TAXI vs. BSMQ

Last updated Jul 5, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and BSMQ (Invesco BulletShares 2026 Municipal Bond ETF) are both Municipal Bonds funds - TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index while BSMQ tracks the Invesco BulletShares Municipal Bond 2026 Index. Both are passively managed. At a 0.13 correlation, their price movements are largely independent. TAXI charges 0.05%/yr vs 0.18%/yr for BSMQ.

Performance

TAXI vs. BSMQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXI achieves a 1.25% return, which is significantly higher than BSMQ's 1.01% return.

TAXI

• 1D: 0.05%
• 1M: 0.25%
• 6M: 1.12%
• YTD: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSMQ

• 1D: 0.02%
• 1M: 0.20%
• 6M: 1.05%
• YTD: 1.01%
• 1Y: 2.83%
• 3Y*: 2.89%
• 5Y*: 0.32%
• 10Y*: —

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

TAXI vs. BSMQ - Yearly Performance Comparison

	2026 (YTD)	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	1.25%	3.35%
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	1.01%	1.44%

Correlation

The correlation between TAXI and BSMQ is 0.13, 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 19, 2025	0.13

Return for Risk

TAXI vs. BSMQ — Risk / Return Rank

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

TAXI

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

BSMQ

BSMQ Risk / Return Rank: 90
BSMQ Sharpe Ratio Rank: 82
BSMQ Sortino Ratio Rank: 90
BSMQ Omega Ratio Rank: 88
BSMQ Calmar Ratio Rank: 97
BSMQ Martin Ratio Rank: 95

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.

TAXI vs. BSMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and Invesco BulletShares 2026 Municipal Bond ETF (BSMQ). 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.

	TAXI	BSMQ	Difference
Sharpe ratio: Return per unit of total volatility	—	2.15	—
Sortino ratio: Return per unit of downside risk	—	3.44	—
Omega ratio: Gain probability vs. loss probability	—	1.44	—
Calmar ratio: Return relative to maximum drawdown	—	8.66	—
Martin ratio: Return relative to average drawdown	—	22.63	—

Drawdowns

TAXI vs. BSMQ - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, smaller than the maximum BSMQ drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for TAXI and BSMQ.

Drawdown Indicators

	TAXI	BSMQ	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-13.18%	+10.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.33%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.50%	—
Current Drawdown Current decline from peak	-0.49%	-0.09%	-0.40%
Average Drawdown Average peak-to-trough decline	-0.48%	-3.43%	+2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	TAXI	BSMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.86%	1.32%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.86%	2.66%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.86%	4.76%	-2.90%

TAXI vs. BSMQ - Expense Ratio Comparison

TAXI has a 0.05% expense ratio, which is lower than BSMQ's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TAXI vs. BSMQ - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.22%, less than BSMQ's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMQ Invesco BulletShares 2026 Municipal Bond ETF	2.75%	2.74%	2.75%	2.47%	1.60%	1.14%	1.57%	0.44%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.22%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAXI and BSMQ in my portfolio?

TAXI and BSMQ have a correlation of 0.13, 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 BSMQ?

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 BSMQ?

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

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

BSMQ has the higher dividend yield at 2.75%, compared with 2.22% for TAXI.

What is the main difference between TAXI and BSMQ?

TAXI tracks ICE Intermediate Term Focused Municipal Bond Index, while BSMQ tracks Invesco BulletShares Municipal Bond 2026 Index. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.05% for TAXI and 0.18% for BSMQ.