TFI vs. TAXX
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and TAXX (Bondbloxx IR+M Tax-Aware Short Duration ETF) are both Municipal Bonds funds. TFI is passively managed, while TAXX is actively managed. Over the past year, TFI returned 6.58% vs 3.92% for TAXX. A 0.56 correlation means they provide meaningful diversification when combined. TFI charges 0.23%/yr vs 0.35%/yr for TAXX.
Performance
TFI vs. TAXX - Performance Comparison
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Returns By Period
In the year-to-date period, TFI achieves a 1.29% return, which is significantly higher than TAXX's 1.11% return.
TFI
- 1D
- 0.10%
- 1M
- 0.77%
- YTD
- 1.29%
- 6M
- 1.72%
- 1Y
- 6.58%
- 3Y*
- 2.97%
- 5Y*
- -0.05%
- 10Y*
- 1.53%
TAXX
- 1D
- 0.07%
- 1M
- 0.37%
- YTD
- 1.11%
- 6M
- 1.41%
- 1Y
- 3.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TFI vs. TAXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 1.29% | 3.62% | 0.19% |
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF | 1.11% | 4.52% | 3.51% |
Correlation
The correlation between TFI and TAXX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | 0.56 |
The correlation between TFI and TAXX shifts across timeframes, from 0.40 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TFI vs. TAXX — Risk / Return Rank
TFI
TAXX
TFI vs. TAXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX). 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.
| TFI | TAXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.59 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 4.45 | -2.08 |
| Martin ratioReturn relative to average drawdown | 7.79 | 13.54 | -5.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TFI | TAXX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.35 | 2.33 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 2.60 | -2.09 |
Drawdowns
TFI vs. TAXX - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, which is greater than TAXX's maximum drawdown of -0.91%. Use the drawdown chart below to compare losses from any high point for TFI and TAXX.
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Drawdown Indicators
| TFI | TAXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -0.91% | -14.58% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -0.88% | -1.91% |
Max Drawdown (3Y)Largest decline over 3 years | -6.81% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | — | — |
Current DrawdownCurrent decline from peak | -1.12% | 0.00% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -0.17% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.29% | +0.56% |
Volatility
TFI vs. TAXX - Volatility Comparison
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) has a higher volatility of 0.90% compared to Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) at 0.34%. This indicates that TFI's price experiences larger fluctuations and is considered to be riskier than TAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFI | TAXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.34% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 0.84% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 1.69% | +1.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.30% | 1.59% | +2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 1.59% | +3.41% |
TFI vs. TAXX - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is lower than TAXX's 0.35% expense ratio.
Dividends
TFI vs. TAXX - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.48%, which matches TAXX's 3.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF | 3.50% | 3.72% | 2.70% | 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 | 3.48% | 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 TAXX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TFI has higher volatility (0.90%) compared to TAXX (0.34%). In terms of maximum drawdown, TFI dropped -15.49% vs TAXX's -0.91%.
On 1-year performance, TFI leads with 6.58% vs 3.92% for TAXX. On fees, TFI is cheaper at 0.23% per year. On volatility, TAXX has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TFI has performed better with a 6.58% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TFI is cheaper with a 0.23% expense ratio, compared with 0.35% for TAXX.
TAXX has the higher dividend yield at 3.50%, compared with 3.48% for TFI.
They also come from different issuers: State Street and BondBloxx. Their fees differ too: 0.23% for TFI and 0.35% for TAXX.
TFI currently has the higher Sharpe Ratio (2.35 vs 2.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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