RJMI vs. TAXI

Last updated Aug 2, 2026

RJMI (RJ Eagle Municipal Income ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. RJMI is actively managed, while TAXI is passively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. RJMI charges 0.41%/yr vs 0.05%/yr for TAXI.

Performance

RJMI vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RJ Eagle Municipal Income ETF (RJMI) 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, RJMI achieves a -0.24% return, which is significantly lower than TAXI's -0.06% return.

RJMI

• 1D: -0.10%
• 1M: -2.50%
• 6M: -0.96%
• YTD: -0.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

TAXI

• 1D: -0.10%
• 1M: -1.30%
• 6M: -0.93%
• YTD: -0.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RJMI RJ Eagle Municipal Income ETF	$339.50K	$231.90K	$200.64K
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	$315.33K	$522.95K	$833.42K

RJMI vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
RJMI RJ Eagle Municipal Income ETF	-0.24%	2.68%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	-0.06%	1.81%

Correlation

The correlation between RJMI and TAXI is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.77

Return for Risk

RJMI vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) 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.

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

Drawdowns

RJMI vs. TAXI - Drawdown Comparison

The maximum RJMI drawdown since its inception was -3.04%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for RJMI and TAXI.

Drawdown Indicators

	RJMI	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-3.04%	-2.23%	-0.81%
Current Drawdown Current decline from peak	-2.54%	-1.78%	-0.76%
Average Drawdown Average peak-to-trough decline	-0.70%	-0.53%	-0.17%

Volatility

Volatility by Period

	RJMI	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.11%	1.95%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.11%	1.95%	+1.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.11%	1.95%	+1.16%

RJMI vs. TAXI - Expense Ratio Comparison

RJMI has a 0.41% expense ratio, which is higher than TAXI's 0.05% expense ratio.

Dividends

RJMI vs. TAXI - Dividend Comparison

RJMI's dividend yield for the trailing twelve months is around 2.60%, more than TAXI's 2.25% yield.

Position	TTM	2025
RJMI RJ Eagle Municipal Income ETF	2.60%	0.61%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.25%	0.85%

Frequently Asked Questions

Can I hold both RJMI and TAXI in my portfolio?

RJMI and TAXI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RJMI 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, RJMI or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.41% for RJMI.

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

RJMI has the higher dividend yield at 2.60%, compared with 2.25% for TAXI.

What is the main difference between RJMI and TAXI?

They also come from different issuers: Carillon Tower Advisers and Northern Trust. Their fees differ too: 0.41% for RJMI and 0.05% for TAXI.