TAXIvsIROCETF Comparison
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Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) belongs to the Municipal Bonds segment. Invesco Rochester High Yield Municipal ETF (IROC) is part of the US Aggregate Bonds segment. Both ETFs have the same top 1 sector exposures: Municipal. TAXI is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.4% for IROC. TAXI is up 0.39% year-to-date (YTD) with +$274M in YTD flows. IROC performs worse with -2.14% YTD performance, and +$98M in YTD flows. Run a side-by-side ETF comparison of TAXI and IROC 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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TAXI vs IROC performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXI IROC | +2.16%+0.66% | +0.46%-2.26% | +0.39%-2.14% | +1.42%-1.60% | n/a+14.22% | n/an/a |
| Flows | TAXI IROC | +$147M+$34M | +$194M+$71M | +$274M+$98M | +$317M+$138M | -+$173M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXI IROC | +3.82%+5.73% | +2.43%+3.60% | n/a+3.52% | n/an/a |
| Max drawdown | TAXI IROC | -3.77%-6.05% | -4.65%-7.11% | n/a-7.11% | n/an/a |
| Max drawdown duration | TAXI IROC | 71d71d | 236d109d | n/a109d | n/an/a |
Trading data
TAXI | IROC | |
Last sale 10/26/2026 at 1:30 PM | $50.50 | $48.86 |
| Previous close 10/23/2026 | $50.34 | $48.70 |
| Consolidated volume 10/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 26, 2026
1-year trailing difference
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IROC
is actively managed and doesn’t replicate an indexTAXI | IROC | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/26/2026 at 1:30 PM
Live
Closed
TAXI | IROC | |
|---|---|---|
| Last price | $50.50 | $48.86 |
| 1D performance | +0.31% | +0.33% |
| AuM | $324.47 M | $198.29 M |
| E/R | 0.05% | 0.4% |
Characteristics
TAXI | IROC | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Northern Trust | Invesco |
| Benchmark | ICE Intermediate Term Focused Municipal Bond Index | - |
| N° of holdings | 908 | 71 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | September 12, 2022 |
| ESG | No | No |
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Exposure
Countries
TAXI
USA
39.43%
Other
60.57%
IROC
USA
40.88%
Other
59.12%
Sectors
TAXI
Municipal
39.43%
Other
60.57%
IROC
Municipal
40.88%
Other
59.12%
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Diversification
TAXI
Total weight of top 15 holdings out of 15
2.48%
IROC
Total weight of top 15 holdings out of 15
18.23%
Top 15 holdings
Data as of August 31, 2026
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%
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%
US686507NQ33
1.24%
Mississippi Business Finance Corp., FRN 1nov2035, USD (2010I)
1.24%
Gulf Coast Industrial Development Authority, FRN 1nov2041, USD (2012)
1.24%
Washington Suburban Sanitary District, FRN 1jun2027, USD
1.24%
US677561LA84
1.24%
US63608TBR05
1.09%
Texas, 5% 1aug2041, USD
1.07%
Massachusetts Development Finance Agency, 5% 1jan2047, USD
1.05%
Frequently asked questions about TAXI and IROC
How have the TAXI and IROC ETFs performed in 2026?
As of October 23, 2026, TAXI is up 0.39% year-to-date (YTD), while IROC has lost -2.14%. That puts TAXI better performer ahead so far this year.
Which ETF is attracting more investor money: TAXI or IROC?
Year-to-date, the TAXI ETF saw +$274M in flows, compared to +$98M for IROC.
Which ETF is more volatile: TAXI or IROC?
Over the past year, TAXI had a volatility of 2.43%, while IROC experienced 3.6%.
Which ETF is bigger: TAXI or IROC?
As of October 23, 2026, TAXI holds $324.47 M in assets under management (AUM), while IROC manages $198.29 M.
What sectors do the TAXI and IROC ETFs invest in?
TAXI leans toward sectors like Municipal. Meanwhile, IROC focuses on Municipal.
What are the top holdings of the TAXI ETF and IROC ETF?
TAXI top holdings include Huron Valley School District, 5% 1may2040, USD (2026), US56879EHE23 and Energy Southeast, 5.5% 1nov2053, USD (2023A-1). IROC holds in its top three: Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A), Kentucky Public Energy Authority, 5% 1dec2033, USD (2025) and US13013JGF75.
Which ETF is more diversified: TAXI or IROC?
TAXI holds 2484 securities with 2.48% of its assets in the top 15. IROC has 174 securities and a top 15 weight of 18.23%.
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Latest news about TAXI & IROC
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXI
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