BSMR vs. TAXI
BSMR (Invesco BulletShares 2027 Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMR tracks the Invesco BulletShares Municipal Bond 2027 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. Their 0.42 correlation means their historical movements had little consistent relationship. BSMR charges 0.18%/yr vs 0.05%/yr for TAXI.
Performance
BSMR vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, BSMR achieves a 1.25% return, which is significantly higher than TAXI's -0.04% return.
BSMR
- 1D
- 0.04%
- 1M
- 0.06%
- 6M
- 0.87%
- YTD
- 1.25%
- 1Y
- 2.73%
- 3Y*
- 3.03%
- 5Y*
- 0.34%
- 10Y*
- —
- ALL TIME*
- 1.23%
TAXI
- 1D
- 0.02%
- 1M
- -1.27%
- 6M
- -0.92%
- YTD
- -0.04%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.07M | $1.14M | $1.34M | |
| $829.70K | $728.87K | $911.81K |
BSMR vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 1.25% | 1.34% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | -0.04% | 3.35% |
Correlation
The correlation between BSMR and TAXI is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.42 |
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Return for Risk
BSMR vs. TAXI — Risk / Return Rank
BSMR
TAXI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BSMR vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2027 Municipal Bond ETF (BSMR) 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.
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.
| BSMR | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.84 | — | — |
| Martin ratioReturn relative to average drawdown | 14.99 | — | — |
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Drawdowns
BSMR vs. TAXI - Drawdown Comparison
The maximum BSMR drawdown since its inception was -13.49%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for BSMR and TAXI.
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Drawdown Indicators
| BSMR | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -2.23% | -11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -0.57% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -2.91% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.89% | — | — |
Current DrawdownCurrent decline from peak | -0.07% | -1.75% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -0.54% | -2.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | — | — |
Volatility
BSMR vs. TAXI - Volatility Comparison
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Volatility by Period
| BSMR | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 1.95% | -0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.01% | 1.95% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.66% | 1.95% | +3.71% |
BSMR vs. TAXI - Expense Ratio Comparison
BSMR 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
BSMR vs. TAXI - Dividend Comparison
BSMR's dividend yield for the trailing twelve months is around 2.70%, more than TAXI's 2.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.70% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.51% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSMR and TAXI have a correlation of 0.42, 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 BSMR.
BSMR has the higher dividend yield at 2.70%, compared with 2.51% for TAXI.
BSMR tracks Invesco BulletShares Municipal Bond 2027 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 BSMR and 0.05% for TAXI.
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