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STAX vs. NTAUX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

STAX vs. NTAUX

Last updated Apr 1, 2026

Compare and contrast key facts about Macquarie Tax-Free USA Short Term ETF (STAX) and Northern Tax-Advantaged U-S Fixed Income (NTAUX).

STAX is an actively managed fund by Macquarie. It was launched on Nov 28, 2023. NTAUX is managed by Northern Funds. It was launched on Jun 18, 2009.

Performance

STAX vs. NTAUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Tax-Free USA Short Term ETF (STAX) and Northern Tax-Advantaged U-S Fixed Income (NTAUX). The values are adjusted to include any dividend payments, if applicable.

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STAX vs. NTAUX - Yearly Performance Comparison

2026 (YTD)202520242023
STAX
Macquarie Tax-Free USA Short Term ETF		0.42%4.12%2.55%1.45%
NTAUX
Northern Tax-Advantaged U-S Fixed Income		0.57%2.60%3.52%0.55%

Returns By Period

In the year-to-date period, STAX achieves a 0.42% return, which is significantly lower than NTAUX's 0.57% return.

STAX

1D
0.06%
1M
-0.94%
YTD
0.42%
6M
0.92%
1Y
3.65%
3Y*
—
5Y*
—
10Y*
—

NTAUX

1D
0.10%
1M
-0.36%
YTD
0.57%
6M
1.17%
1Y
3.08%
3Y*
3.13%
5Y*
1.79%
10Y*
1.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Macquarie Tax-Free USA Short Term ETF

Northern Tax-Advantaged U-S Fixed Income

Often compared with STAX:
STAX vs. TAXXSTAX vs. SGOVSTAX vs. BILDSTAX vs. VTEBSTAX vs. ZTAXSTAX vs. FUMBSTAX vs. VTES
Often compared with NTAUX:
NTAUX vs. MUBNTAUX vs. THOPXNTAUX vs. SHMNTAUX vs. SUBNTAUX vs. USFRNTAUX vs. usfrNTAUX vs. NCATX

STAX vs. NTAUX - Expense Ratio Comparison

STAX has a 0.29% expense ratio, which is higher than NTAUX's 0.25% expense ratio.

STAX
Macquarie Tax-Free USA Short Term ETF
NTAUX
Northern Tax-Advantaged U-S Fixed Income

Return for Risk

STAX vs. NTAUX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
STAX
STAX Risk / Return Rank: 9292
Overall Rank
STAX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
STAX Sortino Ratio Rank: 9696
Sortino Ratio Rank
STAX Omega Ratio Rank: 9898
Omega Ratio Rank
STAX Calmar Ratio Rank: 8686
Calmar Ratio Rank
STAX Martin Ratio Rank: 8383
Martin Ratio Rank
NTAUX
NTAUX Risk / Return Rank: 9797
Overall Rank
NTAUX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
NTAUX Sortino Ratio Rank: 9898
Sortino Ratio Rank
NTAUX Omega Ratio Rank: 9898
Omega Ratio Rank
NTAUX Calmar Ratio Rank: 9696
Calmar Ratio Rank
NTAUX Martin Ratio Rank: 9898
Martin Ratio Rank
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. NTAUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) and Northern Tax-Advantaged U-S Fixed Income (NTAUX). 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.

STAXNTAUXDifference

Sharpe ratio

Return per unit of total volatility

2.57

2.48

+0.09

Sortino ratio

Return per unit of downside risk

3.34

4.31

-0.97

Omega ratio

Gain probability vs. loss probability

1.69

2.14

-0.46

Calmar ratio

Return relative to maximum drawdown

2.64

3.49

-0.85

Martin ratio

Return relative to average drawdown

9.68

19.41

-9.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STAX vs. NTAUX - Sharpe Ratio Comparison

The current STAX Sharpe Ratio is 2.57, which is comparable to the NTAUX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of STAX and NTAUX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

STAXNTAUXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.57

2.48

+0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.70

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.65

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.64

1.60

+1.04

Correlation

The correlation between STAX and NTAUX is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

STAX vs. NTAUX - Dividend Comparison

STAX's dividend yield for the trailing twelve months is around 3.22%, more than NTAUX's 3.04% yield.

TTM20252024202320222021202020192018201720162015
STAX
Macquarie Tax-Free USA Short Term ETF		3.22%3.16%3.43%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NTAUX
Northern Tax-Advantaged U-S Fixed Income		3.04%2.27%3.15%1.96%0.68%0.46%1.09%1.69%1.38%0.93%0.81%0.61%

Drawdowns

STAX vs. NTAUX - Drawdown Comparison

The maximum STAX drawdown since its inception was -1.42%, smaller than the maximum NTAUX drawdown of -2.95%. Use the drawdown chart below to compare losses from any high point for STAX and NTAUX.

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Drawdown Indicators

STAXNTAUXDifference

Max Drawdown

Largest peak-to-trough decline

-1.42%

-2.95%

+1.53%

Max Drawdown (1Y)

Largest decline over 1 year

-1.42%

-0.88%

-0.54%

Max Drawdown (5Y)

Largest decline over 5 years

—

-2.95%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-2.95%

—

Current Drawdown

Current decline from peak

-0.94%

-0.36%

-0.58%

Average Drawdown

Average peak-to-trough decline

-0.21%

-0.20%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.39%

0.16%

+0.23%

Volatility

STAX vs. NTAUX - Volatility Comparison

Macquarie Tax-Free USA Short Term ETF (STAX) has a higher volatility of 0.47% compared to Northern Tax-Advantaged U-S Fixed Income (NTAUX) at 0.32%. This indicates that STAX's price experiences larger fluctuations and is considered to be riskier than NTAUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

STAXNTAUXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.47%

0.32%

+0.15%

Volatility (6M)

Calculated over the trailing 6-month period

0.69%

0.74%

-0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

1.43%

1.31%

+0.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.40%

1.06%

+0.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.40%

0.96%

+0.44%