NTAUX vs. SHM

Last updated Jun 4, 2026

NTAUX (Northern Tax-Advantaged U-S Fixed Income) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both funds - NTAUX is a Ultrashort Bond fund managed by Northern Funds, while SHM is a Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short. Over the past 10 years, NTAUX returned 1.59%/yr vs 1.20%/yr for SHM. At a 0.21 correlation, their price movements are largely independent. NTAUX charges 0.25%/yr vs 0.20%/yr for SHM.

Performance

NTAUX vs. SHM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Tax-Advantaged U-S Fixed Income (NTAUX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NTAUX achieves a 0.95% return, which is significantly higher than SHM's 0.78% return. Over the past 10 years, NTAUX has outperformed SHM with an annualized return of 1.59%, while SHM has yielded a comparatively lower 1.20% annualized return.

NTAUX

• 1D: 0.10%
• 1M: 0.36%
• YTD: 0.95%
• 6M: 1.15%
• 1Y: 2.92%
• 3Y*: 3.19%
• 5Y*: 1.85%
• 10Y*: 1.59%

SHM

• 1D: 0.04%
• 1M: 0.39%
• YTD: 0.78%
• 6M: 1.08%
• 1Y: 3.47%
• 3Y*: 2.93%
• 5Y*: 0.91%
• 10Y*: 1.20%

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

NTAUX vs. SHM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NTAUX Northern Tax-Advantaged U-S Fixed Income	0.95%	2.60%	3.52%	4.06%	-1.59%	-0.03%	1.49%	2.52%	1.39%	0.83%
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF	0.78%	3.95%	1.22%	2.92%	-3.82%	-0.37%	2.65%	3.64%	1.56%	0.99%

Correlation

The correlation between NTAUX and SHM is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.21

The correlation between NTAUX and SHM shifts across timeframes, from 0.21 (all time) to 0.32 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NTAUX vs. SHM — Risk / Return Rank

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

NTAUX

NTAUX Risk / Return Rank: 88
NTAUX Sharpe Ratio Rank: 83
NTAUX Sortino Ratio Rank: 97
NTAUX Omega Ratio Rank: 98
NTAUX Calmar Ratio Rank: 88
NTAUX Martin Ratio Rank: 74

SHM

SHM Risk / Return Rank: 75
SHM Sharpe Ratio Rank: 84
SHM Sortino Ratio Rank: 90
SHM Omega Ratio Rank: 90
SHM Calmar Ratio Rank: 62
SHM Martin Ratio Rank: 47

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.

NTAUX vs. SHM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Tax-Advantaged U-S Fixed Income (NTAUX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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.

	NTAUX	SHM	Difference
Sharpe ratio: Return per unit of total volatility	2.69	2.76	-0.07
Sortino ratio: Return per unit of downside risk	5.95	4.29	+1.66
Omega ratio: Gain probability vs. loss probability	2.28	1.59	+0.69
Calmar ratio: Return relative to maximum drawdown	4.36	3.08	+1.29
Martin ratio: Return relative to average drawdown	14.09	7.88	+6.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NTAUX vs. SHM - Sharpe Ratio Comparison

The current NTAUX Sharpe Ratio is 2.69, which is comparable to the SHM Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of NTAUX and SHM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NTAUX	SHM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.69	2.76	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.73	0.44	+1.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.64	0.36	+1.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.48	+1.13

Drawdowns

NTAUX vs. SHM - Drawdown Comparison

The maximum NTAUX drawdown since its inception was -2.95%, smaller than the maximum SHM drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for NTAUX and SHM.

Drawdown Indicators

	NTAUX	SHM	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-11.61%	+8.66%
Max Drawdown (1Y) Largest decline over 1 year	-0.68%	-1.13%	+0.45%
Max Drawdown (3Y) Largest decline over 3 years	-0.88%	-2.03%	+1.15%
Max Drawdown (5Y) Largest decline over 5 years	-2.95%	-6.67%	+3.72%
Max Drawdown (10Y) Largest decline over 10 years	-2.95%	-11.61%	+8.66%
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.20%	-0.97%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.44%	-0.23%

Volatility

NTAUX vs. SHM - Volatility Comparison

Northern Tax-Advantaged U-S Fixed Income (NTAUX) has a higher volatility of 0.41% compared to SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) at 0.35%. This indicates that NTAUX's price experiences larger fluctuations and is considered to be riskier than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NTAUX	SHM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.41%	0.35%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	0.82%	0.85%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.11%	1.26%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.08%	2.07%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.97%	3.31%	-2.34%

NTAUX vs. SHM - Expense Ratio Comparison

NTAUX has a 0.25% expense ratio, which is higher than SHM's 0.20% 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

NTAUX vs. SHM - Dividend Comparison

NTAUX's dividend yield for the trailing twelve months is around 2.78%, more than SHM's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NTAUX Northern Tax-Advantaged U-S Fixed Income	2.78%	2.27%	3.15%	1.96%	0.68%	0.46%	1.09%	1.69%	1.38%	0.93%	0.81%	0.61%
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF	2.67%	2.61%	2.06%	1.15%	0.69%	0.86%	1.24%	1.40%	1.23%	1.06%	0.94%	0.92%

Frequently Asked Questions

Can I hold both NTAUX and SHM in my portfolio?

NTAUX and SHM have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NTAUX or SHM?

NTAUX has higher volatility (0.41%) compared to SHM (0.35%). In terms of maximum drawdown, NTAUX dropped -2.95% vs SHM's -11.61%.

Which has better risk-adjusted returns?

SHM currently has the higher Sharpe Ratio (2.76 vs 2.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.