GMNY vs. TAXS
GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. GMNY is actively managed, while TAXS is passively managed. A 0.61 correlation means they provide meaningful diversification when combined. GMNY charges 0.30%/yr vs 0.05%/yr for TAXS.
Performance
GMNY vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, GMNY achieves a 1.62% return, which is significantly higher than TAXS's 0.95% return.
GMNY
- 1D
- -0.17%
- 1M
- 0.23%
- YTD
- 1.62%
- 6M
- 2.15%
- 1Y
- 6.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXS
- 1D
- -0.04%
- 1M
- 0.39%
- YTD
- 0.95%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GMNY vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GMNY Goldman Sachs Dynamic New York Municipal Income ETF | 1.62% | 3.70% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.95% | 1.22% |
Correlation
The correlation between GMNY and TAXS is 0.61, 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 Aug 20, 2025 | 0.61 |
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Return for Risk
GMNY vs. TAXS — Risk / Return Rank
GMNY
TAXS
GMNY vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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.
| GMNY | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.48 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | — | — |
| Martin ratioReturn relative to average drawdown | 10.71 | — | — |
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
| GMNY | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 2.78 | -1.85 |
Drawdowns
GMNY vs. TAXS - Drawdown Comparison
The maximum GMNY drawdown since its inception was -4.00%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for GMNY and TAXS.
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Drawdown Indicators
| GMNY | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.00% | -0.84% | -3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | — | — |
Current DrawdownCurrent decline from peak | -0.31% | -0.07% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -0.23% | -0.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | — | — |
Volatility
GMNY vs. TAXS - Volatility Comparison
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Volatility by Period
| GMNY | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.02% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 1.00% | +1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 1.00% | +2.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.61% | 1.00% | +2.61% |
GMNY vs. TAXS - Expense Ratio Comparison
GMNY has a 0.30% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
GMNY vs. TAXS - Dividend Comparison
GMNY's dividend yield for the trailing twelve months is around 3.29%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GMNY Goldman Sachs Dynamic New York Municipal Income ETF | 3.29% | 3.33% | 1.47% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% |
Frequently Asked Questions
GMNY and TAXS have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.30% for GMNY.
GMNY has the higher dividend yield at 3.29%, compared with 1.82% for TAXS.
They also come from different issuers: Goldman Sachs and Northern Trust. Their fees differ too: 0.30% for GMNY and 0.05% for TAXS.
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