TAXI vs. ZMUN

Last updated Jun 4, 2026

TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - TAXI tracks the ICE Intermediate Term Focused Municipal Bond Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.25 correlation, their price movements are largely independent. TAXI charges 0.05%/yr vs 0.30%/yr for ZMUN.

Performance

TAXI vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXI achieves a 0.94% return, which is significantly lower than ZMUN's 1.57% return.

TAXI

• 1D: -0.03%
• 1M: 0.46%
• YTD: 0.94%
• 6M: 1.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: -0.02%
• 1M: 0.21%
• YTD: 1.57%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXI vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	0.94%	1.87%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.57%	0.73%

Correlation

The correlation between TAXI and ZMUN is 0.25, 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 Oct 1, 2025	0.25

Return for Risk

TAXI vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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.

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

Sharpe Ratios by Period

	TAXI	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.92	6.46	-3.54

Drawdowns

TAXI vs. ZMUN - Drawdown Comparison

The maximum TAXI drawdown since its inception was -2.23%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for TAXI and ZMUN.

Drawdown Indicators

	TAXI	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-2.23%	-0.09%	-2.14%
Current Drawdown Current decline from peak	-0.79%	-0.02%	-0.77%
Average Drawdown Average peak-to-trough decline	-0.46%	-0.01%	-0.45%

Volatility

Volatility by Period

	TAXI	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.90%	0.54%	+1.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.90%	0.54%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.90%	0.54%	+1.36%

TAXI vs. ZMUN - Expense Ratio Comparison

TAXI has a 0.05% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

TAXI vs. ZMUN - Dividend Comparison

TAXI's dividend yield for the trailing twelve months is around 2.00%, less than ZMUN's 2.28% yield.

Position	TTM	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both TAXI and ZMUN in my portfolio?

TAXI and ZMUN have a correlation of 0.25, 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 ZMUN?

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 ZMUN?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.30% for ZMUN.

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

ZMUN has the higher dividend yield at 2.28%, compared with 2.00% for TAXI.

What is the main difference between TAXI and ZMUN?

TAXI tracks ICE Intermediate Term Focused Municipal Bond Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Northern Trust and F/m Investments. Their fees differ too: 0.05% for TAXI and 0.30% for ZMUN.