TMNL vs. TAXI

Last updated Jun 5, 2026

TMNL (T. Rowe Price Long Municipal Income ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. TMNL is actively managed, while TAXI is passively managed. A 0.59 correlation means they provide meaningful diversification when combined. TMNL charges 0.26%/yr vs 0.05%/yr for TAXI.

Performance

TMNL vs. TAXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Long Municipal Income ETF (TMNL) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMNL achieves a 2.54% return, which is significantly higher than TAXI's 1.00% return.

TMNL

• 1D: 0.25%
• 1M: 0.96%
• YTD: 2.54%
• 6M: 2.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TAXI

• 1D: 0.06%
• 1M: 0.52%
• YTD: 1.00%
• 6M: 1.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TMNL vs. TAXI - Yearly Performance Comparison

	2026 (YTD)	2025
TMNL T. Rowe Price Long Municipal Income ETF	2.54%	0.34%
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	1.00%	0.92%

Correlation

The correlation between TMNL and TAXI is 0.59, 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 Nov 21, 2025	0.59

Return for Risk

TMNL vs. TAXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Long Municipal Income ETF (TMNL) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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

	TMNL	TAXI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	2.95	-1.73

Drawdowns

TMNL vs. TAXI - Drawdown Comparison

The maximum TMNL drawdown since its inception was -2.94%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for TMNL and TAXI.

Drawdown Indicators

	TMNL	TAXI	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-2.23%	-0.71%
Current Drawdown Current decline from peak	0.00%	-0.74%	+0.74%
Average Drawdown Average peak-to-trough decline	-0.59%	-0.46%	-0.13%

Volatility

Volatility by Period

	TMNL	TAXI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.55%	1.90%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	1.90%	+2.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	1.90%	+2.65%

TMNL vs. TAXI - Expense Ratio Comparison

TMNL has a 0.26% expense ratio, which is higher than TAXI'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

TMNL vs. TAXI - Dividend Comparison

TMNL's dividend yield for the trailing twelve months is around 2.12%, more than TAXI's 2.00% yield.

Position	TTM	2025
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF	2.00%	0.85%
TMNL T. Rowe Price Long Municipal Income ETF	2.12%	0.39%

Frequently Asked Questions

Can I hold both TMNL and TAXI in my portfolio?

TMNL and TAXI have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TMNL or TAXI?

On fees, TAXI 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, TMNL or TAXI?

TAXI is cheaper with a 0.05% expense ratio, compared with 0.26% for TMNL.

Which ETF pays a higher dividend yield, TMNL or TAXI?

TMNL has the higher dividend yield at 2.12%, compared with 2.00% for TAXI.

What is the main difference between TMNL and TAXI?

They also come from different issuers: T. Rowe Price and Northern Trust. Their fees differ too: 0.26% for TMNL and 0.05% for TAXI.