OVM vs. TAXI
OVM (Overlay Shares Municipal Bond ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. OVM is actively managed, while TAXI is passively managed. A 0.53 correlation means they provide meaningful diversification when combined. OVM charges 0.82%/yr vs 0.05%/yr for TAXI.
Performance
OVM vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, OVM achieves a 3.96% return, which is significantly higher than TAXI's 0.94% return.
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVM vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 3.96% | 5.29% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between OVM and TAXI is 0.53, 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 20, 2025 | 0.53 |
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Return for Risk
OVM vs. TAXI — Risk / Return Rank
OVM
TAXI
OVM vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) 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.
| OVM | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.58 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.86 | — | — |
| Martin ratioReturn relative to average drawdown | 18.92 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| OVM | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.85 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 2.92 | -2.50 |
Drawdowns
OVM vs. TAXI - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for OVM and TAXI.
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Drawdown Indicators
| OVM | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -2.23% | -13.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.79% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -4.01% | -0.46% | -3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | — | — |
Volatility
OVM vs. TAXI - Volatility Comparison
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Volatility by Period
| OVM | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.36% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.16% | 1.90% | +2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.39% | 1.90% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 1.90% | +4.65% |
OVM vs. TAXI - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than TAXI's 0.05% expense ratio.
Dividends
OVM vs. TAXI - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 6.11%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 6.11% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.00% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
OVM and TAXI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TAXI is cheaper with a 0.05% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.11%, compared with 2.00% for TAXI.
They also come from different issuers: Liquid Strategies and Northern Trust. Their fees differ too: 0.82% for OVM and 0.05% for TAXI.
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