MFLX vs. TAXI
MFLX (First Trust Flexible Municipal High Income ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. MFLX is actively managed, while TAXI is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. MFLX charges 0.88%/yr vs 0.05%/yr for TAXI.
Performance
MFLX vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 3.33% return, which is significantly higher than TAXI's 0.94% return.
MFLX
- 1D
- -0.06%
- 1M
- 1.21%
- YTD
- 3.33%
- 6M
- 3.84%
- 1Y
- 9.22%
- 3Y*
- 5.48%
- 5Y*
- -0.03%
- 10Y*
- —
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MFLX vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.33% | 5.38% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between MFLX and TAXI is 0.56, 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 20, 2025 | 0.56 |
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Return for Risk
MFLX vs. TAXI — Risk / Return Rank
MFLX
TAXI
MFLX vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Flexible Municipal High Income ETF (MFLX) 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.
| MFLX | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.49 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | — | — |
| Martin ratioReturn relative to average drawdown | 11.95 | — | — |
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
| MFLX | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.27 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.00 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 2.92 | -2.73 |
Drawdowns
MFLX vs. TAXI - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for MFLX and TAXI.
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Drawdown Indicators
| MFLX | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -2.23% | -24.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.18% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.88% | — | — |
Current DrawdownCurrent decline from peak | -3.78% | -0.79% | -2.99% |
Average DrawdownAverage peak-to-trough decline | -8.17% | -0.46% | -7.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | — | — |
Volatility
MFLX vs. TAXI - Volatility Comparison
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Volatility by Period
| MFLX | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.41% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 1.90% | +2.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.36% | 1.90% | +8.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.29% | 1.90% | +9.39% |
MFLX vs. TAXI - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than TAXI's 0.05% expense ratio.
Dividends
MFLX vs. TAXI - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.08%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 4.08% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% |
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% |
Frequently Asked Questions
MFLX and TAXI have a correlation of 0.56, 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 0.88% for MFLX.
MFLX has the higher dividend yield at 4.08%, compared with 2.00% for TAXI.
They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.88% for MFLX and 0.05% for TAXI.
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