TAXI vs. IBMM

Last updated Jun 4, 2026

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

Performance

TAXI vs. IBMM - Performance Comparison

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

Returns By Period

TAXI

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

IBMM

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

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

TAXI vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	-0.22%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

TAXI vs. IBMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). 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	IBMM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.92	—	—

Drawdowns

TAXI vs. IBMM - Drawdown Comparison

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

Drawdown Indicators

	TAXI	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	0.00%	-2.23%
Current Drawdown Current decline from peak	-0.79%	0.00%	-0.79%
Average Drawdown Average peak-to-trough decline	-0.46%	0.00%	-0.46%

Volatility

Volatility by Period

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

TAXI vs. IBMM - Expense Ratio Comparison

TAXI has a 0.05% expense ratio, which is lower than IBMM'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. IBMM - Dividend Comparison

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

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, TAXI or IBMM?

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 IBMM?

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

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

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

What is the main difference between TAXI and IBMM?

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