FLTB vs. TAXS
FLTB (Fidelity Limited Term Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both exchange-traded funds - FLTB is a Short-Term Bond fund actively managed by Fidelity, while TAXS is a Municipal Bonds fund tracking the ICE Short Term Focused Municipal Bond Index. FLTB is actively managed, while TAXS is passively managed. At a 0.39 correlation, their price movements are largely independent. FLTB charges 0.25%/yr vs 0.05%/yr for TAXS.
Performance
FLTB vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, FLTB achieves a 0.84% return, which is significantly lower than TAXS's 0.99% return.
FLTB
- 1D
- 0.03%
- 1M
- 0.30%
- YTD
- 0.84%
- 6M
- 1.18%
- 1Y
- 4.37%
- 3Y*
- 5.52%
- 5Y*
- 2.26%
- 10Y*
- 2.47%
TAXS
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLTB vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 0.84% | 1.98% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.99% | 1.22% |
Correlation
The correlation between FLTB and TAXS is 0.39, 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 | 0.39 |
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Return for Risk
FLTB vs. TAXS — Risk / Return Rank
FLTB
TAXS
FLTB vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Limited Term Bond ETF (FLTB) 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.
| FLTB | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.39 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.88 | — | — |
| Martin ratioReturn relative to average drawdown | 12.23 | — | — |
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
| FLTB | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.83 | 2.85 | -2.01 |
Drawdowns
FLTB vs. TAXS - Drawdown Comparison
The maximum FLTB drawdown since its inception was -9.37%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for FLTB and TAXS.
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Drawdown Indicators
| FLTB | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.37% | -0.84% | -8.53% |
Max Drawdown (1Y)Largest decline over 1 year | -1.52% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.52% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -9.26% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -9.37% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -0.03% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -1.40% | -0.24% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | — | — |
Volatility
FLTB vs. TAXS - Volatility Comparison
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Volatility by Period
| FLTB | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.13% | 1.00% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.80% | 1.00% | +1.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.94% | 1.00% | +1.94% |
FLTB vs. TAXS - Expense Ratio Comparison
FLTB has a 0.25% 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
FLTB vs. TAXS - Dividend Comparison
FLTB's dividend yield for the trailing twelve months is around 4.36%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 4.36% | 4.31% | 4.11% | 3.20% | 1.63% | 0.89% | 1.56% | 2.67% | 2.50% | 1.78% | 1.59% | 1.63% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FLTB and TAXS have a correlation of 0.39, 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 0.25% for FLTB.
FLTB has the higher dividend yield at 4.36%, compared with 1.82% for TAXS.
FLTB is categorized as Short-Term Bond, while TAXS is Municipal Bonds. They also come from different issuers: Fidelity and Northern Trust. Their fees differ too: 0.25% for FLTB and 0.05% for TAXS.
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