MMIT vs. TAXS
MMIT (IQ MacKay Municipal Intermediate ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. MMIT is actively managed, while TAXS is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. MMIT charges 0.31%/yr vs 0.05%/yr for TAXS.
Performance
MMIT vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, MMIT achieves a 1.57% return, which is significantly higher than TAXS's 0.99% return.
MMIT
- 1D
- 0.16%
- 1M
- 0.67%
- YTD
- 1.57%
- 6M
- 1.96%
- 1Y
- 6.49%
- 3Y*
- 3.84%
- 5Y*
- 1.14%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMIT vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 1.57% | 3.42% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.99% | 1.22% |
Correlation
The correlation between MMIT and TAXS 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
MMIT vs. TAXS — Risk / Return Rank
MMIT
TAXS
MMIT vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) 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.
| MMIT | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.54 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | — | — |
| Martin ratioReturn relative to average drawdown | 8.54 | — | — |
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
| MMIT | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.57 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 2.85 | -2.21 |
Drawdowns
MMIT vs. TAXS - Drawdown Comparison
The maximum MMIT drawdown since its inception was -12.28%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for MMIT and TAXS.
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Drawdown Indicators
| MMIT | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.28% | -0.84% | -11.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.28% | — | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.03% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -0.24% | -2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | — | — |
Volatility
MMIT vs. TAXS - Volatility Comparison
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Volatility by Period
| MMIT | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 1.00% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.54% | 1.00% | +2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.30% | 1.00% | +3.30% |
MMIT vs. TAXS - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
MMIT vs. TAXS - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.57%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 3.57% | 3.54% | 3.76% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMIT and TAXS 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, 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 MMIT.
MMIT has the higher dividend yield at 3.57%, compared with 1.82% for TAXS.
They also come from different issuers: New York Life and Northern Trust. Their fees differ too: 0.31% for MMIT and 0.05% for TAXS.
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