FMHI vs. TAXT
FMHI (First Trust Municipal High Income ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. FMHI is actively managed, while TAXT is passively managed. Their correlation of 0.83 means they have usually moved in the same direction. FMHI charges 0.55%/yr vs 0.05%/yr for TAXT.
Performance
FMHI vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, FMHI achieves a 1.81% return, which is significantly higher than TAXT's 0.32% return.
FMHI
- 1D
- -0.17%
- 1M
- -1.74%
- 6M
- 1.23%
- YTD
- 1.81%
- 1Y
- 7.04%
- 3Y*
- 4.76%
- 5Y*
- 0.34%
- 10Y*
- —
- ALL TIME*
- 3.09%
TAXT
- 1D
- -0.08%
- 1M
- -1.57%
- 6M
- -0.46%
- YTD
- 0.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.95M | $5.04M | $4.81M | |
| $101.60K | $96.04K | $143.38K |
FMHI vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMHI First Trust Municipal High Income ETF | 1.81% | 5.44% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.32% | 3.91% |
Correlation
The correlation between FMHI and TAXT is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.83 |
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Return for Risk
FMHI vs. TAXT — Risk / Return Rank
FMHI
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FMHI vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Municipal High Income ETF (FMHI) and Northern Trust Tax-Exempt Bond ETF (TAXT). 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.
| FMHI | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.55 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | — | — |
| Martin ratioReturn relative to average drawdown | 13.03 | — | — |
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Drawdowns
FMHI vs. TAXT - Drawdown Comparison
The maximum FMHI drawdown since its inception was -18.83%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for FMHI and TAXT.
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Drawdown Indicators
| FMHI | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.83% | -2.49% | -16.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.35% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.70% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.83% | — | — |
Current DrawdownCurrent decline from peak | -1.74% | -1.72% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -4.45% | -0.52% | -3.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.60% | — | — |
Volatility
FMHI vs. TAXT - Volatility Comparison
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Volatility by Period
| FMHI | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 2.57% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.79% | 2.57% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.69% | 2.57% | +3.12% |
FMHI vs. TAXT - Expense Ratio Comparison
FMHI has a 0.55% expense ratio, which is higher than TAXT's 0.05% expense ratio.
Dividends
FMHI vs. TAXT - Dividend Comparison
FMHI's dividend yield for the trailing twelve months is around 4.36%, more than TAXT's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 4.36% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.86% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMHI and TAXT have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.55% for FMHI.
FMHI has the higher dividend yield at 4.36%, compared with 2.86% for TAXT.
They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.55% for FMHI and 0.05% for TAXT.
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