TAXI vs. TLTD
TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and TLTD (FlexShares Morningstar Developed Markets ex-US Factor Tilt) are both exchange-traded funds - TAXI is a Municipal Bonds fund tracking the ICE Intermediate Term Focused Municipal Bond Index, while TLTD is a Global Equities fund tracking the Morningstar Developed Markets ex-US Factor Tilt Index. Both are passively managed. At a 0.33 correlation, their price movements are largely independent. TAXI charges 0.05%/yr vs 0.39%/yr for TLTD.
Performance
TAXI vs. TLTD - Performance Comparison
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Returns By Period
In the year-to-date period, TAXI achieves a 1.25% return, which is significantly lower than TLTD's 8.50% return.
TAXI
- 1D
- 0.05%
- 1M
- 0.25%
- 6M
- 1.12%
- YTD
- 1.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTD
- 1D
- 1.14%
- 1M
- -0.61%
- 6M
- 7.62%
- YTD
- 8.50%
- 1Y
- 22.25%
- 3Y*
- 19.25%
- 5Y*
- 9.90%
- 10Y*
- 9.97%
TAXI vs. TLTD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 1.25% | 3.35% |
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 8.50% | 8.81% |
Correlation
The correlation between TAXI and TLTD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.33 |
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Return for Risk
TAXI vs. TLTD — Risk / Return Rank
TAXI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TLTD
TAXI vs. TLTD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and FlexShares Morningstar Developed Markets ex-US Factor Tilt (TLTD). 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 | TLTD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.28 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.87 | — |
| Martin ratioReturn relative to average drawdown | — | 6.94 | — |
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Drawdowns
TAXI vs. TLTD - Drawdown Comparison
The maximum TAXI drawdown since its inception was -2.23%, smaller than the maximum TLTD drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for TAXI and TLTD.
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Drawdown Indicators
| TAXI | TLTD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.23% | -40.62% | +38.39% |
Max Drawdown (1Y)Largest decline over 1 year | — | -12.11% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.10% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.96% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.62% | — |
Current DrawdownCurrent decline from peak | -0.49% | -2.30% | +1.81% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -7.65% | +7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.26% | — |
Volatility
TAXI vs. TLTD - Volatility Comparison
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Volatility by Period
| TAXI | TLTD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.52% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.53% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 14.82% | -12.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.86% | 16.03% | -14.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.86% | 16.53% | -14.67% |
TAXI vs. TLTD - Expense Ratio Comparison
TAXI has a 0.05% expense ratio, which is lower than TLTD's 0.39% expense ratio.
Dividends
TAXI vs. TLTD - Dividend Comparison
TAXI's dividend yield for the trailing twelve months is around 2.22%, less than TLTD's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.22% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt | 3.37% | 3.44% | 3.88% | 3.39% | 2.76% | 3.44% | 2.04% | 3.46% | 3.16% | 2.71% | 2.93% | 2.56% |
Frequently Asked Questions
TAXI and TLTD have a correlation of 0.33, 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 0.39% for TLTD.
TLTD has the higher dividend yield at 3.37%, compared with 2.22% for TAXI.
TAXI is categorized as Municipal Bonds, while TLTD is Global Equities. TAXI tracks ICE Intermediate Term Focused Municipal Bond Index, while TLTD tracks Morningstar Developed Markets ex-US Factor Tilt Index. Their fees differ too: 0.05% for TAXI and 0.39% for TLTD.
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