TAXI vs. TAXX

Last updated Jun 24, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and TAXX (Bondbloxx IR+M Tax-Aware Short Duration ETF) are both Municipal Bonds funds. TAXI is passively managed, while TAXX is actively managed. At a 0.46 correlation, their price movements are largely independent. TAXI charges 0.05%/yr vs 0.35%/yr for TAXX.

Performance

TAXI vs. TAXX - Performance Comparison

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

Returns By Period

In the year-to-date period, TAXI achieves a 0.98% return, which is significantly lower than TAXX's 1.23% return.

TAXI

• 1D: -0.08%
• 1M: 0.89%
• YTD: 0.98%
• 6M: 1.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXX

• 1D: -0.01%
• 1M: 0.50%
• YTD: 1.23%
• 6M: 1.49%
• 1Y: 3.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXI vs. TAXX - Yearly Performance Comparison

	2026 (YTD)	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.98%	3.35%
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	1.23%	1.42%

Correlation

The correlation between TAXI and TAXX is 0.46, 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	0.46

Return for Risk

TAXI vs. TAXX — 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.

TAXX

TAXX Risk / Return Rank: 77
TAXX Sharpe Ratio Rank: 70
TAXX Sortino Ratio Rank: 75
TAXX Omega Ratio Rank: 89
TAXX Calmar Ratio Rank: 81
TAXX Martin Ratio Rank: 71

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. TAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX). 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	TAXX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.11	—
Sortino ratio: Return per unit of downside risk	—	3.11	—
Omega ratio: Gain probability vs. loss probability	—	1.52	—
Calmar ratio: Return relative to maximum drawdown	—	4.04	—
Martin ratio: Return relative to average drawdown	—	12.28	—

Drawdowns

TAXI vs. TAXX - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, which is greater than TAXX's maximum drawdown of -0.91%. Use the drawdown chart below to compare losses from any high point for TAXI and TAXX.

Drawdown Indicators

	TAXI	TAXX	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-0.91%	-1.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.88%	—
Current Drawdown Current decline from peak	-0.76%	-0.01%	-0.75%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.16%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.29%	—

Volatility

Volatility by Period

	TAXI	TAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.89%	1.70%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.89%	1.58%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.89%	1.58%	+0.31%

TAXI vs. TAXX - Expense Ratio Comparison

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

Dividends

TAXI vs. TAXX - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.00%, less than TAXX's 3.49% yield.

Position	TTM	2025	2024
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%	0.00%
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	3.49%	3.72%	2.70%

Frequently Asked Questions

Can I hold both TAXI and TAXX in my portfolio?

TAXI and TAXX have a correlation of 0.46, 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 TAXX?

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 TAXX?

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

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

TAXX has the higher dividend yield at 3.49%, compared with 2.00% for TAXI.

What is the main difference between TAXI and TAXX?

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