STAX vs. TAXS
STAX (Macquarie Tax-Free USA Short Term ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. STAX is actively managed, while TAXS is passively managed. A 0.67 correlation means they provide meaningful diversification when combined. STAX charges 0.29%/yr vs 0.05%/yr for TAXS.
Performance
STAX vs. TAXS - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with STAX at 0.93% and TAXS at 0.93%.
STAX
- 1D
- -0.08%
- 1M
- 0.13%
- YTD
- 0.93%
- 6M
- 1.25%
- 1Y
- 3.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
STAX vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
STAX Macquarie Tax-Free USA Short Term ETF | 0.93% | 1.03% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between STAX and TAXS is 0.67, 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 | 0.67 |
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Return for Risk
STAX vs. TAXS — Risk / Return Rank
STAX
TAXS
STAX vs. TAXS - 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 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.
| STAX | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.99 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | — | — |
| Martin ratioReturn relative to average drawdown | 11.77 | — | — |
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
| STAX | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.64 | 2.78 | -0.14 |
Drawdowns
STAX vs. TAXS - Drawdown Comparison
The maximum STAX drawdown since its inception was -1.42%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for STAX and TAXS.
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Drawdown Indicators
| STAX | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.42% | -0.84% | -0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -1.05% | — | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.09% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -0.24% | +0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | — | — |
Volatility
STAX vs. TAXS - Volatility Comparison
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Volatility by Period
| STAX | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.79% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.01% | 1.00% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.38% | 1.00% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.38% | 1.00% | +0.38% |
STAX vs. TAXS - Expense Ratio Comparison
STAX has a 0.29% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
STAX vs. TAXS - Dividend Comparison
STAX's dividend yield for the trailing twelve months is around 3.22%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
STAX Macquarie Tax-Free USA Short Term ETF | 3.22% | 3.16% | 3.43% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% |
Frequently Asked Questions
STAX and TAXS have a correlation of 0.67, 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 0.29% for STAX.
STAX has the higher dividend yield at 3.22%, compared with 1.83% for TAXS.
They also come from different issuers: Macquarie and Northern Trust. Their fees differ too: 0.29% for STAX and 0.05% for TAXS.
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