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. A 0.69 correlation means they provide meaningful diversification when combined. 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 1.92% return, which is significantly higher than TAXI's 0.94% return.
CATF
- 1D
- -0.15%
- 1M
- 0.55%
- YTD
- 1.92%
- 6M
- 1.99%
- 1Y
- 7.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CATF vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CATF American Century California Municipal Bond ETF | 1.92% | 4.49% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between CATF and TAXI is 0.69, 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 | 0.69 |
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Return for Risk
CATF vs. TAXI — Risk / Return Rank
CATF
TAXI
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.
| CATF | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.54 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.90 | — | — |
| Martin ratioReturn relative to average drawdown | 10.17 | — | — |
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
| CATF | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 2.92 | -2.13 |
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 | -0.58% | -0.79% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -1.27% | -0.46% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | — | — |
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 | 1.06% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 1.90% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.33% | 1.90% | +2.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.33% | 1.90% | +2.43% |
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 3.22%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CATF American Century California Municipal Bond ETF | 3.22% | 3.40% | 1.32% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.00% | 0.85% | 0.00% |
Frequently Asked Questions
CATF and TAXI have a correlation of 0.69, 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 3.22%, compared with 2.00% 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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