APMU vs. TAXX

Last updated Jun 4, 2026

APMU (ActivePassive Intermediate Municipal Bond ETF) and TAXX (Bondbloxx IR+M Tax-Aware Short Duration ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, APMU returned 4.28% vs 3.94% for TAXX. A 0.51 correlation means they provide meaningful diversification when combined. APMU charges 0.36%/yr vs 0.35%/yr for TAXX.

Performance

APMU vs. TAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Intermediate Municipal Bond ETF (APMU) and Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APMU achieves a 0.44% return, which is significantly lower than TAXX's 1.04% return.

APMU

• 1D: -0.04%
• 1M: 0.25%
• YTD: 0.44%
• 6M: 0.72%
• 1Y: 4.28%
• 3Y*: 3.03%
• 5Y*: —
• 10Y*: —

TAXX

• 1D: -0.03%
• 1M: 0.30%
• YTD: 1.04%
• 6M: 1.50%
• 1Y: 3.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APMU vs. TAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APMU ActivePassive Intermediate Municipal Bond ETF	0.44%	4.50%	1.07%
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	1.04%	4.52%	3.51%

Correlation

The correlation between APMU and TAXX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.51

The correlation between APMU and TAXX shifts across timeframes, from 0.35 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

Return for Risk

APMU vs. TAXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APMU

APMU Risk / Return Rank: 49
APMU Sharpe Ratio Rank: 53
APMU Sortino Ratio Rank: 55
APMU Omega Ratio Rank: 63
APMU Calmar Ratio Rank: 37
APMU Martin Ratio Rank: 35

TAXX

TAXX Risk / Return Rank: 79
TAXX Sharpe Ratio Rank: 71
TAXX Sortino Ratio Rank: 76
TAXX Omega Ratio Rank: 90
TAXX Calmar Ratio Rank: 83
TAXX Martin Ratio Rank: 72

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APMU vs. TAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) and Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APMU	TAXX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.34	-0.53
Sortino ratio: Return per unit of downside risk	2.62	3.46	-0.84
Omega ratio: Gain probability vs. loss probability	1.38	1.60	-0.22
Calmar ratio: Return relative to maximum drawdown	1.79	4.48	-2.68
Martin ratio: Return relative to average drawdown	5.30	13.61	-8.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APMU vs. TAXX - Sharpe Ratio Comparison

The current APMU Sharpe Ratio is 1.81, which is comparable to the TAXX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of APMU and TAXX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	APMU	TAXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.34	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	2.59	-1.77

Drawdowns

APMU vs. TAXX - Drawdown Comparison

The maximum APMU drawdown since its inception was -4.39%, which is greater than TAXX's maximum drawdown of -0.91%. Use the drawdown chart below to compare losses from any high point for APMU and TAXX.

Drawdown Indicators

	APMU	TAXX	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-0.91%	-3.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-0.88%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-3.41%	—	—
Current Drawdown Current decline from peak	-1.17%	-0.06%	-1.11%
Average Drawdown Average peak-to-trough decline	-0.93%	-0.17%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	0.29%	+0.52%

Volatility

APMU vs. TAXX - Volatility Comparison

ActivePassive Intermediate Municipal Bond ETF (APMU) has a higher volatility of 0.75% compared to Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) at 0.34%. This indicates that APMU's price experiences larger fluctuations and is considered to be riskier than TAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APMU	TAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.34%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	0.84%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	2.37%	1.69%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	1.59%	+1.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.81%	1.59%	+1.22%

APMU vs. TAXX - Expense Ratio Comparison

APMU has a 0.36% expense ratio, which is higher than TAXX's 0.35% expense ratio.

Dividends

APMU vs. TAXX - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.66%, less than TAXX's 3.50% yield.

Position	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	3.50%	3.72%	2.70%	0.00%

Frequently Asked Questions

Can I hold both APMU and TAXX in my portfolio?

APMU and TAXX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APMU or TAXX?

APMU has higher volatility (0.75%) compared to TAXX (0.34%). In terms of maximum drawdown, APMU dropped -4.39% vs TAXX's -0.91%.

Which ETF is better, APMU or TAXX?

On 1-year performance, APMU leads with 4.28% vs 3.94% for TAXX. On fees, TAXX is cheaper at 0.35% per year. On volatility, TAXX has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APMU or TAXX?

Over the 1-year period, APMU has performed better with a 4.28% return vs 3.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APMU or TAXX?

TAXX is cheaper with a 0.35% expense ratio, compared with 0.36% for APMU.

Which ETF pays a higher dividend yield, APMU or TAXX?

TAXX has the higher dividend yield at 3.50%, compared with 2.66% for APMU.

What is the main difference between APMU and TAXX?

They also come from different issuers: ActivePassive and BondBloxx. Their fees differ too: 0.36% for APMU and 0.35% for TAXX.

Which has better risk-adjusted returns?

TAXX currently has the higher Sharpe Ratio (2.34 vs 1.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.