TAXI vs. TAXE

Last updated Jul 17, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both Municipal Bonds funds. TAXI is passively managed, while TAXE is actively managed. Their correlation of 0.82 suggests significant overlap in exposure. TAXI charges 0.05%/yr vs 0.24%/yr for TAXE.

Performance

TAXI vs. TAXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXI achieves a 0.81% return, which is significantly lower than TAXE's 1.56% return.

TAXI

• 1D: -0.10%
• 1M: -0.17%
• 6M: 0.18%
• YTD: 0.81%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXE

• 1D: -0.16%
• 1M: -0.29%
• 6M: 0.69%
• YTD: 1.56%
• 1Y: 6.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXI vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.81%	3.35%
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.56%	3.87%

Correlation

The correlation between TAXI and TAXE is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025	0.82

Return for Risk

TAXI vs. TAXE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TAXI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

TAXE

TAXE Risk / Return Rank: 82
TAXE Sharpe Ratio Rank: 95
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 63
TAXE Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TAXI vs. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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	TAXE	Difference
Sharpe ratio: Return per unit of total volatility	—	2.86	—
Sortino ratio: Return per unit of downside risk	—	4.33	—
Omega ratio: Gain probability vs. loss probability	—	1.65	—
Calmar ratio: Return relative to maximum drawdown	—	2.52	—
Martin ratio: Return relative to average drawdown	—	8.51	—

Drawdowns

TAXI vs. TAXE - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, smaller than the maximum TAXE drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for TAXI and TAXE.

Drawdown Indicators

	TAXI	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-3.72%	+1.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.53%	—
Current Drawdown Current decline from peak	-0.92%	-0.80%	-0.12%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.69%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.75%	—

Volatility

Volatility by Period

	TAXI	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.86%	2.23%	-0.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.86%	3.09%	-1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.86%	3.09%	-1.23%

TAXI vs. TAXE - Expense Ratio Comparison

TAXI has a 0.05% expense ratio, which is lower than TAXE's 0.24% 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. TAXE - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.23%, less than TAXE's 3.59% yield.

Position	TTM	2025	2024
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.59%	3.46%	1.74%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.23%	0.85%	0.00%

Frequently Asked Questions

Can I hold both TAXI and TAXE in my portfolio?

TAXI and TAXE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXI or TAXE?

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.

Which ETF is cheaper, TAXI or TAXE?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.24% for TAXE.

Which ETF pays a higher dividend yield, TAXI or TAXE?

TAXE has the higher dividend yield at 3.59%, compared with 2.23% for TAXI.

What is the main difference between TAXI and TAXE?

They also come from different issuers: Northern Trust and T. Rowe Price. Their fees differ too: 0.05% for TAXI and 0.24% for TAXE.