TAXS vs. FLMI
TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) are both Municipal Bonds funds. TAXS is passively managed, while FLMI is actively managed. A 0.58 correlation means they provide meaningful diversification when combined. TAXS charges 0.05%/yr vs 0.30%/yr for FLMI.
Performance
TAXS vs. FLMI - Performance Comparison
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Returns By Period
In the year-to-date period, TAXS achieves a 1.03% return, which is significantly lower than FLMI's 2.47% return.
TAXS
- 1D
- -0.02%
- 1M
- 0.62%
- YTD
- 1.03%
- 6M
- 1.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLMI
- 1D
- -0.04%
- 1M
- 1.42%
- YTD
- 2.47%
- 6M
- 2.68%
- 1Y
- 7.87%
- 3Y*
- 5.72%
- 5Y*
- 2.17%
- 10Y*
- —
TAXS vs. FLMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.03% | 1.22% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 2.47% | 4.70% |
Correlation
The correlation between TAXS and FLMI is 0.58, 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 | 0.58 |
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Return for Risk
TAXS vs. FLMI — Risk / Return Rank
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FLMI
TAXS vs. FLMI - 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 Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI). 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 | FLMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.61 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.73 | — |
| Martin ratioReturn relative to average drawdown | — | 9.81 | — |
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Drawdowns
TAXS vs. FLMI - Drawdown Comparison
The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum FLMI drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for TAXS and FLMI.
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Drawdown Indicators
| TAXS | FLMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.84% | -14.66% | +13.82% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.90% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.31% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.66% | — |
Current DrawdownCurrent decline from peak | -0.04% | -0.17% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -2.81% | +2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.80% | — |
Volatility
TAXS vs. FLMI - Volatility Comparison
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Volatility by Period
| TAXS | FLMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.67% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.99% | 2.93% | -1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.99% | 4.43% | -3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.99% | 4.71% | -3.72% |
TAXS vs. FLMI - Expense Ratio Comparison
TAXS has a 0.05% expense ratio, which is lower than FLMI's 0.30% expense ratio.
Dividends
TAXS vs. FLMI - Dividend Comparison
TAXS's dividend yield for the trailing twelve months is around 1.82%, less than FLMI's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.87% | 3.89% | 4.08% | 3.71% | 3.08% | 2.22% | 2.09% | 2.71% | 2.41% | 0.34% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAXS and FLMI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.30% for FLMI.
FLMI has the higher dividend yield at 3.87%, compared with 1.82% for TAXS.
They also come from different issuers: Northern Trust and Franklin Templeton. Their fees differ too: 0.05% for TAXS and 0.30% for FLMI.
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