FMNY vs. TAXT
FMNY (First Trust New York High Income Municipal ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. FMNY is actively managed, while TAXT is passively managed. At a 0.47 correlation, their price movements are largely independent. FMNY charges 0.65%/yr vs 0.05%/yr for TAXT.
Performance
FMNY vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, FMNY achieves a 1.87% return, which is significantly higher than TAXT's 1.44% return.
FMNY
- 1D
- 0.06%
- 1M
- 0.60%
- YTD
- 1.87%
- 6M
- 2.23%
- 1Y
- 7.45%
- 3Y*
- 4.02%
- 5Y*
- 0.59%
- 10Y*
- —
TAXT
- 1D
- -0.16%
- 1M
- 0.41%
- YTD
- 1.44%
- 6M
- 1.70%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMNY vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 1.87% | 4.45% |
TAXT Northern Trust Tax-Exempt Bond ETF | 1.44% | 3.96% |
Correlation
The correlation between FMNY and TAXT is 0.47, 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 | 0.47 |
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Return for Risk
FMNY vs. TAXT — Risk / Return Rank
FMNY
TAXT
FMNY vs. TAXT - 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 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.
| FMNY | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.47 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | — | — |
| Martin ratioReturn relative to average drawdown | 8.54 | — | — |
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
| FMNY | TAXT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 2.74 | -2.56 |
Drawdowns
FMNY vs. TAXT - Drawdown Comparison
The maximum FMNY drawdown since its inception was -15.90%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for FMNY and TAXT.
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Drawdown Indicators
| FMNY | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.90% | -2.49% | -13.41% |
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 DrawdownCurrent decline from peak | -0.72% | -0.63% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -5.68% | -0.47% | -5.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | — | — |
Volatility
FMNY vs. TAXT - Volatility Comparison
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Volatility by Period
| FMNY | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.37% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.29% | 2.53% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 2.53% | +1.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.99% | 2.53% | +1.46% |
FMNY vs. TAXT - Expense Ratio Comparison
FMNY has a 0.65% expense ratio, which is higher than TAXT's 0.05% expense ratio.
Dividends
FMNY vs. TAXT - Dividend Comparison
FMNY's dividend yield for the trailing twelve months is around 3.68%, more than TAXT's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 3.68% | 3.64% | 3.56% | 3.25% | 2.34% | 0.72% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.55% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY and TAXT have a correlation of 0.47, 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 0.65% for FMNY.
FMNY has the higher dividend yield at 3.68%, compared with 2.55% for TAXT.
They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.65% for FMNY and 0.05% for TAXT.
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