BSMS vs. TAXS
BSMS (Invesco BulletShares 2028 Municipal Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMS tracks the Invesco BulletShares Municipal Bond 2028 Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.57 correlation means they provide meaningful diversification when combined. BSMS charges 0.18%/yr vs 0.05%/yr for TAXS.
Performance
BSMS vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, BSMS achieves a 0.82% return, which is significantly lower than TAXS's 0.93% return.
BSMS
- 1D
- 0.04%
- 1M
- 0.18%
- YTD
- 0.82%
- 6M
- 1.20%
- 1Y
- 4.26%
- 3Y*
- 3.05%
- 5Y*
- 0.07%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMS vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMS Invesco BulletShares 2028 Municipal Bond ETF | 0.82% | 1.86% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between BSMS and TAXS is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.57 |
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Return for Risk
BSMS vs. TAXS — Risk / Return Rank
BSMS
TAXS
BSMS vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2028 Municipal Bond ETF (BSMS) 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.
| BSMS | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.63 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | — | — |
| Martin ratioReturn relative to average drawdown | 11.81 | — | — |
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
| BSMS | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.86 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 2.78 | -2.59 |
Drawdowns
BSMS vs. TAXS - Drawdown Comparison
The maximum BSMS drawdown since its inception was -14.95%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for BSMS and TAXS.
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Drawdown Indicators
| BSMS | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -0.84% | -14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -1.05% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -1.09% | -0.09% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -4.97% | -0.24% | -4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | — | — |
Volatility
BSMS vs. TAXS - Volatility Comparison
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Volatility by Period
| BSMS | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.91% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 1.00% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.60% | 1.00% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.21% | 1.00% | +5.21% |
BSMS vs. TAXS - Expense Ratio Comparison
BSMS 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
BSMS vs. TAXS - Dividend Comparison
BSMS's dividend yield for the trailing twelve months is around 2.77%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMS Invesco BulletShares 2028 Municipal Bond ETF | 2.77% | 2.79% | 2.81% | 2.58% | 1.56% | 1.49% | 1.61% | 0.46% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BSMS and TAXS have a correlation of 0.57, 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 BSMS.
BSMS has the higher dividend yield at 2.77%, compared with 1.83% for TAXS.
BSMS tracks Invesco BulletShares Municipal Bond 2028 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 BSMS and 0.05% for TAXS.
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