HTAX vs. LTAX

Last updated Aug 4, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and LTAX (Nomura Tax-Free USA ETF) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while LTAX is a Municipal Bonds fund actively managed by Nomura. Both are actively managed. Their 0.75 correlation means they have sometimes moved together and sometimes differently. HTAX charges 0.49%/yr vs 0.39%/yr for LTAX.

Performance

HTAX vs. LTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) and Nomura Tax-Free USA ETF (LTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HTAX

• 1D: -0.09%
• 1M: -2.59%
• 6M: 1.25%
• YTD: 2.39%
• 1Y: 7.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.35%

LTAX

• 1D: 0.06%
• 1M: -2.07%
• 6M: 0.91%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HTAX Nomura National High-Yield Municipal Bond ETF	$216.86K	$121.02K	$106.11K
LTAX Nomura Tax-Free USA ETF	$8.80K	$7.39K	$9.74K

HTAX vs. LTAX - Yearly Performance Comparison

	2026 (YTD)
HTAX Nomura National High-Yield Municipal Bond ETF	1.62%
LTAX Nomura Tax-Free USA ETF	0.83%

Correlation

The correlation between HTAX and LTAX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.75

Return for Risk

HTAX vs. LTAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HTAX

HTAX Risk / Return Rank: 70
HTAX Sharpe Ratio Rank: 67
HTAX Sortino Ratio Rank: 70
HTAX Omega Ratio Rank: 72
HTAX Calmar Ratio Rank: 68
HTAX Martin Ratio Rank: 72

LTAX

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HTAX vs. LTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) and Nomura Tax-Free USA ETF (LTAX). 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.

	HTAX	LTAX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	—	—
Sortino ratio: Return per unit of downside risk	2.53	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	2.60	—	—
Martin ratio: Return relative to average drawdown	9.78	—	—

Drawdowns

HTAX vs. LTAX - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, which is greater than LTAX's maximum drawdown of -3.18%. Use the drawdown chart below to compare losses from any high point for HTAX and LTAX.

Drawdown Indicators

	HTAX	LTAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-3.18%	-2.92%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	—	—
Current Drawdown Current decline from peak	-2.59%	-2.16%	-0.43%
Average Drawdown Average peak-to-trough decline	-1.66%	-0.74%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	—	—

Volatility

Volatility by Period

	HTAX	LTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.65%	5.57%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.31%	5.57%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.31%	5.57%	+0.74%

HTAX vs. LTAX - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is higher than LTAX's 0.39% expense ratio.

Dividends

HTAX vs. LTAX - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.64%, more than LTAX's 2.03% yield.

Position	TTM	2025
HTAX Nomura National High-Yield Municipal Bond ETF	4.64%	3.67%
LTAX Nomura Tax-Free USA ETF	2.03%	0.00%

Frequently Asked Questions

Can I hold both HTAX and LTAX in my portfolio?

HTAX and LTAX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HTAX or LTAX?

On fees, LTAX is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HTAX or LTAX?

LTAX is cheaper with a 0.39% expense ratio, compared with 0.49% for HTAX.

Which ETF pays a higher dividend yield, HTAX or LTAX?

HTAX has the higher dividend yield at 4.64%, compared with 2.03% for LTAX.

What is the main difference between HTAX and LTAX?

HTAX is categorized as High Yield Muni, while LTAX is Municipal Bonds. Their fees differ too: 0.49% for HTAX and 0.39% for LTAX.