BSMW vs. TAXI
BSMW (Invesco BulletShares 2032 Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - BSMW tracks the Invesco BulletShares USD Municipal Bond 2032 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. Their 0.59 correlation means they have sometimes moved together and sometimes differently. BSMW charges 0.18%/yr vs 0.05%/yr for TAXI.
Performance
BSMW vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, BSMW achieves a 0.38% return, which is significantly higher than TAXI's 0.17% return.
BSMW
- 1D
- 0.15%
- 1M
- -1.32%
- 6M
- -0.77%
- YTD
- 0.38%
- 1Y
- 4.56%
- 3Y*
- 2.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.01%
TAXI
- 1D
- 0.21%
- 1M
- -1.07%
- 6M
- -0.78%
- YTD
- 0.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $855.22K | $847.67K | $742.02K | |
| $933.32K | $747.14K | $887.03K |
BSMW vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 0.38% | 3.93% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.17% | 3.35% |
Correlation
The correlation between BSMW and TAXI is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.59 |
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Return for Risk
BSMW vs. TAXI — Risk / Return Rank
BSMW
TAXI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BSMW vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2032 Municipal Bond ETF (BSMW) 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.
| BSMW | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.34 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | — | — |
| Martin ratioReturn relative to average drawdown | 4.39 | — | — |
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Drawdowns
BSMW vs. TAXI - Drawdown Comparison
The maximum BSMW drawdown since its inception was -7.57%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for BSMW and TAXI.
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Drawdown Indicators
| BSMW | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.57% | -2.23% | -5.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.92% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.44% | — | — |
Current DrawdownCurrent decline from peak | -1.88% | -1.55% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -1.70% | -0.54% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | — | — |
Volatility
BSMW vs. TAXI - Volatility Comparison
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Volatility by Period
| BSMW | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.09% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 1.96% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.91% | 1.96% | +2.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.91% | 1.96% | +2.95% |
BSMW vs. TAXI - Expense Ratio Comparison
BSMW 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
BSMW vs. TAXI - Dividend Comparison
BSMW's dividend yield for the trailing twelve months is around 3.25%, more than TAXI's 2.50% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BSMW Invesco BulletShares 2032 Municipal Bond ETF | 3.25% | 3.24% | 3.48% | 2.36% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.50% | 0.85% | 0.00% | 0.00% |
Frequently Asked Questions
BSMW and TAXI have a correlation of 0.59, 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 BSMW.
BSMW has the higher dividend yield at 3.25%, compared with 2.50% for TAXI.
BSMW tracks Invesco BulletShares USD Municipal Bond 2032 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 BSMW and 0.05% for TAXI.
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