FUMB vs. TAXI

Last updated Jun 4, 2026

FUMB (First Trust Ultra Short Duration Municipal ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. FUMB is actively managed, while TAXI is passively managed. At a 0.27 correlation, their price movements are largely independent. FUMB charges 0.45%/yr vs 0.05%/yr for TAXI.

Performance

FUMB vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Ultra Short Duration Municipal ETF (FUMB) 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, FUMB achieves a 1.07% return, which is significantly higher than TAXI's 0.94% return.

FUMB

• 1D: -0.03%
• 1M: 0.15%
• YTD: 1.07%
• 6M: 1.30%
• 1Y: 2.55%
• 3Y*: 2.98%
• 5Y*: 1.96%
• 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)

FUMB vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
FUMB First Trust Ultra Short Duration Municipal ETF	1.07%	0.71%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.94%	3.35%

Correlation

The correlation between FUMB and TAXI is 0.27, 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	0.27

Return for Risk

FUMB vs. TAXI — Risk / Return Rank

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

FUMB

FUMB Risk / Return Rank: 95
FUMB Sharpe Ratio Rank: 92
FUMB Sortino Ratio Rank: 95
FUMB Omega Ratio Rank: 95
FUMB Calmar Ratio Rank: 97
FUMB Martin Ratio Rank: 97

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.

FUMB vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Ultra Short Duration Municipal ETF (FUMB) 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.

	FUMB	TAXI	Difference
Sharpe ratio: Return per unit of total volatility	3.38	—	—
Sortino ratio: Return per unit of downside risk	5.34	—	—
Omega ratio: Gain probability vs. loss probability	1.76	—	—
Calmar ratio: Return relative to maximum drawdown	11.70	—	—
Martin ratio: Return relative to average drawdown	44.37	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FUMB	TAXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.38	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	2.92	-1.92

Drawdowns

FUMB vs. TAXI - Drawdown Comparison

The maximum FUMB drawdown since its inception was -2.68%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for FUMB and TAXI.

Drawdown Indicators

	FUMB	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-2.68%	-2.23%	-0.45%
Max Drawdown (1Y) Largest decline over 1 year	-0.22%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.25%	—	—
Current Drawdown Current decline from peak	-0.03%	-0.79%	+0.76%
Average Drawdown Average peak-to-trough decline	-0.19%	-0.46%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	—	—

Volatility

Volatility by Period

	FUMB	TAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.76%	1.90%	-1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.16%	1.90%	-0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.77%	1.90%	-0.13%

FUMB vs. TAXI - Expense Ratio Comparison

FUMB has a 0.45% expense ratio, which is higher than TAXI's 0.05% expense ratio.

Dividends

FUMB vs. TAXI - Dividend Comparison

FUMB's dividend yield for the trailing twelve months is around 2.80%, more than TAXI's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FUMB First Trust Ultra Short Duration Municipal ETF	2.80%	2.90%	2.86%	2.24%	1.02%	0.43%	0.94%	1.74%	0.15%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FUMB and TAXI in my portfolio?

FUMB and TAXI have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FUMB 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, FUMB or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.45% for FUMB.

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

FUMB has the higher dividend yield at 2.80%, compared with 2.00% for TAXI.

What is the main difference between FUMB and TAXI?

They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.45% for FUMB and 0.05% for TAXI.