MFLX vs. TAXT
MFLX (First Trust Flexible Municipal High Income ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. MFLX is actively managed, while TAXT is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. MFLX charges 0.88%/yr vs 0.05%/yr for TAXT.
Performance
MFLX vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, MFLX achieves a 3.93% return, which is significantly higher than TAXT's 1.45% return.
MFLX
- 1D
- -0.03%
- 1M
- 1.97%
- YTD
- 3.93%
- 6M
- 4.06%
- 1Y
- 9.22%
- 3Y*
- 5.58%
- 5Y*
- -0.12%
- 10Y*
- —
TAXT
- 1D
- -0.13%
- 1M
- 0.99%
- YTD
- 1.45%
- 6M
- 1.56%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MFLX vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 3.93% | 5.35% |
TAXT Northern Trust Tax-Exempt Bond ETF | 1.45% | 3.91% |
Correlation
The correlation between MFLX and TAXT is 0.58, 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 | 0.58 |
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Return for Risk
MFLX vs. TAXT — Risk / Return Rank
MFLX
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MFLX vs. TAXT - 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 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.
| MFLX | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.50 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | — | — |
| Martin ratioReturn relative to average drawdown | 11.98 | — | — |
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Drawdowns
MFLX vs. TAXT - Drawdown Comparison
The maximum MFLX drawdown since its inception was -26.76%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for MFLX and TAXT.
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Drawdown Indicators
| MFLX | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.76% | -2.49% | -24.27% |
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 | -3.22% | -0.62% | -2.60% |
Average DrawdownAverage peak-to-trough decline | -8.14% | -0.48% | -7.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | — | — |
Volatility
MFLX vs. TAXT - Volatility Comparison
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Volatility by Period
| MFLX | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.07% | 2.53% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.35% | 2.53% | +7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 2.53% | +8.73% |
MFLX vs. TAXT - Expense Ratio Comparison
MFLX has a 0.88% expense ratio, which is higher than TAXT's 0.05% expense ratio.
Dividends
MFLX vs. TAXT - Dividend Comparison
MFLX's dividend yield for the trailing twelve months is around 4.05%, more than TAXT's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MFLX First Trust Flexible Municipal High Income ETF | 4.05% | 4.06% | 3.81% | 3.65% | 4.27% | 3.69% | 3.21% | 2.94% | 3.74% | 3.80% | 0.98% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.55% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MFLX and TAXT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.88% for MFLX.
MFLX has the higher dividend yield at 4.05%, compared with 2.55% for TAXT.
They also come from different issuers: First Trust and Northern Trust. Their fees differ too: 0.88% for MFLX and 0.05% for TAXT.
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