TAXT vs. SMMU
TAXT (Northern Trust Tax-Exempt Bond ETF) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both Municipal Bonds funds. TAXT is passively managed, while SMMU is actively managed. Their 0.58 correlation means they have sometimes moved together and sometimes differently. TAXT charges 0.05%/yr vs 0.35%/yr for SMMU.
Performance
TAXT vs. SMMU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TAXT achieves a 0.32% return, which is significantly lower than SMMU's 1.11% return.
TAXT
- 1D
- -0.08%
- 1M
- -1.57%
- 6M
- -0.46%
- YTD
- 0.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
SMMU
- 1D
- 0.02%
- 1M
- -0.30%
- 6M
- 0.47%
- YTD
- 1.11%
- 1Y
- 2.69%
- 3Y*
- 3.48%
- 5Y*
- 1.86%
- 10Y*
- 1.80%
- ALL TIME*
- 1.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.53M | $5.67M | $6.09M | |
| $101.60K | $96.04K | $143.38K |
TAXT vs. SMMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXT Northern Trust Tax-Exempt Bond ETF | 0.32% | 3.91% |
SMMU PIMCO Short Term Municipal Bond Active ETF | 1.11% | 1.27% |
Correlation
The correlation between TAXT and SMMU is 0.58, 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 | 0.58 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TAXT vs. SMMU — Risk / Return Rank
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SMMU
TAXT vs. SMMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Tax-Exempt Bond ETF (TAXT) and PIMCO Short Term Municipal Bond Active ETF (SMMU). 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 | SMMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.58 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.77 | — |
| Martin ratioReturn relative to average drawdown | — | 12.78 | — |
Loading charts...
Drawdowns
TAXT vs. SMMU - Drawdown Comparison
The maximum TAXT drawdown since its inception was -2.49%, smaller than the maximum SMMU drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for TAXT and SMMU.
Loading charts...
Drawdown Indicators
| TAXT | SMMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.49% | -5.09% | +2.60% |
Max Drawdown (1Y)Largest decline over 1 year | — | -0.77% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.76% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.09% | — |
Current DrawdownCurrent decline from peak | -1.72% | -0.30% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -0.52% | -0.55% | +0.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.23% | — |
Volatility
TAXT vs. SMMU - Volatility Comparison
Loading charts...
Volatility by Period
| TAXT | SMMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.36% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.84% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.57% | 1.06% | +1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 1.68% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.57% | 2.70% | -0.13% |
TAXT vs. SMMU - Expense Ratio Comparison
TAXT has a 0.05% expense ratio, which is lower than SMMU's 0.35% expense ratio.
Dividends
TAXT vs. SMMU - Dividend Comparison
TAXT's dividend yield for the trailing twelve months is around 2.86%, which matches SMMU's 2.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SMMU PIMCO Short Term Municipal Bond Active ETF | 2.65% | 2.80% | 3.03% | 2.79% | 1.37% | 0.60% | 1.19% | 1.82% | 1.57% | 1.41% | 1.03% | 0.89% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TAXT and SMMU have a correlation of 0.58, 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 0.35% for SMMU.
TAXT has the higher dividend yield at 2.86%, compared with 2.65% for SMMU.
They also come from different issuers: Northern Trust and PIMCO. Their fees differ too: 0.05% for TAXT and 0.35% for SMMU.
Find the right allocation for TAXT and SMMU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer