MBNE vs. TAXS
MBNE (SPDR Nuveen Municipal Bond ESG ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. MBNE is actively managed, while TAXS is passively managed. At a 0.45 correlation, their price movements are largely independent. MBNE charges 0.43%/yr vs 0.05%/yr for TAXS.
Performance
MBNE vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, MBNE achieves a 0.84% return, which is significantly lower than TAXS's 0.99% return.
MBNE
- 1D
- 0.00%
- 1M
- 0.05%
- YTD
- 0.84%
- 6M
- 0.94%
- 1Y
- 4.70%
- 3Y*
- 2.95%
- 5Y*
- —
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MBNE vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MBNE SPDR Nuveen Municipal Bond ESG ETF | 0.84% | 3.27% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.99% | 1.22% |
Correlation
The correlation between MBNE and TAXS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.45 |
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Return for Risk
MBNE vs. TAXS — Risk / Return Rank
MBNE
TAXS
MBNE vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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.
| MBNE | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.36 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | — | — |
| Martin ratioReturn relative to average drawdown | 7.16 | — | — |
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
| MBNE | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 2.85 | -2.22 |
Drawdowns
MBNE vs. TAXS - Drawdown Comparison
The maximum MBNE drawdown since its inception was -6.19%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for MBNE and TAXS.
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Drawdown Indicators
| MBNE | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.19% | -0.84% | -5.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.98% | — | — |
Current DrawdownCurrent decline from peak | -1.04% | -0.03% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -1.41% | -0.24% | -1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | — | — |
Volatility
MBNE vs. TAXS - Volatility Comparison
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Volatility by Period
| MBNE | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.33% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.85% | 1.00% | +1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.70% | 1.00% | +2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.70% | 1.00% | +2.70% |
MBNE vs. TAXS - Expense Ratio Comparison
MBNE has a 0.43% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
MBNE vs. TAXS - Dividend Comparison
MBNE's dividend yield for the trailing twelve months is around 3.15%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
MBNE SPDR Nuveen Municipal Bond ESG ETF | 3.15% | 3.63% | 3.32% | 3.01% | 1.81% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MBNE and TAXS have a correlation of 0.45, 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 0.43% for MBNE.
MBNE has the higher dividend yield at 3.15%, compared with 1.82% for TAXS.
They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.43% for MBNE and 0.05% for TAXS.
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