FMNY vs. TAXS

Last updated Jun 26, 2026

FMNY (First Trust New York High Income Municipal ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. FMNY is actively managed, while TAXS is passively managed. At a 0.40 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.05%/yr for TAXS.

Performance

FMNY vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust New York High Income Municipal ETF (FMNY) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMNY achieves a 2.34% return, which is significantly higher than TAXS's 1.10% return.

FMNY

• 1D: 0.16%
• 1M: 1.15%
• YTD: 2.34%
• 6M: 2.34%
• 1Y: 7.47%
• 3Y*: 3.98%
• 5Y*: 0.67%
• 10Y*: —

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)

FMNY vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
FMNY First Trust New York High Income Municipal ETF	2.34%	4.62%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.10%	1.22%

Correlation

The correlation between FMNY and TAXS is 0.40, 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	0.40

Return for Risk

FMNY vs. TAXS — Risk / Return Rank

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

FMNY

FMNY Risk / Return Rank: 75
FMNY Sharpe Ratio Rank: 82
FMNY Sortino Ratio Rank: 85
FMNY Omega Ratio Rank: 89
FMNY Calmar Ratio Rank: 61
FMNY Martin Ratio Rank: 55

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.

FMNY vs. TAXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust New York High Income Municipal ETF (FMNY) 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.

	FMNY	TAXS	Difference
Sharpe ratio: Return per unit of total volatility	2.31	—	—
Sortino ratio: Return per unit of downside risk	3.35	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	2.65	—	—
Martin ratio: Return relative to average drawdown	8.47	—	—

Drawdowns

FMNY vs. TAXS - Drawdown Comparison

The maximum FMNY drawdown since its inception was -15.90%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for FMNY and TAXS.

Drawdown Indicators

	FMNY	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-15.90%	-0.84%	-15.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.90%	—	—
Current Drawdown Current decline from peak	-0.26%	0.00%	-0.26%
Average Drawdown Average peak-to-trough decline	-5.62%	-0.22%	-5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	—	—

Volatility

Volatility by Period

	FMNY	TAXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.25%	0.99%	+2.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	0.99%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.97%	0.99%	+2.98%

FMNY vs. TAXS - Expense Ratio Comparison

FMNY has a 0.65% expense ratio, which is higher than TAXS's 0.05% expense ratio.

Dividends

FMNY vs. TAXS - Dividend Comparison

FMNY's dividend yield for the trailing twelve months is around 3.99%, more than TAXS's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021
FMNY First Trust New York High Income Municipal ETF	3.99%	3.64%	3.56%	3.25%	2.34%	0.72%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.82%	0.74%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FMNY and TAXS in my portfolio?

FMNY and TAXS have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMNY 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, FMNY or TAXS?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.65% for FMNY.

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

FMNY has the higher dividend yield at 3.99%, compared with 1.82% for TAXS.

What is the main difference between FMNY and TAXS?

They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.65% for FMNY and 0.05% for TAXS.