TAXS vs. RJMI

Last updated Jun 4, 2026

TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) and RJMI (RJ Eagle Municipal Income ETF) are both Municipal Bonds funds. TAXS is passively managed, while RJMI is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. TAXS charges 0.05%/yr vs 0.41%/yr for RJMI.

Performance

TAXS vs. RJMI - 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 RJ Eagle Municipal Income ETF (RJMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXS achieves a 0.93% return, which is significantly lower than RJMI's 1.64% return.

TAXS

• 1D: 0.06%
• 1M: 0.38%
• YTD: 0.93%
• 6M: 1.33%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

RJMI

• 1D: -0.06%
• 1M: 0.87%
• YTD: 1.64%
• 6M: 2.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXS vs. RJMI - Yearly Performance Comparison

	2026 (YTD)	2025
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	0.93%	0.96%
RJMI RJ Eagle Municipal Income ETF	1.64%	2.82%

Correlation

The correlation between TAXS and RJMI is 0.57, 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 Oct 3, 2025	0.57

Return for Risk

TAXS vs. RJMI - 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 RJ Eagle Municipal Income ETF (RJMI). 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.

Sharpe Ratios by Period

	TAXS	RJMI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.78	2.24	+0.54

Drawdowns

TAXS vs. RJMI - Drawdown Comparison

The maximum TAXS drawdown since its inception was -0.84%, smaller than the maximum RJMI drawdown of -3.04%. Use the drawdown chart below to compare losses from any high point for TAXS and RJMI.

Drawdown Indicators

	TAXS	RJMI	Difference
Max Drawdown Largest peak-to-trough decline	-0.84%	-3.04%	+2.20%
Current Drawdown Current decline from peak	-0.09%	-0.60%	+0.51%
Average Drawdown Average peak-to-trough decline	-0.24%	-0.66%	+0.42%

Volatility

Volatility by Period

	TAXS	RJMI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.00%	3.08%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.00%	3.08%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.00%	3.08%	-2.08%

TAXS vs. RJMI - Expense Ratio Comparison

TAXS has a 0.05% expense ratio, which is lower than RJMI's 0.41% expense ratio.

Dividends

TAXS vs. RJMI - Dividend Comparison

TAXS's dividend yield for the trailing twelve months is around 1.83%, less than RJMI's 1.95% yield.

Position	TTM	2025
RJMI RJ Eagle Municipal Income ETF	1.95%	0.61%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.83%	0.74%

Frequently Asked Questions

Can I hold both TAXS and RJMI in my portfolio?

TAXS and RJMI have a correlation of 0.57, 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 RJMI?

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 RJMI?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.41% for RJMI.

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

RJMI has the higher dividend yield at 1.95%, compared with 1.83% for TAXS.

What is the main difference between TAXS and RJMI?

They also come from different issuers: Northern Trust and Carillon Tower Advisers. Their fees differ too: 0.05% for TAXS and 0.41% for RJMI.