FLTB vs. TAXS

Last updated Jun 26, 2026

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 0.41 correlation, their price movements are largely independent. FLTB charges 0.25%/yr vs 0.05%/yr for TAXS.

Performance

FLTB vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Limited Term Bond ETF (FLTB) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with FLTB at 1.10% and TAXS at 1.10%.

FLTB

• 1D: 0.04%
• 1M: 0.48%
• YTD: 1.10%
• 6M: 1.27%
• 1Y: 4.10%
• 3Y*: 5.64%
• 5Y*: 2.35%
• 10Y*: 2.44%

TAXS

• 1D: 0.04%
• 1M: 0.51%
• YTD: 1.10%
• 6M: 1.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FLTB vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
FLTB Fidelity Limited Term Bond ETF	1.10%	2.07%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.10%	1.22%

Correlation

The correlation between FLTB and TAXS is 0.41, 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 19, 2025	0.41

Return for Risk

FLTB vs. TAXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLTB

FLTB Risk / Return Rank: 71
FLTB Sharpe Ratio Rank: 71
FLTB Sortino Ratio Rank: 78
FLTB Omega Ratio Rank: 73
FLTB Calmar Ratio Rank: 63
FLTB Martin Ratio Rank: 70

TAXS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

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.

	FLTB	TAXS	Difference
Sharpe ratio: Return per unit of total volatility	1.97	—	—
Sortino ratio: Return per unit of downside risk	3.03	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	2.70	—	—
Martin ratio: Return relative to average drawdown	11.27	—	—

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.

Drawdown Indicators

	FLTB	TAXS	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.39%	-0.22%	-1.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	—	—

Volatility

Volatility by Period

	FLTB	TAXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.09%	0.99%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	0.99%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.94%	0.99%	+1.95%

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 4.35%, 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	4.35%	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

Can I hold both FLTB and TAXS in my portfolio?

FLTB and TAXS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FLTB or TAXS?

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.

Which ETF is cheaper, FLTB or TAXS?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.25% for FLTB.

Which ETF pays a higher dividend yield, FLTB or TAXS?

FLTB has the higher dividend yield at 4.35%, compared with 1.82% for TAXS.

What is the main difference between FLTB and 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.