FTPA vs. TAXI

Last updated Jun 27, 2026

FTPA (Franklin Pennsylvania Municipal Income ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. FTPA is actively managed, while TAXI is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. FTPA charges 0.35%/yr vs 0.05%/yr for TAXI.

Performance

FTPA vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Pennsylvania Municipal Income ETF (FTPA) 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, FTPA achieves a 3.05% return, which is significantly higher than TAXI's 1.17% return.

FTPA

• 1D: 0.02%
• 1M: 1.30%
• YTD: 3.05%
• 6M: 3.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: 0.04%
• 1M: 0.65%
• YTD: 1.17%
• 6M: 1.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTPA vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
FTPA Franklin Pennsylvania Municipal Income ETF	3.05%	0.01%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	1.17%	1.04%

Correlation

The correlation between FTPA and TAXI is 0.63, 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 10, 2025	0.63

Return for Risk

FTPA vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Pennsylvania Municipal Income ETF (FTPA) 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.

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.

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

Drawdowns

FTPA vs. TAXI - Drawdown Comparison

The maximum FTPA drawdown since its inception was -2.96%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for FTPA and TAXI.

Drawdown Indicators

	FTPA	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-2.23%	-0.73%
Current Drawdown Current decline from peak	0.00%	-0.57%	+0.57%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.48%	-0.12%

Volatility

Volatility by Period

	FTPA	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	1.88%	+2.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	1.88%	+2.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	1.88%	+2.07%

FTPA vs. TAXI - Expense Ratio Comparison

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

Dividends

FTPA vs. TAXI - Dividend Comparison

FTPA's dividend yield for the trailing twelve months is around 2.06%, more than TAXI's 2.00% yield.

Position	TTM	2025
FTPA Franklin Pennsylvania Municipal Income ETF	2.06%	0.47%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Can I hold both FTPA and TAXI in my portfolio?

FTPA and TAXI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTPA 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, FTPA or TAXI?

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

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

FTPA has the higher dividend yield at 2.06%, compared with 2.00% for TAXI.

What is the main difference between FTPA and TAXI?

They also come from different issuers: Franklin Templeton and Northern Trust. Their fees differ too: 0.35% for FTPA and 0.05% for TAXI.