BSMT vs. TAXI
BSMT (Invesco BulletShares 2029 Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMT tracks the Invesco BulletShares Municipal Bond 2029 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. A 0.61 correlation means they provide meaningful diversification when combined. BSMT charges 0.18%/yr vs 0.05%/yr for TAXI.
Performance
BSMT vs. TAXI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with BSMT having a 0.98% return and TAXI slightly lower at 0.94%.
BSMT
- 1D
- -0.04%
- 1M
- 0.44%
- YTD
- 0.98%
- 6M
- 1.37%
- 1Y
- 5.29%
- 3Y*
- 3.19%
- 5Y*
- -0.12%
- 10Y*
- —
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BSMT vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 0.98% | 2.32% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between BSMT and TAXI is 0.61, 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 | 0.61 |
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Return for Risk
BSMT vs. TAXI — Risk / Return Rank
BSMT
TAXI
BSMT vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2029 Municipal Bond ETF (BSMT) 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.
| BSMT | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.65 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | — | — |
| Martin ratioReturn relative to average drawdown | 10.84 | — | — |
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
| BSMT | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 2.92 | -2.77 |
Drawdowns
BSMT vs. TAXI - Drawdown Comparison
The maximum BSMT drawdown since its inception was -16.20%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for BSMT and TAXI.
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Drawdown Indicators
| BSMT | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.20% | -2.23% | -13.97% |
Max Drawdown (1Y)Largest decline over 1 year | -1.60% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.79% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.20% | — | — |
Current DrawdownCurrent decline from peak | -2.05% | -0.79% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -5.65% | -0.46% | -5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | — | — |
Volatility
BSMT vs. TAXI - Volatility Comparison
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Volatility by Period
| BSMT | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.22% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.85% | 1.90% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 1.90% | +2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.42% | 1.90% | +4.52% |
BSMT vs. TAXI - Expense Ratio Comparison
BSMT 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
BSMT vs. TAXI - Dividend Comparison
BSMT's dividend yield for the trailing twelve months is around 2.74%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
BSMT Invesco BulletShares 2029 Municipal Bond ETF | 2.74% | 2.78% | 2.80% | 2.62% | 1.65% | 1.31% | 1.82% | 0.48% |
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
BSMT and TAXI have a correlation of 0.61, 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 BSMT.
BSMT has the higher dividend yield at 2.74%, compared with 2.00% for TAXI.
BSMT tracks Invesco BulletShares Municipal Bond 2029 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 BSMT and 0.05% for TAXI.
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