FLMB vs. TAXS
FLMB (Franklin Liberty Federal Tax-Free Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. FLMB is actively managed, while TAXS is passively managed. At a 0.48 correlation, their price movements are largely independent. FLMB charges 0.30%/yr vs 0.05%/yr for TAXS.
Performance
FLMB vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, FLMB achieves a 1.89% return, which is significantly higher than TAXS's 0.93% return.
FLMB
- 1D
- -0.09%
- 1M
- 0.74%
- YTD
- 1.89%
- 6M
- 2.27%
- 1Y
- 8.74%
- 3Y*
- 4.38%
- 5Y*
- 0.64%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLMB vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 1.89% | 5.80% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between FLMB and TAXS is 0.48, 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 Aug 20, 2025 | 0.48 |
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Return for Risk
FLMB vs. TAXS — Risk / Return Rank
FLMB
TAXS
FLMB vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Federal Tax-Free Bond ETF (FLMB) 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.
| FLMB | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.50 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | — | — |
| Martin ratioReturn relative to average drawdown | 9.56 | — | — |
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
| FLMB | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 2.78 | -2.36 |
Drawdowns
FLMB vs. TAXS - Drawdown Comparison
The maximum FLMB drawdown since its inception was -17.90%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for FLMB and TAXS.
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Drawdown Indicators
| FLMB | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.90% | -0.84% | -17.06% |
Max Drawdown (1Y)Largest decline over 1 year | -3.25% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.33% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -17.90% | — | — |
Current DrawdownCurrent decline from peak | -0.46% | -0.09% | -0.37% |
Average DrawdownAverage peak-to-trough decline | -4.17% | -0.24% | -3.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | — | — |
Volatility
FLMB vs. TAXS - Volatility Comparison
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Volatility by Period
| FLMB | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 1.00% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.11% | 1.00% | +4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 1.00% | +4.58% |
FLMB vs. TAXS - Expense Ratio Comparison
FLMB has a 0.30% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
FLMB vs. TAXS - Dividend Comparison
FLMB's dividend yield for the trailing twelve months is around 3.75%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMB Franklin Liberty Federal Tax-Free Bond ETF | 3.75% | 3.86% | 3.79% | 3.49% | 2.80% | 1.66% | 2.07% | 2.40% | 2.68% | 0.54% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLMB and TAXS have a correlation of 0.48, 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 0.30% for FLMB.
FLMB has the higher dividend yield at 3.75%, compared with 1.83% for TAXS.
They also come from different issuers: Franklin Templeton and Northern Trust. Their fees differ too: 0.30% for FLMB and 0.05% for TAXS.
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