TAXI vs. SHM
TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both Municipal Bonds funds - TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index while SHM tracks the Bloomberg Municipal Managed Money Short. Both are passively managed. A 0.53 correlation means they provide meaningful diversification when combined. TAXI charges 0.05%/yr vs 0.20%/yr for SHM.
Performance
TAXI vs. SHM - Performance Comparison
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Returns By Period
In the year-to-date period, TAXI achieves a 0.98% return, which is significantly lower than SHM's 1.03% return.
TAXI
- 1D
- -0.08%
- 1M
- 0.89%
- YTD
- 0.98%
- 6M
- 1.20%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHM
- 1D
- 0.06%
- 1M
- 0.70%
- YTD
- 1.03%
- 6M
- 1.15%
- 1Y
- 3.17%
- 3Y*
- 2.86%
- 5Y*
- 0.99%
- 10Y*
- 1.17%
TAXI vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.98% | 3.35% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 1.03% | 0.70% |
Correlation
The correlation between TAXI and SHM is 0.53, 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 19, 2025 | 0.53 |
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Return for Risk
TAXI vs. SHM — Risk / Return Rank
TAXI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SHM
TAXI vs. SHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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.
| TAXI | SHM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.53 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.80 | — |
| Martin ratioReturn relative to average drawdown | — | 7.12 | — |
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Drawdowns
TAXI vs. SHM - Drawdown Comparison
The maximum TAXI drawdown since its inception was -2.23%, smaller than the maximum SHM drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for TAXI and SHM.
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Drawdown Indicators
| TAXI | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.23% | -11.61% | +9.38% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.13% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.61% | — |
Current DrawdownCurrent decline from peak | -0.76% | -0.12% | -0.64% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -0.97% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.45% | — |
Volatility
TAXI vs. SHM - Volatility Comparison
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Volatility by Period
| TAXI | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.29% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.86% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.89% | 1.26% | +0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.89% | 2.07% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.89% | 3.31% | -1.42% |
TAXI vs. SHM - Expense Ratio Comparison
TAXI has a 0.05% expense ratio, which is lower than SHM's 0.20% 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
TAXI vs. SHM - Dividend Comparison
TAXI's dividend yield for the trailing twelve months is around 2.00%, less than SHM's 2.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.66% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.00% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAXI and SHM have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXI is cheaper with a 0.05% expense ratio, compared with 0.20% for SHM.
SHM has the higher dividend yield at 2.66%, compared with 2.00% for TAXI.
TAXI tracks ICE Intermediate Term Focused Municipal Bond Index, while SHM tracks Bloomberg Municipal Managed Money Short. They also come from different issuers: Northern Trust and State Street. Their fees differ too: 0.05% for TAXI and 0.20% for SHM.
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