IBMQ vs. TAXI
IBMQ (iShares iBonds Dec 2028 Term Muni Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - IBMQ tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. At a 0.47 correlation, their price movements are largely independent. IBMQ charges 0.18%/yr vs 0.05%/yr for TAXI.
Performance
IBMQ vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, IBMQ achieves a 0.69% return, which is significantly lower than TAXI's 0.94% return.
IBMQ
- 1D
- -0.08%
- 1M
- 0.16%
- YTD
- 0.69%
- 6M
- 1.27%
- 1Y
- 3.49%
- 3Y*
- 2.96%
- 5Y*
- 0.48%
- 10Y*
- —
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMQ vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 0.69% | 0.88% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between IBMQ and TAXI is 0.47, 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 | 0.47 |
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Return for Risk
IBMQ vs. TAXI — Risk / Return Rank
IBMQ
TAXI
IBMQ vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2028 Term Muni Bond ETF (IBMQ) 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.
| IBMQ | TAXI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.91 | — | — |
Sortino ratioReturn per unit of downside risk | 4.41 | — | — |
Omega ratioGain probability vs. loss probability | 1.61 | — | — |
Calmar ratioReturn relative to maximum drawdown | 3.11 | — | — |
Martin ratioReturn relative to average drawdown | 8.20 | — | — |
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
| IBMQ | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.91 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 2.92 | -2.56 |
Drawdowns
IBMQ vs. TAXI - Drawdown Comparison
The maximum IBMQ drawdown since its inception was -15.85%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for IBMQ and TAXI.
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Drawdown Indicators
| IBMQ | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -2.23% | -13.62% |
Max Drawdown (1Y)Largest decline over 1 year | -1.13% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.57% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.51% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -0.79% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -3.26% | -0.46% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | — | — |
Volatility
IBMQ vs. TAXI - Volatility Comparison
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Volatility by Period
| IBMQ | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.34% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.21% | 1.90% | -0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 1.90% | +1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.55% | 1.90% | +3.65% |
IBMQ vs. TAXI - Expense Ratio Comparison
IBMQ 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
IBMQ vs. TAXI - Dividend Comparison
IBMQ's dividend yield for the trailing twelve months is around 2.45%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBMQ iShares iBonds Dec 2028 Term Muni Bond ETF | 2.45% | 2.43% | 2.33% | 1.93% | 1.25% | 1.05% | 1.24% | 1.03% |
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
IBMQ and TAXI have a correlation of 0.47, 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 IBMQ.
IBMQ has the higher dividend yield at 2.45%, compared with 2.00% for TAXI.
IBMQ tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2028 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 IBMQ and 0.05% for TAXI.
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