MLN vs. TAXI
MLN (VanEck Long Muni ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - MLN tracks the Bloomberg AMT-Free Long Continuous while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. A 0.63 correlation means they provide meaningful diversification when combined. MLN charges 0.24%/yr vs 0.05%/yr for TAXI.
Performance
MLN vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly higher than TAXI's 0.97% return.
MLN
- 1D
- -0.26%
- 1M
- 0.46%
- YTD
- 1.92%
- 6M
- 2.58%
- 1Y
- 9.33%
- 3Y*
- 3.46%
- 5Y*
- -1.05%
- 10Y*
- 1.49%
TAXI
- 1D
- 0.15%
- 1M
- 0.51%
- YTD
- 0.97%
- 6M
- 1.59%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MLN vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 6.29% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.97% | 3.35% |
Correlation
The correlation between MLN and TAXI is 0.63, 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 | 0.63 |
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Return for Risk
MLN vs. TAXI — Risk / Return Rank
MLN
TAXI
MLN vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | TAXI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.11 | — | — |
Sortino ratioReturn per unit of downside risk | 3.15 | — | — |
Omega ratioGain probability vs. loss probability | 1.45 | — | — |
Calmar ratioReturn relative to maximum drawdown | 3.66 | — | — |
Martin ratioReturn relative to average drawdown | 12.02 | — | — |
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
| MLN | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 2.95 | -2.63 |
Drawdowns
MLN vs. TAXI - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for MLN and TAXI.
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Drawdown Indicators
| MLN | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -2.23% | -26.13% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | — | — |
Current DrawdownCurrent decline from peak | -6.58% | -0.77% | -5.81% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -0.46% | -5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | — | — |
Volatility
MLN vs. TAXI - Volatility Comparison
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Volatility by Period
| MLN | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 1.90% | +2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 1.90% | +5.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 1.90% | +6.98% |
MLN vs. TAXI - Expense Ratio Comparison
MLN has a 0.24% 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
MLN vs. TAXI - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.71% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
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
MLN and TAXI have a correlation of 0.63, 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 0.24% for MLN.
MLN has the higher dividend yield at 3.71%, compared with 2.00% for TAXI.
MLN tracks Bloomberg AMT-Free Long Continuous, while TAXI tracks ICE Intermediate Term Focused Municipal Bond Index. They also come from different issuers: VanEck and Northern Trust. Their fees differ too: 0.24% for MLN and 0.05% for TAXI.
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