TAXS vs. CALI

Last updated Jul 5, 2026

TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds - TAXS tracks the ICE Short Term Focused Municipal Bond Index while CALI tracks the ICE AMT-Free California Municipal Index. Both are passively managed. A 0.56 correlation means they provide meaningful diversification when combined. TAXS charges 0.05%/yr vs 0.08%/yr for CALI.

Performance

TAXS vs. CALI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with TAXS having a 1.20% return and CALI slightly lower at 1.14%.

TAXS

• 1D: 0.07%
• 1M: 0.20%
• 6M: 1.12%
• YTD: 1.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CALI

• 1D: 0.02%
• 1M: 0.17%
• 6M: 1.10%
• YTD: 1.14%
• 1Y: 2.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXS vs. CALI - Yearly Performance Comparison

	2026 (YTD)	2025
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.20%	1.22%
CALI iShares Short-Term California Muni Active ETF	1.14%	0.96%

Correlation

The correlation between TAXS and CALI is 0.56, 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	0.56

Return for Risk

TAXS vs. CALI — Risk / Return Rank

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

TAXS

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

CALI

CALI Risk / Return Rank: 95
CALI Sharpe Ratio Rank: 97
CALI Sortino Ratio Rank: 97
CALI Omega Ratio Rank: 97
CALI Calmar Ratio Rank: 87
CALI Martin Ratio Rank: 94

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.

TAXS vs. CALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) and iShares Short-Term California Muni Active ETF (CALI). 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.

	TAXS	CALI	Difference
Sharpe ratio: Return per unit of total volatility	—	3.73	—
Sortino ratio: Return per unit of downside risk	—	5.65	—
Omega ratio: Gain probability vs. loss probability	—	1.87	—
Calmar ratio: Return relative to maximum drawdown	—	4.11	—
Martin ratio: Return relative to average drawdown	—	20.99	—

Drawdowns

TAXS vs. CALI - Drawdown Comparison

The maximum TAXS drawdown since its inception was -0.84%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for TAXS and CALI.

Drawdown Indicators

	TAXS	CALI	Difference
Max Drawdown Largest peak-to-trough decline	-0.84%	-0.78%	-0.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.67%	—
Current Drawdown Current decline from peak	0.00%	-0.01%	+0.01%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.08%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.13%	—

Volatility

Volatility by Period

	TAXS	CALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.98%	0.74%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.98%	1.09%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.98%	1.09%	-0.11%

TAXS vs. CALI - Expense Ratio Comparison

TAXS has a 0.05% expense ratio, which is lower than CALI's 0.08% 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

TAXS vs. CALI - Dividend Comparison

TAXS's dividend yield for the trailing twelve months is around 2.03%, less than CALI's 2.53% yield.

Position	TTM	2025	2024	2023
CALI iShares Short-Term California Muni Active ETF	2.53%	2.62%	3.14%	1.37%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	2.03%	0.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TAXS and CALI in my portfolio?

TAXS and CALI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXS or CALI?

On fees, TAXS 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, TAXS or CALI?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.08% for CALI.

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

CALI has the higher dividend yield at 2.53%, compared with 2.03% for TAXS.

What is the main difference between TAXS and CALI?

TAXS tracks ICE Short Term Focused Municipal Bond Index, while CALI tracks ICE AMT-Free California Municipal Index. They also come from different issuers: Northern Trust and iShares. Their fees differ too: 0.05% for TAXS and 0.08% for CALI.