ITM vs. TAXS
ITM (VanEck Intermediate Muni ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.62 correlation means they provide meaningful diversification when combined. ITM charges 0.24%/yr vs 0.05%/yr for TAXS.
Performance
ITM vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a 0.61% return, which is significantly lower than TAXS's 0.93% return.
ITM
- 1D
- -0.09%
- 1M
- 0.79%
- YTD
- 0.61%
- 6M
- 1.22%
- 1Y
- 7.29%
- 3Y*
- 3.70%
- 5Y*
- 0.44%
- 10Y*
- 1.95%
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ITM vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ITM VanEck Intermediate Muni ETF | 0.61% | 4.75% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between ITM and TAXS is 0.62, 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 | 0.62 |
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Return for Risk
ITM vs. TAXS — Risk / Return Rank
ITM
TAXS
ITM vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) 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.
| ITM | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.55 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | — | — |
| Martin ratioReturn relative to average drawdown | 6.84 | — | — |
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
| ITM | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 2.78 | -2.34 |
Drawdowns
ITM vs. TAXS - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for ITM and TAXS.
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Drawdown Indicators
| ITM | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -0.84% | -23.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | — | — |
Current DrawdownCurrent decline from peak | -1.33% | -0.09% | -1.24% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -0.24% | -2.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | — | — |
Volatility
ITM vs. TAXS - Volatility Comparison
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Volatility by Period
| ITM | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 1.00% | +1.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 1.00% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 1.00% | +6.10% |
ITM vs. TAXS - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is higher than TAXS's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ITM vs. TAXS - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.93%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.93% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ITM and TAXS have a correlation of 0.62, 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 0.24% for ITM.
ITM has the higher dividend yield at 2.93%, compared with 1.83% for TAXS.
ITM tracks Bloomberg AMT-Free Intermediate Continuous, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: VanEck and Northern Trust. Their fees differ too: 0.24% for ITM and 0.05% for TAXS.
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