TAFI vs. SUB
TAFI (AB Tax-Aware Short Duration ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds. TAFI is actively managed, while SUB is passively managed. Over the past 3 years, TAFI returned 3.45%/yr vs 3.00%/yr for SUB. Their 0.58 correlation means they have sometimes moved together and sometimes differently. TAFI charges 0.27%/yr vs 0.07%/yr for SUB.
Performance
TAFI vs. SUB - Performance Comparison
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Returns By Period
In the year-to-date period, TAFI achieves a 0.92% return, which is significantly higher than SUB's 0.76% return.
TAFI
- 1D
- 0.00%
- 1M
- -0.44%
- 6M
- 0.32%
- YTD
- 0.92%
- 1Y
- 2.52%
- 3Y*
- 3.45%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.20%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $44.46M | $43.86M | $47.41M | |
| $7.43M | $8.15M | $11.64M |
TAFI vs. SUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TAFI AB Tax-Aware Short Duration ETF | 0.92% | 4.35% | 2.48% | 4.10% | 0.56% |
SUB iShares Short-Term National Muni Bond ETF | 0.76% | 3.64% | 2.17% | 2.91% | 0.72% |
Correlation
The correlation between TAFI and SUB is 0.43, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.43 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2022 | 0.58 |
The correlation between TAFI and SUB shifts across timeframes, from 0.43 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TAFI vs. SUB — Risk / Return Rank
TAFI
SUB
TAFI vs. SUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Tax-Aware Short Duration ETF (TAFI) and iShares Short-Term National Muni Bond ETF (SUB). 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.
| TAFI | SUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.37 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.50 | -0.22 |
| Martin ratioReturn relative to average drawdown | 7.81 | 6.88 | +0.92 |
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Drawdowns
TAFI vs. SUB - Drawdown Comparison
The maximum TAFI drawdown since its inception was -2.00%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for TAFI and SUB.
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Drawdown Indicators
| TAFI | SUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.00% | -9.46% | +7.46% |
Max Drawdown (1Y)Largest decline over 1 year | -1.21% | -0.81% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -1.87% | -1.23% | -0.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.33% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.46% | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.20% | -0.40% |
Average DrawdownAverage peak-to-trough decline | -0.37% | -0.91% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.29% | +0.06% |
Volatility
TAFI vs. SUB - Volatility Comparison
The current volatility for AB Tax-Aware Short Duration ETF (TAFI) is 0.44%, while iShares Short-Term National Muni Bond ETF (SUB) has a volatility of 0.51%. This indicates that TAFI experiences smaller price fluctuations and is considered to be less risky than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TAFI | SUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.51% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.00% | 0.90% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.42% | 1.12% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.96% | 1.65% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.96% | 2.60% | -0.64% |
TAFI vs. SUB - Expense Ratio Comparison
TAFI has a 0.27% expense ratio, which is higher than SUB's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TAFI vs. SUB - Dividend Comparison
TAFI's dividend yield for the trailing twelve months is around 3.13%, more than SUB's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TAFI AB Tax-Aware Short Duration ETF | 2.86% | 3.21% | 3.34% | 3.27% | 0.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAFI and SUB have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SUB has higher volatility (0.51%) compared to TAFI (0.44%). In terms of maximum drawdown, TAFI dropped -2.00% vs SUB's -9.46%.
On 3-year performance, TAFI leads with 3.45% vs 3.00% for SUB. On fees, SUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TAFI has performed better with a 3.45% return vs 3.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SUB is cheaper with a 0.07% expense ratio, compared with 0.27% for TAFI.
TAFI has the higher dividend yield at 2.86%, compared with 2.34% for SUB.
They also come from different issuers: AllianceBernstein and iShares. Their fees differ too: 0.27% for TAFI and 0.07% for SUB.
TAFI currently has the higher Sharpe Ratio (1.94 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.
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