FTMA vs. TAXI

Last updated Jun 4, 2026

FTMA (Franklin Massachusetts Municipal Income ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - FTMA tracks the Actively Managed while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. A 0.60 correlation means they provide meaningful diversification when combined. FTMA charges 0.35%/yr vs 0.05%/yr for TAXI.

Performance

FTMA vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Massachusetts Municipal Income ETF (FTMA) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTMA achieves a 2.06% return, which is significantly higher than TAXI's 0.94% return.

FTMA

• 1D: -0.06%
• 1M: 0.80%
• YTD: 2.06%
• 6M: 2.90%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: -0.03%
• 1M: 0.46%
• YTD: 0.94%
• 6M: 1.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

FTMA vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
FTMA Franklin Massachusetts Municipal Income ETF	2.06%	0.43%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.94%	0.93%

Correlation

The correlation between FTMA and TAXI is 0.60, 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 Nov 11, 2025	0.60

Return for Risk

FTMA vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Massachusetts Municipal Income ETF (FTMA) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FTMA	TAXI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	2.92	-1.63

Drawdowns

FTMA vs. TAXI - Drawdown Comparison

The maximum FTMA drawdown since its inception was -2.27%, roughly equal to the maximum TAXI drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for FTMA and TAXI.

Drawdown Indicators

	FTMA	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-2.23%	-0.04%
Current Drawdown Current decline from peak	-0.06%	-0.79%	+0.73%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.46%	-0.05%

Volatility

Volatility by Period

	FTMA	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.52%	1.90%	+1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.52%	1.90%	+1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.52%	1.90%	+1.62%

FTMA vs. TAXI - Expense Ratio Comparison

FTMA has a 0.35% expense ratio, which is higher than TAXI's 0.05% expense ratio.

Dividends

FTMA vs. TAXI - Dividend Comparison

FTMA's dividend yield for the trailing twelve months is around 1.96%, less than TAXI's 2.00% yield.

Position	TTM	2025
FTMA Franklin Massachusetts Municipal Income ETF	1.96%	0.54%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Can I hold both FTMA and TAXI in my portfolio?

FTMA and TAXI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMA or TAXI?

On fees, TAXI 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, FTMA or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.35% for FTMA.

Which ETF pays a higher dividend yield, FTMA or TAXI?

TAXI has the higher dividend yield at 2.00%, compared with 1.96% for FTMA.

What is the main difference between FTMA and TAXI?

FTMA tracks Actively Managed, while TAXI tracks ICE Intermediate Term Focused Municipal Bond Index. They also come from different issuers: Franklin Templeton and Northern Trust. Their fees differ too: 0.35% for FTMA and 0.05% for TAXI.