BSMQ vs. TAXI
BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. At a 0.14 correlation, their price movements are largely independent. BSMQ charges 0.18%/yr vs 0.05%/yr for TAXI.
Performance
BSMQ vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, BSMQ achieves a 0.81% return, which is significantly lower than TAXI's 0.94% return.
BSMQ
- 1D
- 0.07%
- 1M
- 0.17%
- YTD
- 0.81%
- 6M
- 1.18%
- 1Y
- 2.98%
- 3Y*
- 2.90%
- 5Y*
- 0.31%
- 10Y*
- —
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMQ vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 0.81% | 1.44% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between BSMQ and TAXI is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.14 |
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Return for Risk
BSMQ vs. TAXI — Risk / Return Rank
BSMQ
TAXI
BSMQ vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 Municipal Bond ETF (BSMQ) 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.
| BSMQ | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 9.12 | — | — |
| Martin ratioReturn relative to average drawdown | 23.88 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSMQ | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 2.92 | -2.67 |
Drawdowns
BSMQ vs. TAXI - Drawdown Comparison
The maximum BSMQ drawdown since its inception was -13.18%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for BSMQ and TAXI.
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Drawdown Indicators
| BSMQ | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.18% | -2.23% | -10.95% |
Max Drawdown (1Y)Largest decline over 1 year | -0.33% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -2.53% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.50% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.79% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -3.47% | -0.46% | -3.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.12% | — | — |
Volatility
BSMQ vs. TAXI - Volatility Comparison
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Volatility by Period
| BSMQ | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.94% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.33% | 1.90% | -0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.68% | 1.90% | +0.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.79% | 1.90% | +2.89% |
BSMQ vs. TAXI - Expense Ratio Comparison
BSMQ 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
BSMQ vs. TAXI - Dividend Comparison
BSMQ's dividend yield for the trailing twelve months is around 2.76%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMQ Invesco BulletShares 2026 Municipal Bond ETF | 2.76% | 2.74% | 2.75% | 2.47% | 1.60% | 1.14% | 1.57% | 0.44% |
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
BSMQ and TAXI have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TAXI is cheaper with a 0.05% expense ratio, compared with 0.18% for BSMQ.
BSMQ has the higher dividend yield at 2.76%, compared with 2.00% for TAXI.
BSMQ tracks Invesco BulletShares Municipal Bond 2026 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 BSMQ and 0.05% for TAXI.
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