ITM vs. TAXT
ITM (VanEck Intermediate Muni ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while TAXT tracks the ICE Focused Municipal Bond Index. Both are passively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. ITM charges 0.24%/yr vs 0.05%/yr for TAXT.
Performance
ITM vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a -1.01% return, which is significantly lower than TAXT's 0.46% return.
ITM
- 1D
- 0.17%
- 1M
- -1.89%
- 6M
- -1.61%
- YTD
- -1.01%
- 1Y
- 3.71%
- 3Y*
- 3.04%
- 5Y*
- -0.05%
- 10Y*
- 1.65%
- ALL TIME*
- 3.22%
TAXT
- 1D
- 0.14%
- 1M
- -1.43%
- 6M
- -0.38%
- YTD
- 0.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.85M | $12.61M | $10.53M | |
| $96.43K | $96.52K | $143.72K |
ITM vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ITM VanEck Intermediate Muni ETF | -1.01% | 4.81% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.46% | 3.91% |
Correlation
The correlation between ITM and TAXT is 0.78, 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 Aug 19, 2025 | 0.78 |
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Return for Risk
ITM vs. TAXT — Risk / Return Rank
ITM
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ITM vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and Northern Trust Tax-Exempt Bond ETF (TAXT). 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.
| ITM | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.25 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | — | — |
| Martin ratioReturn relative to average drawdown | 2.87 | — | — |
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Drawdowns
ITM vs. TAXT - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for ITM and TAXT.
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Drawdown Indicators
| ITM | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -2.49% | -22.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.67% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | — | — |
Current DrawdownCurrent decline from peak | -2.91% | -1.58% | -1.33% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -0.52% | -2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | — | — |
Volatility
ITM vs. TAXT - Volatility Comparison
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Volatility by Period
| ITM | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 2.57% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.33% | 2.57% | +1.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 2.57% | +4.53% |
ITM vs. TAXT - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is higher than TAXT'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. TAXT - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 3.05%, less than TAXT's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 3.05% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
TAXT Northern Trust Tax-Exempt Bond ETF | 3.17% | 1.23% | 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 TAXT have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.24% for ITM.
TAXT has the higher dividend yield at 3.17%, compared with 3.05% for ITM.
ITM tracks Bloomberg AMT-Free Intermediate Continuous, while TAXT tracks ICE 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 TAXT.
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