MBNE vs. TAXS

Last updated Jun 26, 2026

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 0.43 correlation, their price movements are largely independent. MBNE charges 0.43%/yr vs 0.05%/yr for TAXS.

Performance

MBNE vs. TAXS - Performance Comparison

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

Returns By Period

In the year-to-date period, MBNE achieves a 0.84% return, which is significantly lower than TAXS's 1.10% return.

MBNE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.84%
• 6M: 1.04%
• 1Y: 4.64%
• 3Y*: 2.74%
• 5Y*: —
• 10Y*: —

TAXS

• 1D: 0.04%
• 1M: 0.51%
• YTD: 1.10%
• 6M: 1.19%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MBNE vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	3.01%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.10%	1.22%

Correlation

The correlation between MBNE and TAXS is 0.43, 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 19, 2025	0.43

Return for Risk

MBNE vs. TAXS — Risk / Return Rank

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

MBNE

MBNE Risk / Return Rank: 58
MBNE Sharpe Ratio Rank: 60
MBNE Sortino Ratio Rank: 58
MBNE Omega Ratio Rank: 76
MBNE Calmar Ratio Rank: 53
MBNE Martin Ratio Rank: 44

TAXS

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.

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.

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.

	MBNE	TAXS	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.47	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.31	—	—
Martin ratio: Return relative to average drawdown	6.65	—	—

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.

Drawdown Indicators

	MBNE	TAXS	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-1.04%	0.00%	-1.04%
Average Drawdown Average peak-to-trough decline	-1.40%	-0.22%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	—	—

Volatility

Volatility by Period

	MBNE	TAXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	0.99%	+1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.67%	0.99%	+2.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.67%	0.99%	+2.68%

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

Can I hold both MBNE and TAXS in my portfolio?

MBNE and TAXS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MBNE or TAXS?

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.

Which ETF is cheaper, MBNE or TAXS?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.43% for MBNE.

Which ETF pays a higher dividend yield, MBNE or TAXS?

MBNE has the higher dividend yield at 3.15%, compared with 1.82% for TAXS.

What is the main difference between MBNE and 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.