TAXS vs. FMUN
TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. TAXS is passively managed, while FMUN is actively managed. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.05% expense ratio.
Performance
TAXS vs. FMUN - Performance Comparison
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Returns By Period
In the year-to-date period, TAXS achieves a 0.99% return, which is significantly lower than FMUN's 1.63% return.
TAXS
- 1D
- 0.06%
- 1M
- 0.59%
- YTD
- 0.99%
- 6M
- 1.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMUN
- 1D
- -0.06%
- 1M
- 0.90%
- YTD
- 1.63%
- 6M
- 2.20%
- 1Y
- 7.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXS vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.99% | 1.22% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.63% | 4.47% |
Correlation
The correlation between TAXS and FMUN is 0.55, 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 20, 2025 | 0.55 |
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Return for Risk
TAXS vs. FMUN — Risk / Return Rank
TAXS
FMUN
TAXS vs. FMUN - 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 Systematic Municipal Bond Index ETF (FMUN). 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.
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Sharpe Ratios by Period
| TAXS | FMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.85 | 1.27 | +1.58 |
Drawdowns
TAXS vs. FMUN - Drawdown Comparison
The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for TAXS and FMUN.
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Drawdown Indicators
| TAXS | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.84% | -3.21% | +2.37% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.21% | — |
Current DrawdownCurrent decline from peak | -0.03% | -0.72% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -0.82% | +0.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.97% | — |
Volatility
TAXS vs. FMUN - Volatility Comparison
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Volatility by Period
| TAXS | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.27% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.27% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.00% | 3.12% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.00% | 4.06% | -3.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.00% | 4.06% | -3.06% |
TAXS vs. FMUN - Expense Ratio Comparison
Both TAXS and FMUN have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
TAXS vs. FMUN - Dividend Comparison
TAXS's dividend yield for the trailing twelve months is around 1.82%, less than FMUN's 3.29% yield.
| Position | TTM | 2025 |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 2.41% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.82% | 0.74% |
Frequently Asked Questions
TAXS and FMUN have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS and FMUN have the same expense ratio: 0.05% per year.
FMUN has the higher dividend yield at 3.29%, compared with 1.82% for TAXS.
They also come from different issuers: Northern Trust and Fidelity.
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