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NTAUX vs. STAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NTAUX vs. STAX

Last updated Jun 24, 2026

NTAUX (Northern Tax-Advantaged U-S Fixed Income) and STAX (Macquarie Tax-Free USA Short Term ETF) are both funds - NTAUX is a Ultrashort Bond fund managed by Northern Funds, while STAX is a Municipal Bonds fund actively managed by Macquarie. Over the past year, NTAUX returned 2.82% vs 3.79% for STAX. At a 0.34 correlation, their price movements are largely independent. NTAUX charges 0.25%/yr vs 0.29%/yr for STAX.

Performance

NTAUX vs. STAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Tax-Advantaged U-S Fixed Income (NTAUX) and Macquarie Tax-Free USA Short Term ETF (STAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NTAUX achieves a 0.95% return, which is significantly lower than STAX's 1.35% return.

NTAUX

1D
0.00%
1M
0.56%
YTD
0.95%
6M
0.95%
1Y
2.82%
3Y*
3.09%
5Y*
1.85%
10Y*
1.56%

STAX

1D
0.00%
1M
0.68%
YTD
1.35%
6M
1.49%
1Y
3.79%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

NTAUX vs. STAX - Yearly Performance Comparison

2026 (YTD)202520242023
NTAUX
Northern Tax-Advantaged U-S Fixed Income		0.95%2.60%3.52%0.65%
STAX
Macquarie Tax-Free USA Short Term ETF		1.35%4.12%2.55%1.39%

Correlation

The correlation between NTAUX and STAX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

Correlation (All Time)
Calculated using the full available price history since Nov 29, 2023

0.34

Compare stocks, funds, or ETFs

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Northern Tax-Advantaged U-S Fixed Income

Macquarie Tax-Free USA Short Term ETF

Often compared with NTAUX:
NTAUX vs. MUBNTAUX vs. NOLVXNTAUX vs. THOPXNTAUX vs. NCATXNTAUX vs. SUBNTAUX vs. SHMNTAUX vs. NOLCX
Often compared with STAX:
STAX vs. TAXXSTAX vs. SGOVSTAX vs. PWERSTAX vs. BILDSTAX vs. ZTAXSTAX vs. FUMBSTAX vs. VTEB

Return for Risk

NTAUX vs. STAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NTAUX
NTAUX Risk / Return Rank: 9090
Overall Rank
NTAUX Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
NTAUX Sortino Ratio Rank: 9898
Sortino Ratio Rank
NTAUX Omega Ratio Rank: 9898
Omega Ratio Rank
NTAUX Calmar Ratio Rank: 8989
Calmar Ratio Rank
NTAUX Martin Ratio Rank: 7878
Martin Ratio Rank
STAX
STAX Risk / Return Rank: 8787
Overall Rank
STAX Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
STAX Sortino Ratio Rank: 9797
Sortino Ratio Rank
STAX Omega Ratio Rank: 9797
Omega Ratio Rank
STAX Calmar Ratio Rank: 7676
Calmar Ratio Rank
STAX Martin Ratio Rank: 6868
Martin Ratio Rank
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. STAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Tax-Advantaged U-S Fixed Income (NTAUX) and Macquarie Tax-Free USA Short Term ETF (STAX). 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.

NTAUXSTAXDifference
Sharpe ratioReturn per unit of total volatility
2.61
3.58

-0.98

Sortino ratioReturn per unit of downside risk
5.75
5.85

-0.10

Omega ratioGain probability vs. loss probability

2.24

1.91

+0.33

Calmar ratioReturn relative to maximum drawdown

4.21

3.62

+0.59

Martin ratioReturn relative to average drawdown

13.60

11.47

+2.13

NTAUX vs. STAX - Sharpe Ratio Comparison

The current NTAUX Sharpe Ratio is 2.61, which is comparable to the STAX Sharpe Ratio of 3.58. The chart below compares the historical Sharpe Ratios of NTAUX and STAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NTAUX vs. STAX - Drawdown Comparison

The maximum NTAUX drawdown since its inception was -2.95%, which is greater than STAX's maximum drawdown of -1.42%. Use the drawdown chart below to compare losses from any high point for NTAUX and STAX.

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Drawdown Indicators

NTAUXSTAXDifference

Max Drawdown

Largest peak-to-trough decline

-2.95%

-1.42%

-1.53%

Max Drawdown (1Y)

Largest decline over 1 year

-0.68%

-1.05%

+0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-0.88%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-2.94%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-2.95%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.06%

+0.06%

Average Drawdown

Average peak-to-trough decline

-0.20%

-0.23%

+0.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.21%

0.33%

-0.12%

Volatility

NTAUX vs. STAX - Volatility Comparison

The current volatility for Northern Tax-Advantaged U-S Fixed Income (NTAUX) is 0.38%, while Macquarie Tax-Free USA Short Term ETF (STAX) has a volatility of 0.46%. This indicates that NTAUX experiences smaller price fluctuations and is considered to be less risky than STAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NTAUXSTAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.38%

0.46%

-0.08%

Volatility (6M)

Calculated over the trailing 6-month period

0.80%

0.88%

-0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

1.11%

1.06%

+0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.08%

1.39%

-0.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.97%

1.39%

-0.42%

NTAUX vs. STAX - Expense Ratio Comparison

NTAUX has a 0.25% expense ratio, which is lower than STAX's 0.29% expense ratio.

Dividends

NTAUX vs. STAX - Dividend Comparison

NTAUX's dividend yield for the trailing twelve months is around 2.78%, less than STAX's 3.21% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
STAX
Macquarie Tax-Free USA Short Term ETF		3.21%3.16%3.43%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

NTAUX and STAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

STAX has higher volatility (0.46%) compared to NTAUX (0.38%). In terms of maximum drawdown, NTAUX dropped -2.95% vs STAX's -1.42%.

STAX currently has the higher Sharpe Ratio (3.58 vs 2.61), 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.

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