- Issuer
- Macquarie
- Inception Date
- Nov 28, 2023
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $6M
Share Price Chart
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Performance
STAX Performance Chart
Macquarie Tax-Free USA Short Term ETF (STAX) is up 1.4% since the beginning of the year. STAX is currently trading at $25 per share.
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Returns By Period
Macquarie Tax-Free USA Short Term ETF (STAX) has returned 1.35% so far this year and 3.83% over the past 12 months.
Macquarie Tax-Free USA Short Term ETF
- 1D
- -0.04%
- 1M
- 0.68%
- YTD
- 1.35%
- 6M
- 1.47%
- 1Y
- 3.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
STAX Monthly Returns History
Based on dividend-adjusted daily data since Nov 29, 2023, STAX's average daily return is +0.01%, while the average monthly return is +0.29%. At this rate, an investment would double in approximately 19.9 years.
Historically, 69% of months were positive and 31% were negative. The best month was Dec 2023 with a return of +1.2%, while the worst month was Mar 2026 at -0.9%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 3 months.
On a daily basis, STAX closed higher 52% of trading days. The best single day was Aug 2, 2024 with a return of +0.3%, while the worst single day was Apr 7, 2025 at -0.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.77% | 0.59% | -0.94% | 0.42% | 0.17% | 0.33% | 1.35% | ||||||
| 2025 | 0.51% | 0.63% | -0.26% | -0.21% | 0.51% | 0.69% | 0.68% | 0.67% | 0.35% | -0.01% | 0.15% | 0.35% | 4.12% |
| 2024 | -0.08% | 0.07% | -0.12% | -0.33% | -0.07% | 0.74% | 0.90% | 0.86% | 0.54% | -0.40% | 0.63% | -0.19% | 2.55% |
| 2023 | 0.24% | 1.15% | 1.39% |
Benchmark Metrics
Macquarie Tax-Free USA Short Term ETF has an annualized alpha of 3.66%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since November 29, 2023.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (11.13%) than losses (2.11%) - typical of diversified or defensive assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.66%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 11.13%
- Downside Capture
- 2.11%
Expense Ratio
STAX has an expense ratio of 0.29%, placing it in the medium range.
Return for Risk
Risk / Return Rank
STAX ranks 86 for risk / return — in the top 86% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) and compare them to S&P 500 Index.
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.
| STAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +3.16 | ||
| Omega ratioGain probability vs. loss probability | 1.92 | 1.37 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.78 | +0.87 |
| Martin ratioReturn relative to average drawdown | 11.59 | 12.44 | -0.84 |
Dividends
Dividend History
Macquarie Tax-Free USA Short Term ETF provided a 3.21% dividend yield over the last twelve months, with an annual payout of $0.82 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $0.82 | $0.81 | $0.87 |
Dividend yield | 3.21% | 3.16% | 3.43% |
Monthly Dividends
The table displays the monthly dividend distributions for Macquarie Tax-Free USA Short Term ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.00 | $0.34 | ||||||
| 2025 | $0.06 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.81 |
| 2024 | $0.13 | $0.06 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.06 | $0.07 | $0.87 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Macquarie Tax-Free USA Short Term ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Macquarie Tax-Free USA Short Term ETF was 1.42%, occurring on Apr 11, 2025. Recovery took 37 trading sessions.
The current Macquarie Tax-Free USA Short Term ETF drawdown is 0.06%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -1.42%Apr 2025 | 4d | 1mo 25d | 1mo 29dApr 2025 - Jun 2025 |
2026 pullback2026 | -1.05%Mar 2026 | 22d | 2mo 19d | 3mo 11dMar 2026 - Jun 2026 |
2024 pullback2024 | -0.86%Apr 2024 | 20d | 2mo 5d | 2mo 25dMar 2024 - Jun 2024 |
2024 pullback2024 | -0.65%Nov 2024 | 1mo 7d | 19d | 1mo 26dSep 2024 - Nov 2024 |
2024 pullback2024 | -0.55%Dec 2024 | 9d | 1mo 9d | 1mo 18dDec 2024 - Jan 2025 |
Drawdown Indicators
| STAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.42% | -56.78% | +55.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.05% | -9.10% | +8.05% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.06% | -1.80% | +1.74% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -10.71% | +10.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 2.03% | -1.70% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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