TAXI vs. TAXS

Last updated Jun 24, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds from Northern Trust - TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.05% expense ratio.

Performance

TAXI vs. TAXS - Performance Comparison

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

Returns By Period

In the year-to-date period, TAXI achieves a 0.98% return, which is significantly lower than TAXS's 1.03% return.

TAXI

• 1D: -0.08%
• 1M: 0.89%
• YTD: 0.98%
• 6M: 1.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXS

• 1D: -0.02%
• 1M: 0.62%
• YTD: 1.03%
• 6M: 1.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXI vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.98%	3.35%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.03%	1.22%

Correlation

The correlation between TAXI and TAXS is 0.74, 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	0.74

Return for Risk

TAXI vs. TAXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) 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.

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.

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

Drawdowns

TAXI vs. TAXS - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for TAXI and TAXS.

Drawdown Indicators

	TAXI	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-0.84%	-1.39%
Current Drawdown Current decline from peak	-0.76%	-0.04%	-0.72%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.22%	-0.26%

Volatility

Volatility by Period

	TAXI	TAXS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.89%	0.99%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.89%	0.99%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.89%	0.99%	+0.90%

TAXI vs. TAXS - Expense Ratio Comparison

Both TAXI and TAXS have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TAXI vs. TAXS - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.00%, more than TAXS's 1.82% yield.

Position	TTM	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.82%	0.74%

Frequently Asked Questions

Can I hold both TAXI and TAXS in my portfolio?

TAXI and TAXS have a correlation of 0.74, 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 TAXS?

Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAXI or TAXS?

TAXI and TAXS have the same expense ratio: 0.05% per year.

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

TAXI has the higher dividend yield at 2.00%, compared with 1.82% for TAXS.

What is the main difference between TAXI and TAXS?

TAXI tracks ICE Intermediate Term Focused Municipal Bond Index, while TAXS tracks ICE Short Term Focused Municipal Bond Index.