BSMS vs NCA

Comparison between INVESCO BULLETSHARES 2028 MUNICIPAL BOND ETF (BSMS, ETF) and Nuveen California Municipal Value Fund. (NCA, ETF).

5-Year PerformanceNCA has outperformed BSMS, delivering a return of +1.2% compared to -0.1%

BSMS vs NCA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	BSMS(ETF)	NCA(ETF)
Net Assets	$307M	$308M
Expense Ratio	0.18%	N/A
Max Drawdown	16.51%	31.70%
Sharpe Ratio	0.18	0.70
5Y Beta	0.01	0.14
5Y Dividends CAGR	9.58%	3.86%

Net Assets

BSMS

$307M

Winner

NCA

$308M

Expense Ratio

BSMS

0.18%

NCA

N/A

Max Drawdown

Winner

BSMS

16.51%

NCA

31.70%

Sharpe Ratio

BSMS

0.18

Winner

NCA

0.70

5Y Beta

Winner

BSMS

0.01

NCA

0.14

5Y Dividends CAGR

Winner

BSMS

9.58%

NCA

3.86%

BSMS vs NCA - Historical Returns

Returns include dividend reinvestment.

Period	BSMS	NCA
1 month	+0.07%	+0.98%
3 months	+0.50%	+0.86%
6 months	+0.72%	-0.01%
1 year	+4.01%	+13.13%
5 years(CAGR)	-0.10%	+1.22%
10 years(CAGR)	N/A	+1.82%
Max(CAGR)	+1.21%	+4.91%

BSMS

+0.07%

Winner

NCA

+0.98%

BSMS

+0.50%

Winner

NCA

+0.86%

Winner

BSMS

+0.72%

NCA

-0.01%

BSMS

+4.01%

Winner

NCA

+13.13%

5Y(CAGR)

BSMS

-0.10%

Winner

NCA

+1.22%

10Y(CAGR)

BSMS

N/A

NCA

+1.82%

Max(CAGR)

BSMS

+1.21%

Winner

NCA

+4.91%

BSMS vs NCA - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	BSMS	NCA
2026	+1.13%	+4.86%
2025	+3.52%	+10.13%
2024	+1.13%	-0.80%
2023	+4.78%	+8.96%
2022	-9.86%	-13.22%
2021	+1.34%	-2.16%
2020	+6.50%	+4.73%
2019	+0.22%	+19.52%
2018	N/A	-7.83%
2017	N/A	+1.75%
2016	N/A	+0.41%
2015	N/A	+8.06%
2014	N/A	+19.53%
2013	N/A	-5.95%
2012	N/A	+10.54%
2011	N/A	+16.12%
2010	N/A	+0.45%
2009	N/A	+10.05%
2008	N/A	-3.00%
2007	N/A	-5.56%
2006	N/A	+12.17%
2005	N/A	+9.35%
2004	N/A	+6.39%
2003	N/A	+3.67%
2002	N/A	+1.42%
2001	N/A	+11.60%
2000	N/A	+21.02%
1999	N/A	-8.03%

BSMS vs NCA Drawdown Comparison

The maximum drawdown for BSMS was -14.95%, occurring on Oct 31, 2022. This drawdown has not yet recovered.

The maximum drawdown for NCA was -23.58%, occurring on Oct 10, 2008. Recovery took 580 trading sessions.

The current BSMS drawdown is -0.75%. The current NCA drawdown is -4.02%.

Rank	BSMS	NCA
#1	-14.95% Jul 19, 2021 - Oct 31, 2022	-23.58% May 15, 2007 - Sep 1, 2009
#2	-14.01% Feb 27, 2020 - Jul 16, 2020	-22.97% Sep 16, 2021 - Jan 7, 2026
#3	-2.92% Feb 12, 2021 - Jun 8, 2021	-19.28% Mar 3, 2020 - Sep 14, 2020
#4	-2.40% Aug 10, 2020 - Nov 25, 2020	-14.95% Jan 24, 2013 - Apr 25, 2014
#5	-1.09% Sep 26, 2019 - Dec 3, 2019	-14.28% Sep 2, 2010 - Nov 9, 2011
#6	-0.66% Jun 10, 2021 - Jul 7, 2021	-13.49% Sep 22, 2016 - Jul 9, 2019
#7	-0.55% Jan 6, 2021 - Jan 28, 2021	-13.48% Nov 2, 1999 - Mar 30, 2000
#8	-0.43% Jan 31, 2020 - Feb 18, 2020	-12.31% Jun 26, 2003 - Feb 12, 2004
#9	-0.39% Jul 16, 2020 - Jul 20, 2020	-12.29% Feb 17, 2004 - Nov 16, 2004
#10	-0.32% Dec 4, 2019 - Dec 18, 2019	-10.28% Sep 30, 2002 - Jun 12, 2003
#11	-0.23% Dec 18, 2019 - Jan 2, 2020	-9.19% Jan 20, 2021 - Jul 29, 2021
#12	-0.16% Jan 17, 2020 - Jan 31, 2020	-8.33% Mar 30, 2000 - Jun 9, 2000
#13	-0.13% Nov 25, 2020 - Dec 7, 2020	-7.94% Mar 7, 2001 - Jul 23, 2001
#14	-0.13% Jul 8, 2021 - Jul 14, 2021	-7.88% Mar 1, 2012 - May 4, 2012
#15	-0.11% Dec 29, 2020 - Jan 4, 2021	-7.72% Aug 10, 2000 - Jan 4, 2001

Correlation

Correlation between BSMS and NCA is 0.90 which considered as a strong positive correlation - the stocks tend to move together.

0.90

-101

Dividend Comparison (2000 - 2026)

BSMS vs NCA dividend yield comparison.

Year	BSMS	NCA
2026	1.62%	2.25%
2025	2.79%	3.89%
2024	2.81%	4.12%
2023	2.58%	3.88%
2022	1.56%	3.66%
2021	1.49%	3.02%
2020	1.61%	2.98%
2019	0.46%	3.21%
2018	0.00%	3.79%
2017	0.00%	5.33%
2016	0.00%	4.36%
2015	0.00%	4.34%
2014	0.00%	4.45%
2013	0.00%	5.11%
2012	0.00%	4.69%
2011	0.00%	4.81%
2010	0.00%	5.32%
2009	0.00%	5.03%
2008	0.00%	6.90%
2007	0.00%	5.13%
2006	0.00%	4.78%
2005	0.00%	5.39%
2004	0.00%	6.01%
2003	0.00%	5.97%
2002	0.00%	5.49%
2001	0.00%	5.17%
2000	0.00%	2.31%