MEAR vs. TAXI
MEAR (iShares Short Maturity Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. MEAR is actively managed, while TAXI is passively managed. At a 0.35 correlation, their price movements are largely independent. MEAR charges 0.25%/yr vs 0.05%/yr for TAXI.
Performance
MEAR vs. TAXI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MEAR having a 1.02% return and TAXI slightly lower at 1.00%.
MEAR
- 1D
- -0.04%
- 1M
- 0.26%
- YTD
- 1.02%
- 6M
- 1.28%
- 1Y
- 3.23%
- 3Y*
- 3.55%
- 5Y*
- 2.42%
- 10Y*
- 1.78%
TAXI
- 1D
- 0.06%
- 1M
- 0.52%
- YTD
- 1.00%
- 6M
- 1.53%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MEAR vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 1.02% | 1.07% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 1.00% | 3.35% |
Correlation
The correlation between MEAR and TAXI is 0.35, 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 | 0.35 |
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Return for Risk
MEAR vs. TAXI — Risk / Return Rank
MEAR
TAXI
MEAR vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short Maturity Municipal Bond ETF (MEAR) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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.
| MEAR | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.88 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 6.93 | — | — |
| Martin ratioReturn relative to average drawdown | 28.45 | — | — |
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
| MEAR | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.78 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.47 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.11 | 2.95 | -1.84 |
Drawdowns
MEAR vs. TAXI - Drawdown Comparison
The maximum MEAR drawdown since its inception was -2.68%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for MEAR and TAXI.
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Drawdown Indicators
| MEAR | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.68% | -2.23% | -0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -0.47% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -0.86% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -1.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -2.68% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | -0.74% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -0.46% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | — | — |
Volatility
MEAR vs. TAXI - Volatility Comparison
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Volatility by Period
| MEAR | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.24% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.61% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.86% | 1.90% | -1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.98% | 1.90% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.52% | 1.90% | -0.38% |
MEAR vs. TAXI - Expense Ratio Comparison
MEAR has a 0.25% expense ratio, which is higher than TAXI'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
MEAR vs. TAXI - Dividend Comparison
MEAR's dividend yield for the trailing twelve months is around 2.84%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.00% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MEAR and TAXI have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXI is cheaper with a 0.05% expense ratio, compared with 0.25% for MEAR.
MEAR has the higher dividend yield at 2.84%, compared with 2.00% for TAXI.
They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.25% for MEAR and 0.05% for TAXI.
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