AVMU vs. TAXS
AVMU (Avantis Core Municipal Fixed Income ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. AVMU is actively managed, while TAXS is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. AVMU charges 0.15%/yr vs 0.05%/yr for TAXS.
Performance
AVMU vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, AVMU achieves a 1.71% return, which is significantly higher than TAXS's 0.93% return.
AVMU
- 1D
- 0.06%
- 1M
- 0.54%
- YTD
- 1.71%
- 6M
- 2.83%
- 1Y
- 8.50%
- 3Y*
- 3.75%
- 5Y*
- 0.95%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AVMU vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
AVMU Avantis Core Municipal Fixed Income ETF | 1.71% | 5.87% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between AVMU and TAXS is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.56 |
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Return for Risk
AVMU vs. TAXS — Risk / Return Rank
AVMU
TAXS
AVMU vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Avantis Core Municipal Fixed Income ETF (AVMU) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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.
| AVMU | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.56 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | — | — |
| Martin ratioReturn relative to average drawdown | 9.69 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AVMU | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 2.78 | -2.54 |
Drawdowns
AVMU vs. TAXS - Drawdown Comparison
The maximum AVMU drawdown since its inception was -12.41%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for AVMU and TAXS.
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Drawdown Indicators
| AVMU | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.41% | -0.84% | -11.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.38% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.41% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.09% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -0.24% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | — | — |
Volatility
AVMU vs. TAXS - Volatility Comparison
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Volatility by Period
| AVMU | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.26% | 1.00% | +2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.13% | 1.00% | +3.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 1.00% | +2.99% |
AVMU vs. TAXS - Expense Ratio Comparison
AVMU has a 0.15% expense ratio, which is higher than TAXS'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
AVMU vs. TAXS - Dividend Comparison
AVMU's dividend yield for the trailing twelve months is around 3.22%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AVMU Avantis Core Municipal Fixed Income ETF | 3.22% | 3.50% | 3.32% | 2.50% | 1.29% | 0.77% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AVMU and TAXS have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.15% for AVMU.
AVMU has the higher dividend yield at 3.22%, compared with 1.83% for TAXS.
They also come from different issuers: Avantis and Northern Trust. Their fees differ too: 0.15% for AVMU and 0.05% for TAXS.
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