MUB vs. TAXT
MUB (iShares National AMT-Free Muni Bond ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds - MUB tracks the S&P National AMT-Free Municipal Bond Index while TAXT tracks the ICE Focused Municipal Bond Index. Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. MUB charges 0.07%/yr vs 0.05%/yr for TAXT.
Performance
MUB vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.54% return, which is significantly lower than TAXT's 1.62% return.
MUB
- 1D
- 0.33%
- 1M
- 1.44%
- YTD
- 1.54%
- 6M
- 1.92%
- 1Y
- 6.59%
- 3Y*
- 3.28%
- 5Y*
- 0.88%
- 10Y*
- 1.95%
TAXT
- 1D
- 0.33%
- 1M
- 1.22%
- YTD
- 1.62%
- 6M
- 1.77%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUB vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.54% | 4.33% |
TAXT Northern Trust Tax-Exempt Bond ETF | 1.62% | 3.91% |
Correlation
The correlation between MUB and TAXT is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.85 |
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Return for Risk
MUB vs. TAXT — Risk / Return Rank
MUB
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MUB vs. TAXT - 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 Tax-Exempt Bond ETF (TAXT). 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 | TAXT | 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 | 2.37 | — | — |
| Martin ratioReturn relative to average drawdown | 8.25 | — | — |
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Drawdowns
MUB vs. TAXT - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for MUB and TAXT.
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Drawdown Indicators
| MUB | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -2.49% | -11.19% |
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 | -0.40% | -0.45% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -0.48% | -1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | — | — |
Volatility
MUB vs. TAXT - Volatility Comparison
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Volatility by Period
| MUB | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 2.54% | +0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.07% | 2.54% | +1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 2.54% | +2.38% |
MUB vs. TAXT - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is higher than TAXT'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. TAXT - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, more than TAXT's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.54% | 1.23% | 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 TAXT have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT 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 2.54% for TAXT.
MUB tracks S&P National AMT-Free Municipal Bond Index, while TAXT tracks ICE 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 TAXT.
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