MBND vs. TAXT

Last updated Jun 21, 2026

MBND (SPDR Nuveen Municipal Bond ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. MBND is actively managed, while TAXT is passively managed. A 0.65 correlation means they provide meaningful diversification when combined. MBND charges 0.40%/yr vs 0.05%/yr for TAXT.

Performance

MBND vs. TAXT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ETF (MBND) and Northern Trust Tax-Exempt Bond ETF (TAXT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBND achieves a 1.16% return, which is significantly lower than TAXT's 1.62% return.

MBND

• 1D: 0.11%
• 1M: 1.12%
• YTD: 1.16%
• 6M: 1.40%
• 1Y: 4.69%
• 3Y*: 3.61%
• 5Y*: 0.61%
• 10Y*: —

TAXT

• 1D: 0.33%
• 1M: 1.16%
• YTD: 1.62%
• 6M: 1.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBND vs. TAXT - Yearly Performance Comparison

	2026 (YTD)	2025
MBND SPDR Nuveen Municipal Bond ETF	1.16%	3.34%
TAXT Northern Trust Tax-Exempt Bond ETF	1.62%	3.91%

Correlation

The correlation between MBND and TAXT is 0.65, 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 19, 2025	0.65

Return for Risk

MBND vs. TAXT — Risk / Return Rank

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

MBND

MBND Risk / Return Rank: 53
MBND Sharpe Ratio Rank: 56
MBND Sortino Ratio Rank: 58
MBND Omega Ratio Rank: 70
MBND Calmar Ratio Rank: 41
MBND Martin Ratio Rank: 42

TAXT

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

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.

MBND vs. TAXT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) 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.

	MBND	TAXT	Difference
Sharpe ratio: Return per unit of total volatility	1.82	—	—
Sortino ratio: Return per unit of downside risk	2.64	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.01	—	—
Martin ratio: Return relative to average drawdown	6.56	—	—

Drawdowns

MBND vs. TAXT - Drawdown Comparison

The maximum MBND drawdown since its inception was -13.18%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for MBND and TAXT.

Drawdown Indicators

	MBND	TAXT	Difference
Max Drawdown Largest peak-to-trough decline	-13.18%	-2.49%	-10.69%
Max Drawdown (1Y) Largest decline over 1 year	-2.44%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.18%	—	—
Current Drawdown Current decline from peak	-0.58%	-0.45%	-0.13%
Average Drawdown Average peak-to-trough decline	-4.16%	-0.48%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.75%	—	—

Volatility

Volatility by Period

	MBND	TAXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	2.54%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	2.54%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.43%	2.54%	+0.89%

MBND vs. TAXT - Expense Ratio Comparison

MBND has a 0.40% expense ratio, which is higher than TAXT's 0.05% expense ratio.

Dividends

MBND vs. TAXT - Dividend Comparison

MBND's dividend yield for the trailing twelve months is around 3.49%, more than TAXT's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021
MBND SPDR Nuveen Municipal Bond ETF	3.49%	3.43%	2.72%	2.53%	1.61%	1.62%
TAXT Northern Trust Tax-Exempt Bond ETF	2.54%	1.23%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MBND and TAXT in my portfolio?

MBND and TAXT have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MBND or TAXT?

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.

Which ETF is cheaper, MBND or TAXT?

TAXT is cheaper with a 0.05% expense ratio, compared with 0.40% for MBND.

Which ETF pays a higher dividend yield, MBND or TAXT?

MBND has the higher dividend yield at 3.49%, compared with 2.54% for TAXT.

What is the main difference between MBND and TAXT?

They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.40% for MBND and 0.05% for TAXT.