MUB vs. TAXS
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 0.65 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
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Returns By Period
In the year-to-date period, MUB achieves a 1.78% return, which is significantly higher than TAXS's 1.10% return.
MUB
- 1D
- 0.11%
- 1M
- 1.14%
- YTD
- 1.78%
- 6M
- 1.92%
- 1Y
- 6.60%
- 3Y*
- 3.29%
- 5Y*
- 1.00%
- 10Y*
- 1.90%
TAXS
- 1D
- 0.04%
- 1M
- 0.51%
- YTD
- 1.10%
- 6M
- 1.19%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUB vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.78% | 4.33% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.10% | 1.22% |
Correlation
The correlation between MUB and TAXS is 0.65, 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 | 0.65 |
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Return for Risk
MUB vs. TAXS — Risk / Return Rank
MUB
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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.
| MUB | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.48 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | — | — |
| Martin ratioReturn relative to average drawdown | 8.27 | — | — |
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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
| MUB | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.17% | 0.00% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -0.22% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | — | — |
Volatility
MUB vs. TAXS - Volatility Comparison
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Volatility by Period
| MUB | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.89% | 0.99% | +1.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.07% | 0.99% | +3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 0.99% | +3.93% |
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 3.16%, more than TAXS's 1.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.16% | 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 0.65, 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 3.16%, 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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