SUB vs. NTAUX

Last updated Aug 2, 2026

SUB (iShares Short-Term National Muni Bond ETF) and NTAUX (Northern Tax-Advantaged U-S Fixed Income) are both funds - SUB is a Municipal Bonds fund tracking the ICE Short Maturity AMT-Free US National Municipal Index, while NTAUX is a Ultrashort Bond fund managed by Northern Trust. Over the past 10 years, SUB returned 1.42%/yr vs 1.56%/yr for NTAUX. Their 0.18 correlation means their historical movements had little consistent relationship. SUB charges 0.07%/yr vs 0.25%/yr for NTAUX.

Performance

SUB vs. NTAUX - Performance Comparison

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

Returns By Period

In the year-to-date period, SUB achieves a 0.76% return, which is significantly lower than NTAUX's 0.99% return. Over the past 10 years, SUB has underperformed NTAUX with an annualized return of 1.42%, while NTAUX has yielded a comparatively higher 1.56% annualized return.

SUB

• 1D: 0.01%
• 1M: -0.15%
• 6M: 0.19%
• YTD: 0.76%
• 1Y: 1.85%
• 3Y*: 3.00%
• 5Y*: 1.40%
• 10Y*: 1.42%
• ALL TIME*: 1.58%

NTAUX

• 1D: 0.00%
• 1M: 0.03%
• 6M: 0.38%
• YTD: 0.99%
• 1Y: 2.11%
• 3Y*: 2.95%
• 5Y*: 1.85%
• 10Y*: 1.56%
• ALL TIME*: 1.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NTAUX Northern Tax-Advantaged U-S Fixed Income	$0.00	$0.00	$0.00
SUB iShares Short-Term National Muni Bond ETF	$44.46M	$43.86M	$47.41M

SUB vs. NTAUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUB iShares Short-Term National Muni Bond ETF	0.76%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.85%	0.75%
NTAUX Northern Tax-Advantaged U-S Fixed Income	0.99%	2.60%	3.52%	4.06%	-1.59%	-0.03%	1.49%	2.52%	1.39%	0.83%

Correlation

The correlation between SUB and NTAUX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.31
Correlation (10Y) Provides a long-term view across more market conditions.	0.24
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.18

The correlation between SUB and NTAUX shifts across timeframes, from 0.18 (all time) to 0.31 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SUB vs. NTAUX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SUB

SUB Risk / Return Rank: 74
SUB Sharpe Ratio Rank: 79
SUB Sortino Ratio Rank: 78
SUB Omega Ratio Rank: 85
SUB Calmar Ratio Rank: 72
SUB Martin Ratio Rank: 58

NTAUX

NTAUX Risk / Return Rank: 89
NTAUX Sharpe Ratio Rank: 84
NTAUX Sortino Ratio Rank: 96
NTAUX Omega Ratio Rank: 98
NTAUX Calmar Ratio Rank: 88
NTAUX Martin Ratio Rank: 81

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SUB vs. NTAUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) 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.

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.

	SUB	NTAUX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.04	-0.24
Sortino ratio: Return per unit of downside risk	2.50	4.15	-1.65
Omega ratio: Gain probability vs. loss probability	1.37	1.85	-0.49
Calmar ratio: Return relative to maximum drawdown	2.50	3.15	-0.65
Martin ratio: Return relative to average drawdown	6.88	10.04	-3.16

SUB vs. NTAUX - Sharpe Ratio Comparison

The current SUB Sharpe Ratio is 1.80, which is comparable to the NTAUX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SUB and NTAUX, 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

SUB vs. NTAUX - Drawdown Comparison

The maximum SUB drawdown since its inception was -9.46%, which is greater than NTAUX's maximum drawdown of -2.95%. Use the drawdown chart below to compare losses from any high point for SUB and NTAUX.

Drawdown Indicators

	SUB	NTAUX	Difference
Max Drawdown Largest peak-to-trough decline	-9.46%	-2.95%	-6.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-0.68%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-1.23%	-0.88%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-4.33%	-2.94%	-1.39%
Max Drawdown (10Y) Largest decline over 10 years	-9.46%	-2.95%	-6.51%
Current Drawdown Current decline from peak	-0.20%	-0.07%	-0.13%
Average Drawdown Average peak-to-trough decline	-0.91%	-0.20%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	0.21%	+0.08%

Volatility

SUB vs. NTAUX - Volatility Comparison

iShares Short-Term National Muni Bond ETF (SUB) has a higher volatility of 0.51% compared to Northern Tax-Advantaged U-S Fixed Income (NTAUX) at 0.26%. This indicates that SUB'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.

Volatility by Period

	SUB	NTAUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.26%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	0.90%	0.75%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	1.06%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.65%	1.08%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.60%	0.97%	+1.63%

SUB vs. NTAUX - Expense Ratio Comparison

SUB has a 0.07% expense ratio, which is lower than NTAUX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SUB vs. NTAUX - Dividend Comparison

SUB's dividend yield for the trailing twelve months is around 2.54%, more than NTAUX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NTAUX Northern Tax-Advantaged U-S Fixed Income	2.49%	2.27%	3.15%	1.96%	0.68%	0.46%	1.09%	1.69%	1.38%	0.93%	0.81%	0.61%
SUB iShares Short-Term National Muni Bond ETF	2.34%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both SUB and NTAUX in my portfolio?

SUB and NTAUX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUB or NTAUX?

SUB has higher volatility (0.51%) compared to NTAUX (0.26%). In terms of maximum drawdown, SUB dropped -9.46% vs NTAUX's -2.95%.

Which has better risk-adjusted returns?

NTAUX currently has the higher Sharpe Ratio (2.04 vs 1.80), 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.