MUNI vs. TAXT
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. MUNI is actively managed, while TAXT is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. MUNI charges 0.35%/yr vs 0.05%/yr for TAXT.
Performance
MUNI vs. TAXT - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MUNI having a 1.48% return and TAXT slightly lower at 1.45%.
MUNI
- 1D
- -0.08%
- 1M
- 1.12%
- YTD
- 1.48%
- 6M
- 1.63%
- 1Y
- 5.90%
- 3Y*
- 3.78%
- 5Y*
- 1.33%
- 10Y*
- 2.09%
TAXT
- 1D
- -0.13%
- 1M
- 0.99%
- YTD
- 1.45%
- 6M
- 1.56%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUNI vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.48% | 3.56% |
TAXT Northern Trust Tax-Exempt Bond ETF | 1.45% | 3.91% |
Correlation
The correlation between MUNI and TAXT is 0.82, 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 | 0.82 |
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Return for Risk
MUNI vs. TAXT — Risk / Return Rank
MUNI
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MUNI vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
| MUNI | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.59 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | — | — |
| Martin ratioReturn relative to average drawdown | 8.29 | — | — |
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Drawdowns
MUNI vs. TAXT - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for MUNI and TAXT.
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Drawdown Indicators
| MUNI | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -2.49% | -8.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.62% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -0.48% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | — | — |
Volatility
MUNI vs. TAXT - Volatility Comparison
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Volatility by Period
| MUNI | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 2.53% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 2.53% | +0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 2.53% | +1.32% |
MUNI vs. TAXT - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than TAXT's 0.05% expense ratio.
Dividends
MUNI vs. TAXT - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, more than TAXT's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.28% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.55% | 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
MUNI and TAXT have a correlation of 0.82, 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 0.35% for MUNI.
MUNI has the higher dividend yield at 3.28%, compared with 2.55% for TAXT.
They also come from different issuers: PIMCO and Northern Trust. Their fees differ too: 0.35% for MUNI and 0.05% for TAXT.
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