BMOP vs. TAXI

Last updated Jun 4, 2026

BMOP (BNY Mellon Municipal Opportunities ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. BMOP is actively managed, while TAXI is passively managed. A 0.73 correlation means they provide meaningful diversification when combined. BMOP charges 0.54%/yr vs 0.05%/yr for TAXI.

Performance

BMOP vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Opportunities ETF (BMOP) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BMOP

• 1D: -0.07%
• 1M: 0.84%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: -0.03%
• 1M: 0.46%
• YTD: 0.94%
• 6M: 1.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BMOP vs. TAXI - Yearly Performance Comparison

	2026 (YTD)
BMOP BNY Mellon Municipal Opportunities ETF	1.37%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.40%

Correlation

The correlation between BMOP and TAXI is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.73

Return for Risk

BMOP vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Opportunities ETF (BMOP) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BMOP	TAXI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	2.92	-1.96

Drawdowns

BMOP vs. TAXI - Drawdown Comparison

The maximum BMOP drawdown since its inception was -2.80%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for BMOP and TAXI.

Drawdown Indicators

	BMOP	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-2.23%	-0.57%
Current Drawdown Current decline from peak	-0.09%	-0.79%	+0.70%
Average Drawdown Average peak-to-trough decline	-0.82%	-0.46%	-0.36%

Volatility

Volatility by Period

	BMOP	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	1.90%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.75%	1.90%	+1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	1.90%	+1.85%

BMOP vs. TAXI - Expense Ratio Comparison

BMOP has a 0.54% expense ratio, which is higher than TAXI's 0.05% expense ratio.

Dividends

BMOP vs. TAXI - Dividend Comparison

BMOP's dividend yield for the trailing twelve months is around 1.20%, less than TAXI's 2.00% yield.

Position	TTM	2025
BMOP BNY Mellon Municipal Opportunities ETF	1.20%	0.00%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Can I hold both BMOP and TAXI in my portfolio?

BMOP and TAXI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMOP or TAXI?

On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMOP or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.54% for BMOP.

Which ETF pays a higher dividend yield, BMOP or TAXI?

TAXI has the higher dividend yield at 2.00%, compared with 1.20% for BMOP.

What is the main difference between BMOP and TAXI?

They also come from different issuers: BNY Mellon and Northern Trust. Their fees differ too: 0.54% for BMOP and 0.05% for TAXI.