TFI vs. TAXT
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds - TFI tracks the Bloomberg US Municipal Managed Money (1-25 Y) while TAXT tracks the ICE Focused Municipal Bond Index. Both are passively managed. Their correlation of 0.85 means they have usually moved in the same direction. TFI charges 0.23%/yr vs 0.05%/yr for TAXT.
Performance
TFI vs. TAXT - Performance Comparison
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Returns By Period
In the year-to-date period, TFI achieves a 0.12% return, which is significantly lower than TAXT's 0.46% return.
TFI
- 1D
- 0.15%
- 1M
- -1.67%
- 6M
- -0.52%
- YTD
- 0.12%
- 1Y
- 4.14%
- 3Y*
- 2.68%
- 5Y*
- -0.43%
- 10Y*
- 1.28%
- ALL TIME*
- 2.96%
TAXT
- 1D
- 0.14%
- 1M
- -1.43%
- 6M
- -0.38%
- YTD
- 0.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $96.43K | $96.52K | $143.72K | |
| $30.53M | $23.31M | $20.62M |
TFI vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 0.12% | 4.04% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.46% | 3.91% |
Correlation
The correlation between TFI and TAXT is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 19, 2025 | 0.85 |
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Return for Risk
TFI vs. TAXT — Risk / Return Rank
TFI
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TFI vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Northern Trust Tax-Exempt Bond ETF (TAXT). 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.
| TFI | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.30 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | — | — |
| Martin ratioReturn relative to average drawdown | 4.44 | — | — |
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Drawdowns
TFI vs. TAXT - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, which is greater than TAXT's maximum drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for TFI and TAXT.
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Drawdown Indicators
| TFI | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -2.49% | -13.00% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.65% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.26% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | — | — |
Current DrawdownCurrent decline from peak | -2.26% | -1.58% | -0.68% |
Average DrawdownAverage peak-to-trough decline | -2.95% | -0.52% | -2.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
TFI vs. TAXT - Volatility Comparison
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Volatility by Period
| TFI | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.80% | 2.57% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.32% | 2.57% | +1.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 2.57% | +2.42% |
TFI vs. TAXT - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is higher than TAXT's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TFI vs. TAXT - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.58%, more than TAXT's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAXT Northern Trust Tax-Exempt Bond ETF | 3.17% | 1.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.58% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
TFI and TAXT have a correlation of 0.85, 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 0.23% for TFI.
TFI has the higher dividend yield at 3.58%, compared with 3.17% for TAXT.
TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while TAXT tracks ICE Focused Municipal Bond Index. They also come from different issuers: State Street and Northern Trust. Their fees differ too: 0.23% for TFI and 0.05% for TAXT.
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