TAXF vs. TAXS
TAXF (American Century Diversified Municipal Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. TAXF is actively managed, while TAXS is passively managed. A 0.57 correlation means they provide meaningful diversification when combined. TAXF charges 0.29%/yr vs 0.05%/yr for TAXS.
Performance
TAXF vs. TAXS - Performance Comparison
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Returns By Period
In the year-to-date period, TAXF achieves a 1.96% return, which is significantly higher than TAXS's 0.93% return.
TAXF
- 1D
- -0.01%
- 1M
- 0.82%
- YTD
- 1.96%
- 6M
- 2.23%
- 1Y
- 8.33%
- 3Y*
- 4.23%
- 5Y*
- 1.07%
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXF vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXF American Century Diversified Municipal Bond ETF | 1.96% | 4.74% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between TAXF and TAXS is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.57 |
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Return for Risk
TAXF vs. TAXS — Risk / Return Rank
TAXF
TAXS
TAXF vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Century Diversified Municipal Bond ETF (TAXF) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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.
| TAXF | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.59 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | — | — |
| Martin ratioReturn relative to average drawdown | 10.30 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TAXF | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.74 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 2.78 | -2.16 |
Drawdowns
TAXF vs. TAXS - Drawdown Comparison
The maximum TAXF drawdown since its inception was -13.93%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for TAXF and TAXS.
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Drawdown Indicators
| TAXF | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.93% | -0.84% | -13.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.93% | — | — |
Current DrawdownCurrent decline from peak | -0.48% | -0.09% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -3.14% | -0.24% | -2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | — | — |
Volatility
TAXF vs. TAXS - Volatility Comparison
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Volatility by Period
| TAXF | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 1.00% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.20% | 1.00% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.65% | 1.00% | +3.65% |
TAXF vs. TAXS - Expense Ratio Comparison
TAXF has a 0.29% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
TAXF vs. TAXS - Dividend Comparison
TAXF's dividend yield for the trailing twelve months is around 3.47%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TAXF American Century Diversified Municipal Bond ETF | 3.47% | 3.68% | 3.38% | 2.93% | 2.05% | 1.58% | 2.13% | 2.64% | 0.69% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAXF and TAXS have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.29% for TAXF.
TAXF has the higher dividend yield at 3.47%, compared with 1.83% for TAXS.
They also come from different issuers: American Century and Northern Trust. Their fees differ too: 0.29% for TAXF and 0.05% for TAXS.
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