BMOP vs. TAXS

Last updated Aug 5, 2026

BMOP (BNY Mellon Municipal Opportunities ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. BMOP is actively managed, while TAXS is passively managed. Their 0.65 correlation means they have sometimes moved together and sometimes differently. BMOP charges 0.54%/yr vs 0.05%/yr for TAXS.

Performance

BMOP vs. TAXS - Performance Comparison

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

Returns By Period

BMOP

• 1D: 0.20%
• 1M: -1.61%
• 6M: 0.59%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

TAXS

• 1D: 0.18%
• 1M: -0.10%
• 6M: 0.52%
• YTD: 1.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BMOP BNY Mellon Municipal Opportunities ETF	$2.29M	$2.06M	$2.59M
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	$420.04K	$652.32K	$965.85K

BMOP vs. TAXS - Yearly Performance Comparison

	2026 (YTD)
BMOP BNY Mellon Municipal Opportunities ETF	1.01%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	0.80%

Correlation

The correlation between BMOP and TAXS is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	0.65

Return for Risk

BMOP vs. TAXS - Risk-Adjusted Trends Comparison

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

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

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

Drawdowns

BMOP vs. TAXS - Drawdown Comparison

The maximum BMOP drawdown since its inception was -2.80%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for BMOP and TAXS.

Drawdown Indicators

	BMOP	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-0.84%	-1.96%
Current Drawdown Current decline from peak	-1.61%	-0.13%	-1.48%
Average Drawdown Average peak-to-trough decline	-0.74%	-0.22%	-0.52%

Volatility

Volatility by Period

	BMOP	TAXS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.46%	1.04%	+2.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.46%	1.04%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.46%	1.04%	+2.42%

BMOP vs. TAXS - Expense Ratio Comparison

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

Dividends

BMOP vs. TAXS - Dividend Comparison

BMOP's dividend yield for the trailing twelve months is around 1.87%, less than TAXS's 2.25% yield.

Position	TTM	2025
BMOP BNY Mellon Municipal Opportunities ETF	1.87%	0.00%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	2.25%	0.74%

Frequently Asked Questions

Can I hold both BMOP and TAXS in my portfolio?

BMOP and TAXS have a correlation of 0.65, 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 TAXS?

On fees, TAXS 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 TAXS?

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

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

TAXS has the higher dividend yield at 2.25%, compared with 1.87% for BMOP.

What is the main difference between BMOP and TAXS?

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