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MUB vs. TAXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MUB vs. TAXS

Last updated Jun 5, 2026

MUB (iShares National AMT-Free Muni Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - MUB tracks the S&P National AMT-Free Municipal Bond Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.63 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.05%/yr for TAXS.

Performance

MUB vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares National AMT-Free Muni Bond ETF (MUB) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MUB achieves a 1.41% return, which is significantly higher than TAXS's 0.99% return.

MUB

1D
0.17%
1M
0.66%
YTD
1.41%
6M
1.92%
1Y
6.87%
3Y*
3.41%
5Y*
0.89%
10Y*
2.01%

TAXS

1D
0.06%
1M
0.59%
YTD
0.99%
6M
1.39%
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MUB vs. TAXS - Yearly Performance Comparison

2026 (YTD)2025
MUB
iShares National AMT-Free Muni Bond ETF		1.41%4.27%
TAXS
Northern Trust Short-Term Tax-Exempt Bond ETF		0.99%1.22%

Correlation

The correlation between MUB and TAXS 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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iShares National AMT-Free Muni Bond ETF

Northern Trust Short-Term Tax-Exempt Bond ETF

Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX
Often compared with TAXS:
TAXS vs. TAXTTAXS vs. MYMKTAXS vs. FLMITAXS vs. PVITAXS vs. OVMTAXS vs. BSMZTAXS vs. FTOH

Return for Risk

MUB vs. TAXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MUB
MUB Risk / Return Rank: 6868
Overall Rank
MUB Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 7878
Sortino Ratio Rank
MUB Omega Ratio Rank: 8383
Omega Ratio Rank
MUB Calmar Ratio Rank: 5151
Calmar Ratio Rank
MUB Martin Ratio Rank: 5252
Martin Ratio Rank
TAXS
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MUB vs. TAXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) 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.

MUBTAXSDifference
Sharpe ratioReturn per unit of total volatility
2.37

—

—

Sortino ratioReturn per unit of downside risk
3.46

—

—

Omega ratioGain probability vs. loss probability

1.50

—

—

Calmar ratioReturn relative to maximum drawdown

2.48

—

—

Martin ratioReturn relative to average drawdown

8.74

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUB vs. TAXS - Sharpe Ratio Comparison

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Sharpe Ratios by Period

MUBTAXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.37

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.22

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

2.85

-2.26

Drawdowns

MUB vs. TAXS - Drawdown Comparison

The maximum MUB drawdown since its inception was -13.68%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for MUB and TAXS.

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Drawdown Indicators

MUBTAXSDifference

Max Drawdown

Largest peak-to-trough decline

-13.68%

-0.84%

-12.84%

Max Drawdown (1Y)

Largest decline over 1 year

-2.79%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-5.34%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-11.88%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-13.68%

—

—

Current Drawdown

Current decline from peak

-0.53%

-0.03%

-0.50%

Average Drawdown

Average peak-to-trough decline

-2.23%

-0.24%

-1.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.79%

—

—

Volatility

MUB vs. TAXS - Volatility Comparison

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Volatility by Period

MUBTAXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.98%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

2.22%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

2.92%

1.00%

+1.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.06%

1.00%

+3.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.92%

1.00%

+3.92%

MUB vs. TAXS - Expense Ratio Comparison

MUB has a 0.07% expense ratio, which is higher than TAXS'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

MUB vs. TAXS - Dividend Comparison

MUB's dividend yield for the trailing twelve months is around 3.17%, more than TAXS's 1.82% yield.

PositionTTM20252024202320222021202020192018201720162015
MUB
iShares National AMT-Free Muni Bond ETF		3.17%3.14%3.01%2.65%2.11%1.81%2.11%2.42%2.46%2.26%2.21%2.51%
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%0.00%0.00%

Frequently Asked Questions

MUB and TAXS 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, 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 0.07% for MUB.

MUB has the higher dividend yield at 3.17%, compared with 1.82% for TAXS.

MUB tracks S&P National AMT-Free Municipal Bond Index, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: iShares and Northern Trust. Their fees differ too: 0.07% for MUB and 0.05% for TAXS.

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