IBMM vs. TAXI

Last updated Jun 5, 2026

IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. IBMM charges 0.18%/yr vs 0.05%/yr for TAXI.

Performance

IBMM vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: 0.06%
• 1M: 0.52%
• YTD: 1.00%
• 6M: 1.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBMM vs. TAXI - Yearly Performance Comparison

	2026 (YTD)
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	-0.16%

Return for Risk

IBMM vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) 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.

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

Sharpe Ratios by Period

	IBMM	TAXI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	—	2.95	—

Drawdowns

IBMM vs. TAXI - Drawdown Comparison

The maximum IBMM drawdown since its inception was 0.00%, smaller than the maximum TAXI drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for IBMM and TAXI.

Drawdown Indicators

	IBMM	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-2.23%	+2.23%
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	0.00%	-0.46%	+0.46%

Volatility

Volatility by Period

	IBMM	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	1.90%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	1.90%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	1.90%	-1.90%

IBMM vs. TAXI - Expense Ratio Comparison

IBMM 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

IBMM vs. TAXI - Dividend Comparison

IBMM has not paid dividends to shareholders, while TAXI's dividend yield for the trailing twelve months is around 2.00%.

Position	TTM	2025
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Which ETF is better, IBMM 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, IBMM or TAXI?

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

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

TAXI has the higher dividend yield at 2.00%, compared with 0.00% for IBMM.

What is the main difference between IBMM and TAXI?

IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index, while TAXI tracks ICE Intermediate Term Focused Municipal Bond Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.18% for IBMM and 0.05% for TAXI.