TAXS vs. FLTB
TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and FLTB (Fidelity Limited Term Bond ETF) are both exchange-traded funds - TAXS is a Municipal Bonds fund tracking the ICE Short Term Focused Municipal Bond Index, while FLTB is a Short-Term Bond fund actively managed by Fidelity. TAXS is passively managed, while FLTB is actively managed. At a 0.41 correlation, their price movements are largely independent. TAXS charges 0.05%/yr vs 0.25%/yr for FLTB.
Performance
TAXS vs. FLTB - Performance Comparison
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Returns By Period
In the year-to-date period, TAXS achieves a 1.03% return, which is significantly higher than FLTB's 0.84% return.
TAXS
- 1D
- -0.02%
- 1M
- 0.62%
- YTD
- 1.03%
- 6M
- 1.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLTB
- 1D
- 0.02%
- 1M
- 0.34%
- YTD
- 0.84%
- 6M
- 0.86%
- 1Y
- 4.05%
- 3Y*
- 5.59%
- 5Y*
- 2.30%
- 10Y*
- 2.44%
TAXS vs. FLTB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.03% | 1.22% |
FLTB Fidelity Limited Term Bond ETF | 0.84% | 2.07% |
Correlation
The correlation between TAXS and FLTB is 0.41, 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 | 0.41 |
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Return for Risk
TAXS vs. FLTB — Risk / Return Rank
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FLTB
TAXS vs. FLTB - 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 Fidelity Limited Term Bond ETF (FLTB). 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 | FLTB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.67 | — |
| Martin ratioReturn relative to average drawdown | — | 11.14 | — |
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Drawdowns
TAXS vs. FLTB - Drawdown Comparison
The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum FLTB drawdown of -9.37%. Use the drawdown chart below to compare losses from any high point for TAXS and FLTB.
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Drawdown Indicators
| TAXS | FLTB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.84% | -9.37% | +8.53% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.52% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.52% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -9.26% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.37% | — |
Current DrawdownCurrent decline from peak | -0.04% | -0.26% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -1.39% | +1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.36% | — |
Volatility
TAXS vs. FLTB - Volatility Comparison
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Volatility by Period
| TAXS | FLTB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.57% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.66% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.99% | 2.10% | -1.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.99% | 2.81% | -1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.99% | 2.94% | -1.95% |
TAXS vs. FLTB - Expense Ratio Comparison
TAXS has a 0.05% expense ratio, which is lower than FLTB's 0.25% 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. FLTB - Dividend Comparison
TAXS's dividend yield for the trailing twelve months is around 1.82%, less than FLTB's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLTB Fidelity Limited Term Bond ETF | 4.36% | 4.31% | 4.11% | 3.20% | 1.63% | 0.89% | 1.56% | 2.67% | 2.50% | 1.78% | 1.59% | 1.63% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TAXS and FLTB have a correlation of 0.41, 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 0.25% for FLTB.
FLTB has the higher dividend yield at 4.36%, compared with 1.82% for TAXS.
TAXS is categorized as Municipal Bonds, while FLTB is Short-Term Bond. They also come from different issuers: Northern Trust and Fidelity. Their fees differ too: 0.05% for TAXS and 0.25% for FLTB.
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