TAXS vs. OVM
TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. TAXS is passively managed, while OVM is actively managed. A 0.53 correlation means they provide meaningful diversification when combined. TAXS charges 0.05%/yr vs 0.82%/yr for OVM.
Performance
TAXS vs. OVM - Performance Comparison
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Returns By Period
In the year-to-date period, TAXS achieves a 1.03% return, which is significantly lower than OVM's 3.51% return.
TAXS
- 1D
- -0.02%
- 1M
- 0.62%
- YTD
- 1.03%
- 6M
- 1.18%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVM
- 1D
- -0.23%
- 1M
- 0.91%
- YTD
- 3.51%
- 6M
- 3.37%
- 1Y
- 10.31%
- 3Y*
- 4.89%
- 5Y*
- 1.46%
- 10Y*
- —
TAXS vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.03% | 1.22% |
OVM Overlay Shares Municipal Bond ETF | 3.51% | 5.07% |
Correlation
The correlation between TAXS and OVM is 0.53, 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 19, 2025 | 0.53 |
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Return for Risk
TAXS vs. OVM — Risk / Return Rank
TAXS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OVM
TAXS vs. OVM - 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 Overlay Shares Municipal Bond ETF (OVM). 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 | OVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.48 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.25 | — |
| Martin ratioReturn relative to average drawdown | — | 16.03 | — |
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Drawdowns
TAXS vs. OVM - Drawdown Comparison
The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for TAXS and OVM.
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Drawdown Indicators
| TAXS | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.84% | -15.58% | +14.74% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.44% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -8.20% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.58% | — |
Current DrawdownCurrent decline from peak | -0.04% | -0.66% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -3.98% | +3.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.64% | — |
Volatility
TAXS vs. OVM - Volatility Comparison
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Volatility by Period
| TAXS | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.47% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.48% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 0.99% | 4.27% | -3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.99% | 5.42% | -4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.99% | 6.54% | -5.55% |
TAXS vs. OVM - Expense Ratio Comparison
TAXS has a 0.05% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
TAXS vs. OVM - Dividend Comparison
TAXS's dividend yield for the trailing twelve months is around 1.82%, less than OVM's 6.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 6.14% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
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% |
Frequently Asked Questions
TAXS and OVM have a correlation of 0.53, 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 0.82% for OVM.
OVM has the higher dividend yield at 6.14%, compared with 1.82% for TAXS.
They also come from different issuers: Northern Trust and Liquid Strategies. Their fees differ too: 0.05% for TAXS and 0.82% for OVM.
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