BSMR vs. TAXS
BSMR (Invesco BulletShares 2027 Municipal Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMR tracks the Invesco BulletShares Municipal Bond 2027 Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. At a 0.42 correlation, their price movements are largely independent. BSMR charges 0.18%/yr vs 0.05%/yr for TAXS.
Performance
BSMR vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, BSMR achieves a 0.93% return, which is significantly lower than TAXS's 0.99% return.
BSMR
- 1D
- -0.11%
- 1M
- 0.23%
- YTD
- 0.93%
- 6M
- 1.19%
- 1Y
- 3.90%
- 3Y*
- 2.93%
- 5Y*
- 0.45%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMR vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 0.93% | 1.36% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.99% | 1.22% |
Correlation
The correlation between BSMR and TAXS is 0.42, 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 | 0.42 |
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Return for Risk
BSMR vs. TAXS — Risk / Return Rank
BSMR
TAXS
BSMR vs. TAXS - 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 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.
| BSMR | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.68 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 6.93 | — | — |
| Martin ratioReturn relative to average drawdown | 21.96 | — | — |
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
| BSMR | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.12 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 2.85 | -2.63 |
Drawdowns
BSMR vs. TAXS - Drawdown Comparison
The maximum BSMR drawdown since its inception was -13.49%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for BSMR and TAXS.
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Drawdown Indicators
| BSMR | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.49% | -0.84% | -12.65% |
Max Drawdown (1Y)Largest decline over 1 year | -0.57% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.50% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.02% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | -0.03% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -3.49% | -0.24% | -3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | — | — |
Volatility
BSMR vs. TAXS - Volatility Comparison
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Volatility by Period
| BSMR | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.37% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.93% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 1.00% | +0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.03% | 1.00% | +2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.72% | 1.00% | +4.72% |
BSMR vs. TAXS - Expense Ratio Comparison
BSMR has a 0.18% expense ratio, which is higher than TAXS'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. TAXS - Dividend Comparison
BSMR's dividend yield for the trailing twelve months is around 2.72%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMR Invesco BulletShares 2027 Municipal Bond ETF | 2.72% | 2.77% | 2.78% | 2.72% | 1.40% | 1.00% | 1.49% | 0.45% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSMR and TAXS 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, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.18% for BSMR.
BSMR has the higher dividend yield at 2.72%, compared with 1.82% for TAXS.
BSMR tracks Invesco BulletShares Municipal Bond 2027 Index, while TAXS tracks ICE Short 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 TAXS.
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