BSMT vs. TAXI

Last updated Jun 25, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2029 Municipal Bond ETF (BSMT) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMT achieves a 0.82% return, which is significantly lower than TAXI's 1.13% return.

BSMT

• 1D: -0.20%
• 1M: 0.58%
• YTD: 0.82%
• 6M: 0.99%
• 1Y: 4.40%
• 3Y*: 2.81%
• 5Y*: -0.13%
• 10Y*: —

TAXI

• 1D: 0.15%
• 1M: 1.03%
• YTD: 1.13%
• 6M: 1.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BSMT vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
BSMT Invesco BulletShares 2029 Municipal Bond ETF	0.82%	2.30%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	1.13%	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 19, 2025	0.61

Return for Risk

BSMT vs. TAXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BSMT

BSMT Risk / Return Rank: 78
BSMT Sharpe Ratio Rank: 86
BSMT Sortino Ratio Rank: 92
BSMT Omega Ratio Rank: 92
BSMT Calmar Ratio Rank: 64
BSMT Martin Ratio Rank: 56

TAXI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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.

	BSMT	TAXI	Difference
Sharpe ratio: Return per unit of total volatility	2.45	—	—
Sortino ratio: Return per unit of downside risk	3.93	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	2.77	—	—
Martin ratio: Return relative to average drawdown	8.76	—	—

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.

Drawdown Indicators

	BSMT	TAXI	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-2.20%	-0.61%	-1.59%
Average Drawdown Average peak-to-trough decline	-5.61%	-0.48%	-5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	—	—

Volatility

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	1.80%	1.89%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	1.89%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.39%	1.89%	+4.50%

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

Can I hold both BSMT and TAXI in my portfolio?

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.

Which ETF is better, BSMT or TAXI?

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.

Which ETF is cheaper, BSMT or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.18% for BSMT.

Which ETF pays a higher dividend yield, BSMT or TAXI?

BSMT has the higher dividend yield at 2.74%, compared with 2.00% for TAXI.

What is the main difference between BSMT and 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.