IROCvsTAXIETF Comparison
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Invesco Rochester High Yield Municipal ETF (IROC) belongs to the US Aggregate Bonds segment. Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) is part of the Municipal Bonds segment. Both ETFs have the same top 1 sector exposures: Municipal. IROC is more expensive with a Total Expense Ratio (TER) of 0.4%, versus 0.05% for TAXI. IROC is down -2.14% year-to-date (YTD) with +$98M in YTD flows. TAXI performs better with 0.39% YTD performance, and +$274M in YTD flows. Run a side-by-side ETF comparison of IROC and TAXI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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IROC vs TAXI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | IROC TAXI | +0.66%+2.16% | -2.26%+0.46% | -2.14%+0.39% | -1.60%+1.42% | +14.22%n/a | n/an/a |
| Flows | IROC TAXI | +$34M+$147M | +$71M+$194M | +$98M+$274M | +$138M+$317M | +$173M- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | IROC TAXI | +5.73%+3.82% | +3.60%+2.43% | +3.52%n/a | n/an/a |
| Max drawdown | IROC TAXI | -6.05%-3.77% | -7.11%-4.65% | -7.11%n/a | n/an/a |
| Max drawdown duration | IROC TAXI | 71d71d | 109d236d | 109dn/a | n/an/a |
Trading data
IROC | TAXI | |
Last sale 10/23/2026 at 1:30 PM | $48.70 | $50.34 |
| Previous close 10/22/2026 | $48.66 | $50.11 |
| Consolidated volume 10/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 25, 2026
1-year trailing difference
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IROC
is actively managed and doesn’t replicate an indexIROC | TAXI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
IROC | TAXI | |
|---|---|---|
| Last price | $48.70 | $50.34 |
| 1D performance | +0.08% | +0.46% |
| AuM | $198.29 M | $324.47 M |
| E/R | 0.4% | 0.05% |
Characteristics
IROC | TAXI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Invesco | Northern Trust |
| Benchmark | - | ICE Intermediate Term Focused Municipal Bond Index |
| N° of holdings | 71 | 908 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 12, 2022 | August 19, 2025 |
| ESG | No | No |
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Exposure
Countries
IROC
USA
40.88%
Other
59.12%
TAXI
USA
39.43%
Other
60.57%
Sectors
IROC
Municipal
40.88%
Other
59.12%
TAXI
Municipal
39.43%
Other
60.57%
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Diversification
IROC
Total weight of top 15 holdings out of 15
18.23%
TAXI
Total weight of top 15 holdings out of 15
2.48%
Top 15 holdings
Data as of August 31, 2026
IROC
Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A)
1.28%
Kentucky Public Energy Authority, 5% 1dec2033, USD (2025)
1.28%
US13013JGF75
1.25%
US37353PWV74
1.25%
US812643H643
1.24%
US121342PQ61
1.24%
City of New York, FRN 1dec2047, USD
1.24%
Gulf Coast Industrial Development Authority, FRN 1nov2041, USD (2012)
1.24%
US686507NQ33
1.24%
US677561LA84
1.24%
Washington Suburban Sanitary District, FRN 1jun2027, USD
1.24%
Mississippi Business Finance Corp., FRN 1nov2035, USD (2010I)
1.24%
US63608TBR05
1.09%
Texas, 5% 1aug2041, USD
1.07%
Massachusetts Development Finance Agency, 5% 1jan2047, USD
1.05%
TAXI
Huron Valley School District, 5% 1may2040, USD (2026)
0.20%
US56879EHE23
0.17%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.17%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.17%
State of Washington, 5% 1jun2040, USD (2026F)
0.17%
US49151HBK14
0.16%
US64972JB721
0.16%
US46263RTS49
0.16%
US13013JGF75
0.16%
US09182TJE82
0.16%
US79467BKE47
0.16%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.16%
Southeast Alabama Gas Supply District, FRN 1aug2054, USD (A)
0.16%
US915183Z598
0.16%
US09182TCG04
0.16%
Frequently asked questions about IROC and TAXI
How have the IROC and TAXI ETFs performed in 2026?
As of October 23, 2026, IROC is down -2.14% year-to-date (YTD), while TAXI has returned 0.39%. That puts TAXI better performer ahead so far this year.
Which ETF is attracting more investor money: IROC or TAXI?
Year-to-date, the IROC ETF saw +$98M in flows, compared to +$274M for TAXI.
Which ETF is more volatile: IROC or TAXI?
Over the past year, IROC had a volatility of 3.6%, while TAXI experienced 2.43%.
Which ETF is bigger: IROC or TAXI?
As of October 23, 2026, IROC holds $198.29 M in assets under management (AUM), while TAXI manages $324.47 M.
What sectors do the IROC and TAXI ETFs invest in?
IROC leans toward sectors like Municipal. Meanwhile, TAXI focuses on Municipal.
What are the top holdings of the IROC ETF and TAXI ETF?
IROC top holdings include Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A), Kentucky Public Energy Authority, 5% 1dec2033, USD (2025) and US13013JGF75. TAXI holds in its top three: Huron Valley School District, 5% 1may2040, USD (2026), US56879EHE23 and Energy Southeast, 5.5% 1nov2053, USD (2023A-1).
Which ETF is more diversified: IROC or TAXI?
IROC holds 174 securities with 18.23% of its assets in the top 15. TAXI has 2484 securities and a top 15 weight of 2.48%.
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Latest news about IROC & TAXI
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXI
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