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. Their 0.60 correlation means they have sometimes moved together and sometimes differently. 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 0.84% return, which is significantly lower than FLMI's 1.14% return.
TAXS
- 1D
- 0.00%
- 1M
- -0.36%
- 6M
- 0.30%
- YTD
- 0.84%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
FLMI
- 1D
- 0.00%
- 1M
- -1.79%
- 6M
- 0.18%
- YTD
- 1.14%
- 1Y
- 5.98%
- 3Y*
- 5.21%
- 5Y*
- 1.67%
- 10Y*
- —
- ALL TIME*
- 2.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.73M | $15.20M | $18.23M | |
| $619.80K | $883.25K | $948.95K |
TAXS vs. FLMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.84% | 1.22% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 1.14% | 4.70% |
Correlation
The correlation between TAXS and FLMI is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.60 |
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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 | — | 1.50 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.37 | — |
| Martin ratioReturn relative to average drawdown | — | 8.11 | — |
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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 | — | -4.66% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.66% | — |
Current DrawdownCurrent decline from peak | -0.39% | -1.79% | +1.40% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -2.78% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.84% | — |
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 | — | 1.04% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.30% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.03% | 3.03% | -2.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.03% | 4.45% | -3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.03% | 4.70% | -3.67% |
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 2.04%, less than FLMI's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.59% | 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 | 2.04% | 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 0.60, 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 3.59%, compared with 2.04% 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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