SMMU vs. TAXS
SMMU (PIMCO Short Term Municipal Bond Active ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. SMMU is actively managed, while TAXS is passively managed. A 0.60 correlation means they provide meaningful diversification when combined. SMMU charges 0.35%/yr vs 0.05%/yr for TAXS.
Performance
SMMU vs. TAXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SMMU achieves a 1.10% return, which is significantly higher than TAXS's 0.93% return.
SMMU
- 1D
- 0.07%
- 1M
- 0.31%
- YTD
- 1.10%
- 6M
- 1.36%
- 1Y
- 3.92%
- 3Y*
- 3.67%
- 5Y*
- 1.90%
- 10Y*
- 1.82%
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMMU vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.10% | 1.30% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between SMMU 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 20, 2025 | 0.60 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SMMU vs. TAXS — Risk / Return Rank
SMMU
TAXS
SMMU vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) 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.
| SMMU | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.90 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.10 | — | — |
| Martin ratioReturn relative to average drawdown | 18.24 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SMMU | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.84 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.14 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 2.78 | -2.17 |
Drawdowns
SMMU vs. TAXS - Drawdown Comparison
The maximum SMMU drawdown since its inception was -5.09%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for SMMU and TAXS.
Loading charts...
Drawdown Indicators
| SMMU | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.09% | -0.84% | -4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -0.77% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.95% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -4.76% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -5.09% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.09% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.55% | -0.24% | -0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | — | — |
Volatility
SMMU vs. TAXS - Volatility Comparison
Loading charts...
Volatility by Period
| SMMU | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.31% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.02% | 1.00% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.67% | 1.00% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.73% | 1.00% | +1.73% |
SMMU vs. TAXS - Expense Ratio Comparison
SMMU has a 0.35% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
SMMU vs. TAXS - Dividend Comparison
SMMU's dividend yield for the trailing twelve months is around 2.84%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.84% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMMU 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.
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.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.35% for SMMU.
SMMU has the higher dividend yield at 2.84%, compared with 1.83% for TAXS.
They also come from different issuers: PIMCO and Northern Trust. Their fees differ too: 0.35% for SMMU and 0.05% for TAXS.
Find the right allocation for SMMU and TAXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer