TAXS vs. MMMA

Last updated Jul 25, 2026

TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. TAXS is passively managed, while MMMA is actively managed. A 0.70 correlation means they provide meaningful diversification when combined. TAXS charges 0.05%/yr vs 0.35%/yr for MMMA.

Performance

TAXS vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) and NYLI MacKay Muni Allocation ETF (MMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXS achieves a 0.77% return, which is significantly lower than MMMA's 2.44% return.

TAXS

• 1D: 0.11%
• 1M: -0.33%
• 6M: 0.36%
• YTD: 0.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MMMA

• 1D: 0.55%
• 1M: -1.32%
• 6M: 1.61%
• YTD: 2.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMMA NYLI MacKay Muni Allocation ETF	$111.98K	$55.42K	$35.50K
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	$562.28K	$943.97K	$1.02M

TAXS vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	0.77%	0.24%
MMMA NYLI MacKay Muni Allocation ETF	2.44%	0.35%

Correlation

The correlation between TAXS and MMMA is 0.70, 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 Dec 16, 2025	0.70

Return for Risk

TAXS vs. MMMA - 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 NYLI MacKay Muni Allocation ETF (MMMA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

TAXS vs. MMMA - Drawdown Comparison

The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum MMMA drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for TAXS and MMMA.

Drawdown Indicators

	TAXS	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-0.84%	-2.79%	+1.95%
Current Drawdown Current decline from peak	-0.46%	-1.64%	+1.18%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.57%	+0.36%

Volatility

Volatility by Period

	TAXS	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.04%	4.06%	-3.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.04%	4.06%	-3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.04%	4.06%	-3.02%

TAXS vs. MMMA - Expense Ratio Comparison

TAXS has a 0.05% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

TAXS vs. MMMA - Dividend Comparison

TAXS's dividend yield for the trailing twelve months is around 2.04%, less than MMMA's 2.33% yield.

Position	TTM	2025
MMMA NYLI MacKay Muni Allocation ETF	2.33%	0.17%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	2.04%	0.74%

Frequently Asked Questions

Can I hold both TAXS and MMMA in my portfolio?

TAXS and MMMA have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXS or MMMA?

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.

Which ETF is cheaper, TAXS or MMMA?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.35% for MMMA.

Which ETF pays a higher dividend yield, TAXS or MMMA?

MMMA has the higher dividend yield at 2.33%, compared with 2.04% for TAXS.

What is the main difference between TAXS and MMMA?

They also come from different issuers: Northern Trust and NYLI. Their fees differ too: 0.05% for TAXS and 0.35% for MMMA.