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 0.46 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 2.34% return, which is significantly higher than TAXT's 1.70% return.
FMNY
- 1D
- 0.16%
- 1M
- 1.15%
- YTD
- 2.34%
- 6M
- 2.34%
- 1Y
- 7.47%
- 3Y*
- 3.98%
- 5Y*
- 0.67%
- 10Y*
- —
TAXT
- 1D
- 0.04%
- 1M
- 0.81%
- YTD
- 1.70%
- 6M
- 1.71%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMNY vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FMNY First Trust New York High Income Municipal ETF | 2.34% | 4.62% |
TAXT Northern Trust Tax-Exempt Bond ETF | 1.70% | 3.91% |
Correlation
The correlation between FMNY and TAXT is 0.46, 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 | 0.46 |
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Return for Risk
FMNY vs. TAXT — Risk / Return Rank
FMNY
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.49 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | — | — |
| Martin ratioReturn relative to average drawdown | 8.47 | — | — |
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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 | -0.26% | -0.37% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -5.62% | -0.48% | -5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | — | — |
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 | 0.40% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 2.53% | +0.72% |
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 | 3.97% | 2.53% | +1.44% |
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 3.99%, more than TAXT's 2.54% 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% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.54% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMNY and TAXT have a correlation of 0.46, 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 3.99%, compared with 2.54% 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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