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 down -0.97% year-to-date (YTD) with +$121M in YTD flows. IROC performs worse with -2.09% YTD performance, and +$56M 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 09/10/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXI IROC | -1.62%-2.91% | -1.87%-3.14% | -0.97%-2.09% | +1.08%-0.16% | n/a+10.49% | n/an/a |
| Flows | TAXI IROC | +$3M+$10M | +$54M+$38M | +$121M+$56M | +$164M+$131M | -+$131M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXI IROC | +2.09%+3.42% | +1.76%+2.65% | n/a+3.35% | n/an/a |
| Max drawdown | TAXI IROC | -2.27%-4.15% | -2.64%-4.15% | n/a-4.15% | n/an/a |
| Max drawdown duration | TAXI IROC | 66d66d | 193d66d | n/a66d | n/an/a |
Trading data
TAXI | IROC | |
Last sale 9/11/2026 at 1:30 PM | $49.86 | $49.33 |
| Previous close 09/10/2026 | $49.90 | $49.09 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 11, 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 9/11/2026 at 1:30 PM
Live
Closed
TAXI | IROC | |
|---|---|---|
| Last price | $49.86 | $49.33 |
| 1D performance | -0.09% | +0.48% |
| AuM | $168.38 M | $156.89 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 | 929 | 64 |
| 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
39.41%
Other
60.59%
IROC
USA
40.34%
Other
59.66%
Sectors
TAXI
Municipal
39.41%
Other
60.59%
IROC
Municipal
40.34%
Other
59.66%
Diversification
TAXI
Total weight of top 15 holdings out of 15
2.53%
IROC
Total weight of top 15 holdings out of 15
18.68%
Top 15 holdings
Data as of July 31, 2026
TAXI
US64972GU289
0.30%
US56879EHE23
0.17%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.16%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.16%
State of Washington, 5% 1jun2040, USD (2026F)
0.16%
US49151HBK14
0.16%
US64972JB721
0.16%
US79467BKE47
0.16%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.16%
US09182TJE82
0.16%
Southeast Alabama Gas Supply District, FRN 1aug2054, USD (A)
0.16%
US13013JGF75
0.16%
US915183Z598
0.15%
US09182TCG04
0.15%
US292723AY90
0.15%
IROC
US121342PQ61
1.53%
Washington Suburban Sanitary District, FRN 1jun2027, USD
1.53%
US647370EK77
1.53%
US20775DTU62
1.53%
Black Belt Energy Gas District, 5% 1nov2036, USD (2026)
1.19%
US20775DU831
1.16%
US83704HAM97
1.16%
Central Plains Energy Gas Project, 5% 1sep2042, USD (2017A)
1.16%
Lake Retirement Facility, 5.75% 15aug2055, USD (2020A)
1.15%
US63608TBQ22
1.15%
Bucks Industrial Development Authority, 5% 1jul2054, USD (2021)
1.13%
Massachusetts Development Finance Agency, 5.375% 1jul2061, USD (2026A)
1.12%
US13059TFH77
1.11%
Massachusetts Development Finance Agency, 5% 1jan2047, USD
1.11%
US928097AA20
1.11%
Frequently asked questions about TAXI and IROC
How have the TAXI and IROC ETFs performed in 2026?
As of September 10, 2026, TAXI is down -0.97% year-to-date (YTD), while IROC has lost -2.09%. 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 +$121M in flows, compared to +$56M for IROC.
Which ETF is more volatile: TAXI or IROC?
Over the past year, TAXI had a volatility of 1.76%, while IROC experienced 2.65%.
Which ETF is bigger: TAXI or IROC?
As of September 10, 2026, TAXI holds $168.38 M in assets under management (AUM), while IROC manages $156.89 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 US64972GU289, US56879EHE23 and Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1). IROC holds in its top three: US121342PQ61, Washington Suburban Sanitary District, FRN 1jun2027, USD and US647370EK77.
Which ETF is more diversified: TAXI or IROC?
TAXI holds 2530 securities with 2.53% of its assets in the top 15. IROC has 155 securities and a top 15 weight of 18.68%.
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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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