-019778.434947122869
2023-01-0110037.792339589198
2023-02-019821.23259049727
2023-03-0110023.097869761077
2023-04-019983.009519261235
2023-05-019895.94478552962
2023-06-019964.916953285363
2023-07-019993.15788748628
2023-08-019902.00625433372
2023-09-019670.109152358691
2023-10-019602.376830494699
2023-11-0110043.945648829722
2023-12-0110265.923983670771
2024-01-0110248.428380531665
2024-02-0110244.84660351106
2024-03-0110215.916866036947
2024-04-0110122.56106241017
2024-05-0110086.19224958557
2024-06-0110180.558298013031
2024-07-0110283.32774637345
2024-08-0110303.25712107784
2024-09-0110406.761292929665
2024-10-0110325.758028002148
2024-11-0110449.650776740491
2024-12-0110368.326070285486
2025-01-0110394.684275539676
2025-02-0110518.71478493266
2025-03-0110371.12720359647
2025-04-0110317.584229160255
2025-05-0110403.914239400465
2025-06-0110471.922082573737
2025-07-0110478.075391814262
2025-08-0110574.1404883156
2025-09-0110631.494840863485
2025-10-0110636.637905303325
2025-11-0110706.987679605452
2025-12-0110742.621768938647
2026-01-0110806.175350945266
2026-02-0110871.611661898616
2026-03-0110743.035050902561
2026-04-0110788.8175084608
Annual Return Matrix
YearAnnual Return
20200.06724733567311492
20210.014965805324323567
2022-0.09928643033284412
20230.049853482605755506
20240.009974950796206805
20250.03609991585101202
20260.004300229545056267
Total Factor Risk
0.05138359823509994
VTI.US Exposure
0.26591770757140054
VEA.US Exposure
-0.022199288286727296
VWO.US Exposure
0.021644323548840955
QQQ.US Exposure
-0.13274012079463168
VTV.US Exposure
-0.06278070957749361
IJR.US Exposure
0.006293335275068254
QUAL.US Exposure
0.052247063950518244
SHV.US Exposure
-0.00006029215460283632
TLT.US Exposure
-0.018427521614922723
LQD.US Exposure
0.5563593586245084
HYG.US Exposure
0.09207802399470946
GLD.US Exposure
0.008183987675037953
USO.US Exposure
-0.0016545169940498448
VNQ.US Exposure
-0.028379228147992472
BTC-USD.CC Exposure
0.0042336166106888866
CPER.US Exposure
-0.004278338496345203
VIX.INDX Exposure
-0.027095362543788103
UUP.US Exposure
0.015434368865398404
TIP.US Exposure
0.01761425406727211
Idiosyncratic Exposure
0.25760933842711053
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
0
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
5.1%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →N/A
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →0.00%
Market Cap$0
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$49
Avg Yield on Cost
0.49%
Annual Income Simulation Table
Historical Realised Yields
YearAnnual PayoutYield on CostQuality
2026$48.50.49%Solid

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
-0.2%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+1.0%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
0.8% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
0.69
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is Invesco BulletShares (R) 2028 Municipal Bond ETF a high-risk investment?

Invesco BulletShares (R) 2028 Municipal Bond ETF (BSMS.US) has an annualized volatility of 5.1% and experienced a maximum drawdown of 14.7% over the last 10 years. Its primary macro risk driver is LQD.US.

What is the 10-year return of BSMS.US?

Over the past 10 years, BSMS.US has generated a Compound Annual Growth Rate (CAGR) of 1.2%. It has had a positive return in 86% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

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