CATF vs. TAXI
CATF (American Century California Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. CATF is actively managed, while TAXI is passively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. CATF charges 0.27%/yr vs 0.05%/yr for TAXI.
Performance
CATF vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, CATF achieves a 0.22% return, which is significantly higher than TAXI's -0.06% return.
CATF
- 1D
- -0.20%
- 1M
- -1.95%
- 6M
- -0.76%
- YTD
- 0.22%
- 1Y
- 4.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.26%
TAXI
- 1D
- -0.10%
- 1M
- -1.30%
- 6M
- -0.93%
- YTD
- -0.06%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $169.20K | $193.20K | $268.79K | |
| $315.33K | $522.95K | $833.42K |
CATF vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CATF American Century California Municipal Bond ETF | 0.22% | 4.42% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | -0.06% | 3.35% |
Correlation
The correlation between CATF and TAXI is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.72 |
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Return for Risk
CATF vs. TAXI — Risk / Return Rank
CATF
TAXI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CATF vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century California Municipal Bond ETF (CATF) 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.
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.
| CATF | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.33 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.95 | — | — |
| Martin ratioReturn relative to average drawdown | 6.16 | — | — |
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Drawdowns
CATF vs. TAXI - Drawdown Comparison
The maximum CATF drawdown since its inception was -4.83%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for CATF and TAXI.
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Drawdown Indicators
| CATF | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -2.23% | -2.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | — | — |
Current DrawdownCurrent decline from peak | -2.24% | -1.78% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -1.23% | -0.53% | -0.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | — | — |
Volatility
CATF vs. TAXI - Volatility Comparison
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Volatility by Period
| CATF | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.42% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 1.95% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.25% | 1.95% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.25% | 1.95% | +2.30% |
CATF vs. TAXI - Expense Ratio Comparison
CATF has a 0.27% 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
CATF vs. TAXI - Dividend Comparison
CATF's dividend yield for the trailing twelve months is around 3.58%, more than TAXI's 2.25% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CATF American Century California Municipal Bond ETF | 3.35% | 3.40% | 1.32% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.25% | 0.85% | 0.00% |
Frequently Asked Questions
CATF and TAXI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TAXI is cheaper with a 0.05% expense ratio, compared with 0.27% for CATF.
CATF has the higher dividend yield at 3.35%, compared with 2.25% for TAXI.
They also come from different issuers: American Century and Northern Trust. Their fees differ too: 0.27% for CATF and 0.05% for TAXI.
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