TAXT vs. FLMI
TAXT (Northern Trust Tax-Exempt Bond ETF) and FLMI (Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF) are both Municipal Bonds funds. TAXT is passively managed, while FLMI is actively managed. Their 0.77 correlation means they have sometimes moved together and sometimes differently. TAXT charges 0.05%/yr vs 0.30%/yr for FLMI.
Performance
TAXT vs. FLMI - Performance Comparison
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Returns By Period
In the year-to-date period, TAXT achieves a 0.32% return, which is significantly lower than FLMI's 1.14% return.
TAXT
- 1D
- -0.08%
- 1M
- -1.57%
- 6M
- -0.46%
- YTD
- 0.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
FLMI
- 1D
- 0.00%
- 1M
- -1.79%
- 6M
- 0.18%
- YTD
- 1.14%
- 1Y
- 5.98%
- 3Y*
- 5.21%
- 5Y*
- 1.67%
- 10Y*
- —
- ALL TIME*
- 2.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.73M | $15.20M | $18.23M | |
| $101.60K | $96.04K | $143.38K |
TAXT vs. FLMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXT Northern Trust Tax-Exempt Bond ETF | 0.32% | 3.91% |
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 1.14% | 4.70% |
Correlation
The correlation between TAXT and FLMI is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.77 |
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Return for Risk
TAXT vs. FLMI — Risk / Return Rank
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FLMI
TAXT vs. FLMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Tax-Exempt Bond ETF (TAXT) and Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF (FLMI). 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.
| TAXT | FLMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.50 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.37 | — |
| Martin ratioReturn relative to average drawdown | — | 8.11 | — |
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Drawdowns
TAXT vs. FLMI - Drawdown Comparison
The maximum TAXT drawdown since its inception was -2.49%, smaller than the maximum FLMI drawdown of -14.66%. Use the drawdown chart below to compare losses from any high point for TAXT and FLMI.
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Drawdown Indicators
| TAXT | FLMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.49% | -14.66% | +12.17% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.90% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.66% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.66% | — |
Current DrawdownCurrent decline from peak | -1.72% | -1.79% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -2.78% | +2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.84% | — |
Volatility
TAXT vs. FLMI - Volatility Comparison
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Volatility by Period
| TAXT | FLMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.04% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.30% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.57% | 3.03% | -0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 4.45% | -1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.57% | 4.70% | -2.13% |
TAXT vs. FLMI - Expense Ratio Comparison
TAXT has a 0.05% expense ratio, which is lower than FLMI's 0.30% expense ratio.
Dividends
TAXT vs. FLMI - Dividend Comparison
TAXT's dividend yield for the trailing twelve months is around 2.86%, less than FLMI's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLMI Franklin Liberty Federal Intermediate Tax-Free Bond Opportunities ETF | 3.59% | 3.89% | 4.08% | 3.71% | 3.08% | 2.22% | 2.09% | 2.71% | 2.41% | 0.34% |
TAXT Northern Trust Tax-Exempt Bond ETF | 2.86% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TAXT and FLMI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXT is cheaper with a 0.05% expense ratio, compared with 0.30% for FLMI.
FLMI has the higher dividend yield at 3.59%, compared with 2.86% for TAXT.
They also come from different issuers: Northern Trust and Franklin Templeton. Their fees differ too: 0.05% for TAXT and 0.30% for FLMI.
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