BSMP vs. TAXI

Last updated Jun 5, 2026

BSMP (Invesco BulletShares 2025 Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMP tracks the Invesco BulletShares Municipal Bond 2025 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. At a 0.09 correlation, their price movements are largely independent. BSMP charges 0.18%/yr vs 0.05%/yr for TAXI.

Performance

BSMP vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2025 Municipal Bond ETF (BSMP) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BSMP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: 0.06%
• 1M: 0.52%
• YTD: 1.00%
• 6M: 1.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSMP vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
BSMP Invesco BulletShares 2025 Municipal Bond ETF	0.00%	0.69%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	1.00%	3.35%

Correlation

The correlation between BSMP and TAXI is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.09

Return for Risk

BSMP vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2025 Municipal Bond ETF (BSMP) 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

	BSMP	TAXI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	—	2.95	—

Drawdowns

Drawdown Indicators

	BSMP	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	—	-2.23%	—
Current Drawdown Current decline from peak	—	-0.74%	—
Average Drawdown Average peak-to-trough decline	—	-0.46%	—

Volatility

Volatility by Period

	BSMP	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	—	1.90%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.90%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.90%	—

BSMP vs. TAXI - Expense Ratio Comparison

BSMP has a 0.18% expense ratio, which is higher than TAXI's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BSMP vs. TAXI - Dividend Comparison

BSMP's dividend yield for the trailing twelve months is around 1.27%, less than TAXI's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMP Invesco BulletShares 2025 Municipal Bond ETF	1.27%	2.35%	2.53%	2.20%	1.23%	0.72%	1.32%	0.35%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSMP and TAXI in my portfolio?

BSMP and TAXI have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSMP 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, BSMP or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.18% for BSMP.

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

TAXI has the higher dividend yield at 2.00%, compared with 1.27% for BSMP.

What is the main difference between BSMP and TAXI?

BSMP tracks Invesco BulletShares Municipal Bond 2025 Index, while TAXI tracks ICE Intermediate Term Focused Municipal Bond Index. They also come from different issuers: Invesco and Northern Trust. Their fees differ too: 0.18% for BSMP and 0.05% for TAXI.