AMUN vs. TAXI

Last updated Jun 4, 2026

AMUN (abrdn Ultra Short Municipal Income Active ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. AMUN is actively managed, while TAXI is passively managed. At a 0.25 correlation, their price movements are largely independent. AMUN charges 0.25%/yr vs 0.05%/yr for TAXI.

Performance

AMUN vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Ultra Short Municipal Income Active ETF (AMUN) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMUN achieves a 1.11% return, which is significantly higher than TAXI's 0.94% return.

AMUN

• 1D: -0.02%
• 1M: 0.32%
• YTD: 1.11%
• 6M: 1.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: -0.03%
• 1M: 0.46%
• YTD: 0.94%
• 6M: 1.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMUN vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.11%	0.14%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.94%	1.14%

Correlation

The correlation between AMUN and TAXI is 0.25, 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 Oct 21, 2025	0.25

Return for Risk

AMUN vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Active ETF (AMUN) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AMUN	TAXI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.05	2.92	-0.87

Drawdowns

AMUN vs. TAXI - Drawdown Comparison

The maximum AMUN drawdown since its inception was -0.61%, smaller than the maximum TAXI drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for AMUN and TAXI.

Drawdown Indicators

	AMUN	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-2.23%	+1.62%
Current Drawdown Current decline from peak	-0.02%	-0.79%	+0.77%
Average Drawdown Average peak-to-trough decline	-0.09%	-0.46%	+0.37%

Volatility

Volatility by Period

	AMUN	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	1.90%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.01%	1.90%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.01%	1.90%	-0.89%

AMUN vs. TAXI - Expense Ratio Comparison

AMUN has a 0.25% expense ratio, which is higher than TAXI's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AMUN vs. TAXI - Dividend Comparison

AMUN's dividend yield for the trailing twelve months is around 1.89%, less than TAXI's 2.00% yield.

Position	TTM	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.89%	0.66%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Can I hold both AMUN and TAXI in my portfolio?

AMUN and TAXI have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMUN or TAXI?

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, AMUN or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.25% for AMUN.

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

TAXI has the higher dividend yield at 2.00%, compared with 1.89% for AMUN.

What is the main difference between AMUN and TAXI?

They also come from different issuers: abrdn and Northern Trust. Their fees differ too: 0.25% for AMUN and 0.05% for TAXI.