STAX vs. EXUS

Last updated Jun 24, 2026

STAX (Macquarie Tax-Free USA Short Term ETF) and EXUS (Macquarie Focused International Core ETF) are both exchange-traded funds - STAX is a Municipal Bonds fund actively managed by Macquarie, while EXUS is a Foreign Large Cap Equities fund managed by Macquarie. Over the past year, STAX returned 3.79% vs 11.53% for EXUS. At a 0.26 correlation, their price movements are largely independent. STAX charges 0.29%/yr vs 0.59%/yr for EXUS.

Performance

STAX vs. EXUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Tax-Free USA Short Term ETF (STAX) and Macquarie Focused International Core ETF (EXUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, STAX achieves a 1.35% return, which is significantly lower than EXUS's 7.23% return.

STAX

• 1D: 0.00%
• 1M: 0.68%
• YTD: 1.35%
• 6M: 1.49%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EXUS

• 1D: -3.43%
• 1M: 2.42%
• YTD: 7.23%
• 6M: 7.66%
• 1Y: 11.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STAX vs. EXUS - Yearly Performance Comparison

	2026 (YTD)	2025
STAX Macquarie Tax-Free USA Short Term ETF	1.35%	2.49%
EXUS Macquarie Focused International Core ETF	7.23%	3.87%

Correlation

The correlation between STAX and EXUS is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 18, 2025	0.26

Return for Risk

STAX vs. EXUS — Risk / Return Rank

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

STAX

STAX Risk / Return Rank: 87
STAX Sharpe Ratio Rank: 95
STAX Sortino Ratio Rank: 97
STAX Omega Ratio Rank: 97
STAX Calmar Ratio Rank: 76
STAX Martin Ratio Rank: 68

EXUS

EXUS Risk / Return Rank: 19
EXUS Sharpe Ratio Rank: 19
EXUS Sortino Ratio Rank: 19
EXUS Omega Ratio Rank: 19
EXUS Calmar Ratio Rank: 19
EXUS Martin Ratio Rank: 22

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.

STAX vs. EXUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) and Macquarie Focused International Core ETF (EXUS). 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.

	STAX	EXUS	Difference
Sharpe ratio: Return per unit of total volatility	3.58	0.60	+2.98
Sortino ratio: Return per unit of downside risk	5.85	0.97	+4.88
Omega ratio: Gain probability vs. loss probability	1.91	1.12	+0.78
Calmar ratio: Return relative to maximum drawdown	3.62	0.76	+2.86
Martin ratio: Return relative to average drawdown	11.47	2.68	+8.79

STAX vs. EXUS - Sharpe Ratio Comparison

The current STAX Sharpe Ratio is 3.58, which is higher than the EXUS Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of STAX and EXUS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

STAX vs. EXUS - Drawdown Comparison

The maximum STAX drawdown since its inception was -1.42%, smaller than the maximum EXUS drawdown of -15.28%. Use the drawdown chart below to compare losses from any high point for STAX and EXUS.

Drawdown Indicators

	STAX	EXUS	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-15.28%	+13.86%
Max Drawdown (1Y) Largest decline over 1 year	-1.05%	-15.28%	+14.23%
Current Drawdown Current decline from peak	-0.06%	-3.43%	+3.37%
Average Drawdown Average peak-to-trough decline	-0.23%	-2.99%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	4.31%	-3.98%

Volatility

STAX vs. EXUS - Volatility Comparison

The current volatility for Macquarie Tax-Free USA Short Term ETF (STAX) is 0.46%, while Macquarie Focused International Core ETF (EXUS) has a volatility of 7.94%. This indicates that STAX experiences smaller price fluctuations and is considered to be less risky than EXUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STAX	EXUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	7.94%	-7.48%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	16.86%	-15.98%
Volatility (1Y) Calculated over the trailing 1-year period	1.06%	19.20%	-18.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	19.13%	-17.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	19.13%	-17.74%

STAX vs. EXUS - Expense Ratio Comparison

STAX has a 0.29% expense ratio, which is lower than EXUS's 0.59% expense ratio.

Dividends

STAX vs. EXUS - Dividend Comparison

STAX's dividend yield for the trailing twelve months is around 3.21%, more than EXUS's 0.03% yield.

Position	TTM	2025	2024
EXUS Macquarie Focused International Core ETF	0.03%	0.03%	0.00%
STAX Macquarie Tax-Free USA Short Term ETF	3.21%	3.16%	3.43%

Frequently Asked Questions

Can I hold both STAX and EXUS in my portfolio?

STAX and EXUS have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STAX or EXUS?

EXUS has higher volatility (7.94%) compared to STAX (0.46%). In terms of maximum drawdown, STAX dropped -1.42% vs EXUS's -15.28%.

Which ETF is better, STAX or EXUS?

On 1-year performance, EXUS leads with 11.53% vs 3.79% for STAX. On fees, STAX is cheaper at 0.29% per year. On volatility, STAX has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STAX or EXUS?

Over the 1-year period, EXUS has performed better with a 11.53% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STAX or EXUS?

STAX is cheaper with a 0.29% expense ratio, compared with 0.59% for EXUS.

Which ETF pays a higher dividend yield, STAX or EXUS?

STAX has the higher dividend yield at 3.21%, compared with 0.03% for EXUS.

What is the main difference between STAX and EXUS?

STAX is categorized as Municipal Bonds, while EXUS is Foreign Large Cap Equities. Their fees differ too: 0.29% for STAX and 0.59% for EXUS.

Which has better risk-adjusted returns?

STAX currently has the higher Sharpe Ratio (3.58 vs 0.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.