SHYD vs. TAXI
SHYD (VanEck Short High Yield Muni ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds - SHYD tracks the Bloomberg Municipal High Yield Short Duration while TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index. Both are passively managed. A 0.56 correlation means they provide meaningful diversification when combined. SHYD charges 0.35%/yr vs 0.05%/yr for TAXI.
Performance
SHYD vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 0.74% return, which is significantly lower than TAXI's 0.94% return.
SHYD
- 1D
- -0.09%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 1.44%
- 1Y
- 5.37%
- 3Y*
- 4.40%
- 5Y*
- 0.93%
- 10Y*
- 2.02%
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHYD vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.74% | 2.59% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between SHYD and TAXI is 0.56, 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 | 0.56 |
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Return for Risk
SHYD vs. TAXI — Risk / Return Rank
SHYD
TAXI
SHYD vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.37 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | — | — |
| Martin ratioReturn relative to average drawdown | 8.17 | — | — |
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
| SHYD | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 2.92 | -2.67 |
Drawdowns
SHYD vs. TAXI - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for SHYD and TAXI.
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Drawdown Indicators
| SHYD | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -2.23% | -28.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | -0.79% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -0.46% | -2.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | — | — |
Volatility
SHYD vs. TAXI - Volatility Comparison
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Volatility by Period
| SHYD | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 1.90% | +1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 1.90% | +3.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 1.90% | +7.79% |
SHYD vs. TAXI - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than TAXI's 0.05% expense ratio.
Dividends
SHYD vs. TAXI - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.51%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 3.51% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.00% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHYD and TAXI have a correlation of 0.56, 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 0.35% for SHYD.
SHYD has the higher dividend yield at 3.51%, compared with 2.00% for TAXI.
SHYD tracks Bloomberg Municipal High Yield Short Duration, while TAXI tracks ICE Intermediate Term Focused Municipal Bond Index. They also come from different issuers: VanEck and Northern Trust. Their fees differ too: 0.35% for SHYD and 0.05% for TAXI.
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