TAXE vs. TAXT
TAXE (T. Rowe Price Intermediate Municipal Income ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds. TAXE is actively managed, while TAXT is passively managed. Their correlation of 0.83 means they have usually moved in the same direction. TAXE charges 0.24%/yr vs 0.05%/yr for TAXT.
Performance
TAXE vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, TAXE achieves a 0.80% return, which is significantly higher than TAXT's 0.46% return.
TAXE
- 1D
- 0.16%
- 1M
- -1.52%
- 6M
- -0.23%
- YTD
- 0.80%
- 1Y
- 4.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.93%
TAXT
- 1D
- 0.14%
- 1M
- -1.43%
- 6M
- -0.38%
- YTD
- 0.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.64M | $1.93M | $1.30M | |
| $96.43K | $96.52K | $143.72K |
TAXE vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXE T. Rowe Price Intermediate Municipal Income ETF | 0.80% | 3.87% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.46% | 3.91% |
Correlation
The correlation between TAXE and TAXT is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.83 |
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Return for Risk
TAXE vs. TAXT — Risk / Return Rank
TAXE
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TAXE vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Intermediate Municipal Income ETF (TAXE) 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.
| TAXE | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.44 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | — | — |
| Martin ratioReturn relative to average drawdown | 5.83 | — | — |
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Drawdowns
TAXE vs. TAXT - Drawdown Comparison
The maximum TAXE drawdown since its inception was -3.72%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for TAXE and TAXT.
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Drawdown Indicators
| TAXE | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.72% | -2.49% | -1.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.53% | — | — |
Current DrawdownCurrent decline from peak | -1.54% | -1.58% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -0.52% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | — | — |
Volatility
TAXE vs. TAXT - Volatility Comparison
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Volatility by Period
| TAXE | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 2.57% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.11% | 2.57% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.11% | 2.57% | +0.54% |
TAXE vs. TAXT - Expense Ratio Comparison
TAXE has a 0.24% expense ratio, which is higher than TAXT's 0.05% 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
TAXE vs. TAXT - Dividend Comparison
TAXE's dividend yield for the trailing twelve months is around 3.62%, more than TAXT's 3.17% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
TAXE T. Rowe Price Intermediate Municipal Income ETF | 3.62% | 3.46% | 1.74% |
TAXT Northern Trust Tax-Exempt Bond ETF | 3.17% | 1.23% | 0.00% |
Frequently Asked Questions
TAXE and TAXT have a correlation of 0.83, 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 0.24% for TAXE.
TAXE has the higher dividend yield at 3.62%, compared with 3.17% for TAXT.
They also come from different issuers: T. Rowe Price and Northern Trust. Their fees differ too: 0.24% for TAXE and 0.05% for TAXT.
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