MUNA vs. TAXS

Last updated Jul 17, 2026

MUNA (Northern Trust 2030 Tax-Exempt Distributing Ladder ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds from Northern Trust. MUNA is actively managed, while TAXS is passively managed. At a 0.33 correlation, their price movements are largely independent. MUNA charges 0.18%/yr vs 0.05%/yr for TAXS.

Performance

MUNA vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (MUNA) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MUNA having a 1.11% return and TAXS slightly lower at 1.08%.

MUNA

• 1D: 0.07%
• 1M: -0.78%
• 6M: 1.10%
• YTD: 1.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXS

• 1D: -0.05%
• 1M: 0.01%
• 6M: 0.70%
• YTD: 1.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MUNA vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
MUNA Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	1.11%	0.68%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.08%	1.22%

Correlation

The correlation between MUNA and TAXS is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.33

Return for Risk

MUNA vs. TAXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (MUNA) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

MUNA vs. TAXS - Drawdown Comparison

The maximum MUNA drawdown since its inception was -0.93%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for MUNA and TAXS.

Drawdown Indicators

	MUNA	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-0.93%	-0.84%	-0.09%
Current Drawdown Current decline from peak	-0.86%	-0.15%	-0.71%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.21%	-0.08%

Volatility

Volatility by Period

	MUNA	TAXS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.91%	0.97%	+0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.91%	0.97%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.91%	0.97%	+0.94%

MUNA vs. TAXS - Expense Ratio Comparison

MUNA has a 0.18% 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

MUNA vs. TAXS - Dividend Comparison

MUNA's dividend yield for the trailing twelve months is around 1.85%, less than TAXS's 2.03% yield.

Position	TTM	2025
MUNA Northern Trust 2030 Tax-Exempt Distributing Ladder ETF	1.85%	0.76%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	2.03%	0.74%

Frequently Asked Questions

Can I hold both MUNA and TAXS in my portfolio?

MUNA and TAXS have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNA or TAXS?

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.

Which ETF is cheaper, MUNA or TAXS?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.18% for MUNA.

Which ETF pays a higher dividend yield, MUNA or TAXS?

TAXS has the higher dividend yield at 2.03%, compared with 1.85% for MUNA.

What is the main difference between MUNA and TAXS?

Their fees differ too: 0.18% for MUNA and 0.05% for TAXS.