Relative Intelligence · Municipal Bonds

How BNY Mellon Municipal Opportunities ETF (BMOP) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BMOP alone. It places BMOP (BNY Mellon Municipal Opportunities ETF) against 17 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken and diversification. The result is a clearer view of where BMOP stands in the market, and of the alternatives worth a closer look.

Period covered: BMOP's full trading record. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

BMOP began trading in January 2026, so it has less than a year of history. This page compares it over the periods it has, so it may be missing long-term perspectives that will appear as its record grows.

Rank the market against BMOP →Chart BMOP vs. 17 alternatives →

On this page3 sections

Key findings

Right nowOver the past 6 months, BMOP fell 3.3% while the S&P 500 rose 9.1%. That said, both BMOP and the S&P 500 are within a few percent of a record high. At a glance ↓
Fund or market?BMOP fell 4.0% over the past 3 months, in line with the municipal bonds ETF MUB (iShares National Muni Bond ETF), which fell 3.0%. The S&P 500 rose 3.9%.

BMOP at a glance

This section summarizes the key facts about the fund, its returns over the months since it began trading and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: BMOP began trading on January 12, 2026, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or eight other sell-offs.

BMOP's deepest decline since it began trading in 2026 was 6.7%, from July to September 2026. It has not yet climbed back to that peak.
BMOP is 4.9% below its all-time high.

The fund

Issuer: BNY Mellon
Began trading: January 2026
Expense ratio: 0.54%per year
Assets: $1.6B
Category: Bonds

Returns

Past 1 month: −0.9%total return
Past 3 months: −4.0%total return
Past 6 months: −3.3%total return

Risk

Worst decline ever: −6.7%Jul 2026 to Sep 2026
From its all-time high: −4.9%below the peak

BMOP against its popular alternatives

The investments people most often weigh against BMOP, compared period by period and year by year.

Has BMOP consistently beaten its popular alternatives?

This section compares BMOP with the investments people most often weigh against it, checking each one over three periods from one month to six months. Counting how often an alternative earned more than BMOP helps separate lasting outperformance from a single strong stretch.

11 of the 17 popular alternatives, led by SGOV, VCSH and DFNM, outperformed BMOP in at least 2 of 3 timeframes.

A green cell means the alternative earned more than BMOP over that period. "Qualified" marks those that did so in at least 2 of 3 periods.

Investment	Periods outperformed	Short term			Risk	Fund
Investment	Periods outperformed	1M	3M	6M	Worst declinepast 10 years	Expense	Assets	Overlapsame sectors
BMOP BNY Mellon Municipal Opportunities ETF (this page)	—	−0.9%	−4.0%	−3.3%	—	0.54%	$1.6B	—
SGOV QualifiediShares 0-3 Month Treasury Bond ETF	3/3 short	+0.3%	+0.6%	+1.5%	−0.3%	0.09%	$116B	—
VCSH QualifiedVanguard Short-Term Corporate Bond ETF	3/3 short	−0.1%	−0.8%	−0.8%	−12.9%	0.03%	$51B	—
DFNM QualifiedDimensional - National Municipal Bond ETF	3/3 short	+0.2%	−2.1%	−2.1%	−7.0%	0.18%	$2.2B	—
MUNI QualifiedPIMCO Intermediate Municipal Bond Active Exchange-Traded Fund	3/3 short	0.0%	−2.4%	−2.5%	−11.2%	0.35%	$3.1B	—
JMUB QualifiedJPMorgan Municipal ETF	3/3 short	−0.3%	−2.9%	−2.8%	−12.5%	0.18%	$8.7B	—
AGG QualifiediShares Core U.S. Aggregate Bond ETF	2/3 short	−0.6%	−1.7%	−2.6%	−18.4%	0.03%	$139B	—
BND QualifiedVanguard Total Bond Market ETF	2/3 short	−0.6%	−2.0%	−2.8%	−18.6%	0.03%	$389B	—
HYD QualifiedVanEck High Yield Muni ETF	2/3 short	−0.1%	−3.4%	−2.9%	−35.6%	0.32%	$4.3B	—
MUB QualifiediShares National Muni Bond ETF	2/3 short	−0.2%	−3.0%	−3.2%	−13.7%	0.05%	$51B	—
SCMB QualifiedSchwab Municipal Bond ETF	2/3 short	+0.1%	−3.3%	−3.3%	−6.7%	0.03%	$3.7B	—
VTEB QualifiedVanguard Tax-Exempt Bond ETF	2/3 short	−0.3%	−3.3%	−3.3%	−17.0%	0.03%	$52B	—
MINO BondsPIMCO Municipal Income Opportunities Active Exchange-Traded Fund	1/3 short	−0.5%	−3.5%	−3.3%	−15.2%	0.49%	$765M	—
TFI BondsState Street SPDR Nuveen ICE Municipal Bond ETF	1/3 short	−0.3%	−3.6%	−3.6%	−15.5%	0.23%	$2.9B	—
JMHI BondsJPMorgan High Yield Municipal ETF	0/3 short	−0.9%	−3.8%	−3.3%	−7.3%	0.52%	$302M	—
FMHI BondsFirst Trust Municipal High Income ETF	0/3 short	−1.2%	−4.6%	−3.8%	−18.8%	0.49%	$1.0B	—
HYMB BondsState Street SPDR Nuveen ICE High Yield Municipal Bond ETF	0/3 short	−2.3%	−5.4%	−4.5%	−29.5%	0.35%	$3.8B	—
PZA BondsInvesco National AMT-Free Municipal Bond ETF	0/3 short	−1.6%	−6.4%	−5.9%	−21.7%	0.28%	$4.1B	—

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Risk and diversification

How BMOP has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were BMOP's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BMOP's deepest drawdown since it began trading in 2026, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: BMOP began trading on January 12, 2026, so this list cannot include the dot-com bust, the 2008 financial crisis or eight other sell-offs.

Green means BMOP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

During	BMOP fell	S&P 500, same dates	Peak	Low	Time to the low	Back at the peak	Time to recover
No named crash	−6.7%	+2.9%	Jul 2026	Sep 2026	2 months	Not yet	—

Common questions

What was BMOP's worst drawdown?

BMOP's deepest decline since it began trading in 2026 was 6.7%, from July to September 2026. It has not yet climbed back to that peak. Because BMOP launched in January 2026, that record does not include the dot-com bust, the 2008 financial crisis or eight other sell-offs.

What are the best alternatives to BMOP?

Of the 17 popular alternatives we compared, 11 outperformed BMOP in at least 2 of 3 timeframes, with dividends reinvested: SGOV, VCSH and DFNM.

How we measure

Short-term periods are 1M, 3M, 6M. An investment outperformed in a period when its total return, with dividends reinvested, was higher than BMOP's. Returns within 0.5 points or 3% of BMOP's, whichever is larger, count as a tie.
"Qualified" means outperforming in at least 2 of 3 periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.