TAXI vs. BKMS

Last updated Jun 5, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and BKMS (BNY Mellon Municipal Short Duration ETF) are both Municipal Bonds funds. TAXI is passively managed, while BKMS is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. TAXI charges 0.05%/yr vs 0.35%/yr for BKMS.

Performance

TAXI vs. BKMS - Performance Comparison

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

Returns By Period

TAXI

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

BKMS

• 1D: 0.04%
• 1M: 0.34%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXI vs. BKMS - Yearly Performance Comparison

	2026 (YTD)
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.46%
BKMS BNY Mellon Municipal Short Duration ETF	0.62%

Correlation

The correlation between TAXI and BKMS is 0.57, 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 Jan 13, 2026	0.57

Return for Risk

TAXI vs. BKMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and BNY Mellon Municipal Short Duration ETF (BKMS). 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

	TAXI	BKMS	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.95	1.28	+1.68

Drawdowns

TAXI vs. BKMS - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, which is greater than BKMS's maximum drawdown of -0.87%. Use the drawdown chart below to compare losses from any high point for TAXI and BKMS.

Drawdown Indicators

	TAXI	BKMS	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-0.87%	-1.36%
Current Drawdown Current decline from peak	-0.74%	-0.09%	-0.65%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.29%	-0.17%

Volatility

Volatility by Period

	TAXI	BKMS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	1.24%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.90%	1.24%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.90%	1.24%	+0.66%

TAXI vs. BKMS - Expense Ratio Comparison

TAXI has a 0.05% expense ratio, which is lower than BKMS's 0.35% expense ratio.

Dividends

TAXI vs. BKMS - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.00%, more than BKMS's 1.11% yield.

Position	TTM	2025
BKMS BNY Mellon Municipal Short Duration ETF	1.11%	0.00%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Can I hold both TAXI and BKMS in my portfolio?

TAXI and BKMS have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXI or BKMS?

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, TAXI or BKMS?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.35% for BKMS.

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

TAXI has the higher dividend yield at 2.00%, compared with 1.11% for BKMS.

What is the main difference between TAXI and BKMS?

They also come from different issuers: Northern Trust and BNY Mellon. Their fees differ too: 0.05% for TAXI and 0.35% for BKMS.