IBMN vs. TAXI

Last updated Jun 4, 2026

IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. At a 0.18 correlation, their price movements are largely independent. IBMN charges 0.18%/yr vs 0.05%/yr for TAXI.

Performance

IBMN vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBMN

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 1.20%
• 3Y*: 2.44%
• 5Y*: 0.47%
• 10Y*: —

TAXI

• 1D: -0.03%
• 1M: 0.46%
• YTD: 0.94%
• 6M: 1.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBMN vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	0.00%	0.70%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.94%	3.35%

Correlation

The correlation between IBMN and TAXI is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.18

Return for Risk

IBMN vs. TAXI — Risk / Return Rank

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

IBMN

IBMN Risk / Return Rank: 84
IBMN Sharpe Ratio Rank: 64
IBMN Sortino Ratio Rank: 78
IBMN Omega Ratio Rank: 93
IBMN Calmar Ratio Rank: 92
IBMN Martin Ratio Rank: 93

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.

IBMN vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) 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.

	IBMN	TAXI	Difference
Sharpe ratio: Return per unit of total volatility	2.12	—	—
Sortino ratio: Return per unit of downside risk	3.51	—	—
Omega ratio: Gain probability vs. loss probability	1.66	—	—
Calmar ratio: Return relative to maximum drawdown	6.02	—	—
Martin ratio: Return relative to average drawdown	24.21	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IBMN	TAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	2.92	-2.34

Drawdowns

IBMN vs. TAXI - Drawdown Comparison

The maximum IBMN drawdown since its inception was -12.40%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for IBMN and TAXI.

Drawdown Indicators

	IBMN	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-12.40%	-2.23%	-10.17%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-7.36%	—	—
Current Drawdown Current decline from peak	-0.05%	-0.79%	+0.74%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.46%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	—	—

Volatility

Volatility by Period

	IBMN	TAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	1.90%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.80%	1.90%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.89%	1.90%	+1.99%

IBMN vs. TAXI - Expense Ratio Comparison

IBMN 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

IBMN vs. TAXI - Dividend Comparison

IBMN's dividend yield for the trailing twelve months is around 1.14%, less than TAXI's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	1.14%	2.03%	2.03%	1.72%	0.97%	0.70%	1.11%	1.65%	0.23%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBMN and TAXI in my portfolio?

IBMN and TAXI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IBMN 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, IBMN or TAXI?

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

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

TAXI has the higher dividend yield at 2.00%, compared with 1.14% for IBMN.

What is the main difference between IBMN and TAXI?

IBMN tracks S&P AMT-Free Municipal Series Dec 2025 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 IBMN and 0.05% for TAXI.