STAX vs. TAXT
STAX (Macquarie Tax-Free USA Short Term ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. STAX is actively managed, while TAXT is passively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. STAX charges 0.29%/yr vs 0.05%/yr for TAXT.
Performance
STAX vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, STAX achieves a 1.05% return, which is significantly higher than TAXT's 0.32% return.
STAX
- 1D
- -0.01%
- 1M
- -0.54%
- 6M
- 0.27%
- YTD
- 1.05%
- 1Y
- 2.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.42%
TAXT
- 1D
- -0.08%
- 1M
- -1.57%
- 6M
- -0.46%
- YTD
- 0.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.10K | $67.88K | $173.24K | |
| $101.60K | $96.04K | $143.38K |
STAX vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
STAX Macquarie Tax-Free USA Short Term ETF | 1.05% | 1.03% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.32% | 3.91% |
Correlation
The correlation between STAX and TAXT is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.72 |
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Return for Risk
STAX vs. TAXT — Risk / Return Rank
STAX
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
STAX vs. TAXT - 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 Tax-Exempt Bond ETF (TAXT). 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 | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.52 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | — | — |
| Martin ratioReturn relative to average drawdown | 7.48 | — | — |
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Drawdowns
STAX vs. TAXT - Drawdown Comparison
The maximum STAX drawdown since its inception was -1.42%, smaller than the maximum TAXT drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for STAX and TAXT.
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Drawdown Indicators
| STAX | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.42% | -2.49% | +1.07% |
Max Drawdown (1Y)Largest decline over 1 year | -1.05% | — | — |
Current DrawdownCurrent decline from peak | -0.54% | -1.72% | +1.18% |
Average DrawdownAverage peak-to-trough decline | -0.23% | -0.52% | +0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | — | — |
Volatility
STAX vs. TAXT - Volatility Comparison
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Volatility by Period
| STAX | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.41% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 0.94% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.13% | 2.57% | -1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.39% | 2.57% | -1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.39% | 2.57% | -1.18% |
STAX vs. TAXT - Expense Ratio Comparison
STAX has a 0.29% expense ratio, which is higher than TAXT's 0.05% expense ratio.
Dividends
STAX vs. TAXT - Dividend Comparison
STAX's dividend yield for the trailing twelve months is around 3.18%, more than TAXT's 2.86% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
STAX Macquarie Tax-Free USA Short Term ETF | 3.18% | 3.16% | 3.43% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.86% | 1.23% | 0.00% |
Frequently Asked Questions
STAX and TAXT have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.29% for STAX.
STAX has the higher dividend yield at 3.18%, compared with 2.86% for TAXT.
They also come from different issuers: Macquarie and Northern Trust. Their fees differ too: 0.29% for STAX and 0.05% for TAXT.
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