RJMI vs. TAXS

Last updated Jun 23, 2026

RJMI (RJ Eagle Municipal Income ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. RJMI is actively managed, while TAXS is passively managed. A 0.60 correlation means they provide meaningful diversification when combined. RJMI charges 0.41%/yr vs 0.05%/yr for TAXS.

Performance

RJMI vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RJ Eagle Municipal Income ETF (RJMI) 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, RJMI achieves a 1.89% return, which is significantly higher than TAXS's 1.05% return.

RJMI

• 1D: 0.05%
• 1M: 1.58%
• YTD: 1.89%
• 6M: 2.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXS

• 1D: -0.01%
• 1M: 0.64%
• YTD: 1.05%
• 6M: 1.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RJMI vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
RJMI RJ Eagle Municipal Income ETF	1.89%	2.68%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.05%	0.94%

Correlation

The correlation between RJMI 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 Oct 2, 2025	0.60

Return for Risk

RJMI vs. TAXS - Risk-Adjusted Trends Comparison

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

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

Drawdowns

RJMI vs. TAXS - Drawdown Comparison

The maximum RJMI drawdown since its inception was -3.04%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for RJMI and TAXS.

Drawdown Indicators

	RJMI	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-3.04%	-0.84%	-2.20%
Current Drawdown Current decline from peak	-0.35%	-0.02%	-0.33%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.22%	-0.43%

Volatility

Volatility by Period

	RJMI	TAXS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.05%	0.99%	+2.06%
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%

RJMI vs. TAXS - Expense Ratio Comparison

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

Dividends

RJMI vs. TAXS - Dividend Comparison

RJMI's dividend yield for the trailing twelve months is around 1.95%, more than TAXS's 1.82% yield.

Position	TTM	2025
RJMI RJ Eagle Municipal Income ETF	1.95%	0.61%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.82%	0.74%

Frequently Asked Questions

Can I hold both RJMI and TAXS in my portfolio?

RJMI 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, RJMI 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, RJMI or TAXS?

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

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

RJMI has the higher dividend yield at 1.95%, compared with 1.82% for TAXS.

What is the main difference between RJMI and TAXS?

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