FMB vs. TAXS
FMB (First Trust Managed Municipal ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. FMB is actively managed, while TAXS is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. FMB charges 0.50%/yr vs 0.05%/yr for TAXS.
Performance
FMB vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, FMB achieves a 1.78% return, which is significantly higher than TAXS's 0.93% return.
FMB
- 1D
- -0.04%
- 1M
- 0.70%
- YTD
- 1.78%
- 6M
- 2.21%
- 1Y
- 7.15%
- 3Y*
- 3.96%
- 5Y*
- 0.72%
- 10Y*
- 2.31%
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMB vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMB First Trust Managed Municipal ETF | 1.78% | 4.21% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between FMB and TAXS is 0.63, 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 | 0.63 |
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Return for Risk
FMB vs. TAXS — Risk / Return Rank
FMB
TAXS
FMB vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Municipal ETF (FMB) 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.
| FMB | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.60 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | — | — |
| Martin ratioReturn relative to average drawdown | 9.44 | — | — |
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
| FMB | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 2.78 | -2.11 |
Drawdowns
FMB vs. TAXS - Drawdown Comparison
The maximum FMB drawdown since its inception was -14.16%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for FMB and TAXS.
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Drawdown Indicators
| FMB | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.16% | -0.84% | -13.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.16% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.16% | — | — |
Current DrawdownCurrent decline from peak | -0.50% | -0.09% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -0.24% | -2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | — | — |
Volatility
FMB vs. TAXS - Volatility Comparison
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Volatility by Period
| FMB | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 1.00% | +1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.71% | 1.00% | +2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 1.00% | +3.55% |
FMB vs. TAXS - Expense Ratio Comparison
FMB has a 0.50% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
FMB vs. TAXS - Dividend Comparison
FMB's dividend yield for the trailing twelve months is around 3.50%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMB First Trust Managed Municipal ETF | 3.50% | 3.37% | 3.22% | 2.98% | 2.47% | 1.96% | 2.19% | 2.47% | 2.58% | 2.49% | 2.93% | 3.07% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
FMB and TAXS have a correlation of 0.63, 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 0.50% for FMB.
FMB has the higher dividend yield at 3.50%, compared with 1.83% for TAXS.
They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.50% for FMB and 0.05% for TAXS.
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