TAXS vs. GUNR
TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) are both exchange-traded funds - TAXS is a Municipal Bonds fund tracking the ICE Short Term Focused Municipal Bond Index, while GUNR is a Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Both are passively managed. At a 0.08 correlation, their price movements are largely independent. TAXS charges 0.05%/yr vs 0.46%/yr for GUNR.
Performance
TAXS vs. GUNR - Performance Comparison
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Returns By Period
In the year-to-date period, TAXS achieves a 0.93% return, which is significantly lower than GUNR's 19.20% return.
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GUNR
- 1D
- -0.69%
- 1M
- 0.04%
- YTD
- 19.20%
- 6M
- 21.67%
- 1Y
- 41.45%
- 3Y*
- 14.42%
- 5Y*
- 9.93%
- 10Y*
- 11.17%
TAXS vs. GUNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 19.20% | 12.99% |
Correlation
The correlation between TAXS and GUNR is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.08 |
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Return for Risk
TAXS vs. GUNR — Risk / Return Rank
TAXS
GUNR
TAXS vs. GUNR - 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 FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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 | GUNR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.75 | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.53 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 0.33 | +2.45 |
Drawdowns
TAXS vs. GUNR - Drawdown Comparison
The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum GUNR drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for TAXS and GUNR.
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Drawdown Indicators
| TAXS | GUNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.84% | -45.64% | +44.80% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.81% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.59% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.06% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.04% | — |
Current DrawdownCurrent decline from peak | -0.09% | -2.56% | +2.47% |
Average DrawdownAverage peak-to-trough decline | -0.24% | -10.40% | +10.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.79% | — |
Volatility
TAXS vs. GUNR - Volatility Comparison
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Volatility by Period
| TAXS | GUNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.39% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.57% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.00% | 15.14% | -14.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.00% | 18.98% | -17.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.00% | 20.42% | -19.42% |
TAXS vs. GUNR - Expense Ratio Comparison
TAXS has a 0.05% expense ratio, which is lower than GUNR's 0.46% expense ratio.
Dividends
TAXS vs. GUNR - Dividend Comparison
TAXS's dividend yield for the trailing twelve months is around 1.83%, less than GUNR's 2.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.24% | 2.81% | 3.39% | 3.55% | 4.12% | 3.61% | 2.79% | 3.25% | 3.27% | 2.00% | 1.73% | 4.50% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 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 GUNR have a correlation of 0.08, 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 0.46% for GUNR.
GUNR has the higher dividend yield at 2.24%, compared with 1.83% for TAXS.
TAXS is categorized as Municipal Bonds, while GUNR is Commodity Producers Equities. TAXS tracks ICE Short Term Focused Municipal Bond Index, while GUNR tracks Morningstar Global Upstream Natural Resources Index. Their fees differ too: 0.05% for TAXS and 0.46% for GUNR.
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