MUNY vs. TAXI

Last updated Jun 25, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - MUNY tracks the S&P New York AMT-Free Municipal USD10 Million Par Bond Index while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. MUNY charges 0.09%/yr vs 0.05%/yr for TAXI.

Performance

MUNY vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New York Tax-Exempt Bond ETF (MUNY) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNY achieves a 1.79% return, which is significantly higher than TAXI's 1.13% return.

MUNY

• 1D: 0.09%
• 1M: 1.50%
• YTD: 1.79%
• 6M: 1.75%
• 1Y: 6.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: 0.15%
• 1M: 1.03%
• YTD: 1.13%
• 6M: 1.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNY vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	1.79%	4.20%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	1.13%	3.35%

Correlation

The correlation between MUNY and TAXI is 0.73, 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	0.73

Return for Risk

MUNY vs. TAXI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MUNY

MUNY Risk / Return Rank: 72
MUNY Sharpe Ratio Rank: 81
MUNY Sortino Ratio Rank: 83
MUNY Omega Ratio Rank: 90
MUNY Calmar Ratio Rank: 56
MUNY Martin Ratio Rank: 53

TAXI

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

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.

MUNY vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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.

	MUNY	TAXI	Difference
Sharpe ratio: Return per unit of total volatility	2.26	—	—
Sortino ratio: Return per unit of downside risk	3.25	—	—
Omega ratio: Gain probability vs. loss probability	1.51	—	—
Calmar ratio: Return relative to maximum drawdown	2.42	—	—
Martin ratio: Return relative to average drawdown	8.11	—	—

Drawdowns

MUNY vs. TAXI - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for MUNY and TAXI.

Drawdown Indicators

	MUNY	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-2.23%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	—	—
Current Drawdown Current decline from peak	-0.20%	-0.61%	+0.41%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.48%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	—	—

Volatility

Volatility by Period

	MUNY	TAXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	1.89%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	1.89%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	1.89%	+1.97%

MUNY vs. TAXI - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is higher than TAXI'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

MUNY vs. TAXI - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 3.10%, more than TAXI's 2.00% yield.

Position	TTM	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	3.10%	1.80%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%

Frequently Asked Questions

Can I hold both MUNY and TAXI in my portfolio?

MUNY and TAXI have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNY or TAXI?

On fees, TAXI 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, MUNY or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.09% for MUNY.

Which ETF pays a higher dividend yield, MUNY or TAXI?

MUNY has the higher dividend yield at 3.10%, compared with 2.00% for TAXI.

What is the main difference between MUNY and TAXI?

MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while TAXI tracks ICE Intermediate Term Focused Municipal Bond Index. They also come from different issuers: Vanguard and Northern Trust. Their fees differ too: 0.09% for MUNY and 0.05% for TAXI.