MMIN vs. TAXS
MMIN (IQ MacKay Municipal Insured ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - MMIN tracks the Bloomberg Barclays Municipal All Insured Bond Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.57 correlation means they provide meaningful diversification when combined. MMIN charges 0.31%/yr vs 0.05%/yr for TAXS.
Performance
MMIN vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, MMIN achieves a 2.32% return, which is significantly higher than TAXS's 0.93% return.
MMIN
- 1D
- 0.00%
- 1M
- 0.85%
- YTD
- 2.32%
- 6M
- 2.74%
- 1Y
- 9.31%
- 3Y*
- 4.21%
- 5Y*
- 0.74%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMIN vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMIN IQ MacKay Municipal Insured ETF | 2.32% | 5.40% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between MMIN and TAXS is 0.57, 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 | 0.57 |
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Return for Risk
MMIN vs. TAXS — Risk / Return Rank
MMIN
TAXS
MMIN vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) 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.
| MMIN | TAXS | 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 | 3.25 | — | — |
| Martin ratioReturn relative to average drawdown | 11.93 | — | — |
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
| MMIN | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 2.78 | -2.40 |
Drawdowns
MMIN vs. TAXS - Drawdown Comparison
The maximum MMIN drawdown since its inception was -16.87%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for MMIN and TAXS.
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Drawdown Indicators
| MMIN | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.87% | -0.84% | -16.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.87% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.09% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -0.24% | -4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | — | — |
Volatility
MMIN vs. TAXS - Volatility Comparison
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Volatility by Period
| MMIN | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 1.00% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 1.00% | +4.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.97% | 1.00% | +5.97% |
MMIN vs. TAXS - Expense Ratio Comparison
MMIN has a 0.31% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
MMIN vs. TAXS - Dividend Comparison
MMIN's dividend yield for the trailing twelve months is around 4.12%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MMIN IQ MacKay Municipal Insured ETF | 4.12% | 4.07% | 3.96% | 3.73% | 2.93% | 1.72% | 2.21% | 2.75% | 2.78% | 0.47% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMIN and TAXS have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.31% for MMIN.
MMIN has the higher dividend yield at 4.12%, compared with 1.83% for TAXS.
MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: New York Life and Northern Trust. Their fees differ too: 0.31% for MMIN and 0.05% for TAXS.
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