PMIO vs. TAXS

Last updated Jun 25, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. PMIO is actively managed, while TAXS is passively managed. A 0.60 correlation means they provide meaningful diversification when combined. PMIO charges 0.25%/yr vs 0.05%/yr for TAXS.

Performance

PMIO vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMIO achieves a 1.97% return, which is significantly higher than TAXS's 1.06% return.

PMIO

• 1D: 0.09%
• 1M: 1.30%
• YTD: 1.97%
• 6M: 2.09%
• 1Y: 6.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXS

• 1D: 0.03%
• 1M: 0.65%
• YTD: 1.06%
• 6M: 1.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMIO vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
PMIO PGIM Municipal Income Opportunities ETF	1.97%	3.71%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.06%	1.22%

Correlation

The correlation between PMIO and TAXS is 0.60, 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	0.60

Return for Risk

PMIO vs. TAXS — Risk / Return Rank

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

PMIO

PMIO Risk / Return Rank: 83
PMIO Sharpe Ratio Rank: 93
PMIO Sortino Ratio Rank: 95
PMIO Omega Ratio Rank: 95
PMIO Calmar Ratio Rank: 67
PMIO Martin Ratio Rank: 62

TAXS

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.

PMIO vs. TAXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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.

	PMIO	TAXS	Difference
Sharpe ratio: Return per unit of total volatility	2.94	—	—
Sortino ratio: Return per unit of downside risk	4.41	—	—
Omega ratio: Gain probability vs. loss probability	1.67	—	—
Calmar ratio: Return relative to maximum drawdown	2.91	—	—
Martin ratio: Return relative to average drawdown	9.65	—	—

Drawdowns

PMIO vs. TAXS - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for PMIO and TAXS.

Drawdown Indicators

	PMIO	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-0.84%	-2.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	—	—
Current Drawdown Current decline from peak	-0.05%	-0.01%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.22%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	—	—

Volatility

Volatility by Period

	PMIO	TAXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	0.99%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.05%	0.99%	+2.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.05%	0.99%	+2.06%

PMIO vs. TAXS - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is higher than TAXS'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

PMIO vs. TAXS - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.91%, more than TAXS's 1.82% yield.

Position	TTM	2025	2024
PMIO PGIM Municipal Income Opportunities ETF	3.91%	4.00%	2.11%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.82%	0.74%	0.00%

Frequently Asked Questions

Can I hold both PMIO and TAXS in my portfolio?

PMIO and TAXS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMIO or TAXS?

On fees, TAXS 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, PMIO or TAXS?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.25% for PMIO.

Which ETF pays a higher dividend yield, PMIO or TAXS?

PMIO has the higher dividend yield at 3.91%, compared with 1.82% for TAXS.

What is the main difference between PMIO and TAXS?

They also come from different issuers: PGIM and Northern Trust. Their fees differ too: 0.25% for PMIO and 0.05% for TAXS.