STAX vs. TAXX

Last updated Jun 23, 2026

STAX (Macquarie Tax-Free USA Short Term ETF) and TAXX (Bondbloxx IR+M Tax-Aware Short Duration ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, STAX returned 3.83% vs 3.65% for TAXX. A 0.53 correlation means they provide meaningful diversification when combined. STAX charges 0.29%/yr vs 0.35%/yr for TAXX.

Performance

STAX vs. TAXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Macquarie Tax-Free USA Short Term ETF (STAX) and Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX). 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 higher than TAXX's 1.24% return.

STAX

• 1D: -0.04%
• 1M: 0.68%
• YTD: 1.35%
• 6M: 1.47%
• 1Y: 3.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXX

• 1D: 0.02%
• 1M: 0.51%
• YTD: 1.24%
• 6M: 1.48%
• 1Y: 3.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

STAX vs. TAXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
STAX Macquarie Tax-Free USA Short Term ETF	1.35%	4.12%	2.36%
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	1.24%	4.52%	3.36%

Correlation

The correlation between STAX and TAXX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Mar 14, 2024	0.53

The correlation between STAX and TAXX shifts across timeframes, from 0.41 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.

Return for Risk

STAX vs. TAXX — Risk / Return Rank

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

STAX

STAX Risk / Return Rank: 86
STAX Sharpe Ratio Rank: 95
STAX Sortino Ratio Rank: 97
STAX Omega Ratio Rank: 97
STAX Calmar Ratio Rank: 74
STAX Martin Ratio Rank: 65

TAXX

TAXX Risk / Return Rank: 77
TAXX Sharpe Ratio Rank: 69
TAXX Sortino Ratio Rank: 74
TAXX Omega Ratio Rank: 89
TAXX Calmar Ratio Rank: 82
TAXX Martin Ratio Rank: 70

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. TAXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Macquarie Tax-Free USA Short Term ETF (STAX) and Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX). 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	TAXX	Difference
Sharpe ratio: Return per unit of total volatility	3.62	2.16	+1.46
Sortino ratio: Return per unit of downside risk	5.91	3.19	+2.72
Omega ratio: Gain probability vs. loss probability	1.92	1.54	+0.38
Calmar ratio: Return relative to maximum drawdown	3.66	4.15	-0.49
Martin ratio: Return relative to average drawdown	11.59	12.60	-1.01

STAX vs. TAXX - Sharpe Ratio Comparison

The current STAX Sharpe Ratio is 3.62, which is higher than the TAXX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of STAX and TAXX, 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. TAXX - Drawdown Comparison

The maximum STAX drawdown since its inception was -1.42%, which is greater than TAXX's maximum drawdown of -0.91%. Use the drawdown chart below to compare losses from any high point for STAX and TAXX.

Drawdown Indicators

	STAX	TAXX	Difference
Max Drawdown Largest peak-to-trough decline	-1.42%	-0.91%	-0.51%
Max Drawdown (1Y) Largest decline over 1 year	-1.05%	-0.88%	-0.17%
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.23%	-0.16%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.33%	0.29%	+0.04%

Volatility

STAX vs. TAXX - Volatility Comparison

Macquarie Tax-Free USA Short Term ETF (STAX) has a higher volatility of 0.46% compared to Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) at 0.32%. This indicates that STAX's price experiences larger fluctuations and is considered to be riskier than TAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STAX	TAXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	0.32%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	0.88%	0.83%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.06%	1.70%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.39%	1.59%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.39%	1.59%	-0.20%

STAX vs. TAXX - Expense Ratio Comparison

STAX has a 0.29% expense ratio, which is lower than TAXX's 0.35% expense ratio.

Dividends

STAX vs. TAXX - Dividend Comparison

STAX's dividend yield for the trailing twelve months is around 3.21%, less than TAXX's 3.49% yield.

Position	TTM	2025	2024
STAX Macquarie Tax-Free USA Short Term ETF	3.21%	3.16%	3.43%
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	3.49%	3.72%	2.70%

Frequently Asked Questions

Can I hold both STAX and TAXX in my portfolio?

STAX and TAXX have a correlation of 0.41, 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 TAXX?

STAX has higher volatility (0.46%) compared to TAXX (0.32%). In terms of maximum drawdown, STAX dropped -1.42% vs TAXX's -0.91%.

Which ETF is better, STAX or TAXX?

On 1-year performance, STAX leads with 3.83% vs 3.65% for TAXX. On fees, STAX is cheaper at 0.29% per year. On volatility, TAXX has been the lower-risk option at 0.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STAX or TAXX?

Over the 1-year period, STAX has performed better with a 3.83% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STAX or TAXX?

STAX is cheaper with a 0.29% expense ratio, compared with 0.35% for TAXX.

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

TAXX has the higher dividend yield at 3.49%, compared with 3.21% for STAX.

What is the main difference between STAX and TAXX?

They also come from different issuers: Macquarie and BondBloxx. Their fees differ too: 0.29% for STAX and 0.35% for TAXX.

Which has better risk-adjusted returns?

STAX currently has the higher Sharpe Ratio (3.62 vs 2.16), 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.