USTB vs. TAXS

Last updated Jun 4, 2026

USTB (VictoryShares Short-Term Bond ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both exchange-traded funds - USTB is a Short-Term Bond fund tracking the Bloomberg 1–3 Year Credit Index, while TAXS is a Municipal Bonds fund tracking the ICE Short Term Focused Municipal Bond Index. Both are passively managed. At a 0.46 correlation, their price movements are largely independent. USTB charges 0.34%/yr vs 0.05%/yr for TAXS.

Performance

USTB vs. TAXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Short-Term Bond ETF (USTB) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USTB achieves a 1.19% return, which is significantly higher than TAXS's 0.87% return.

USTB

• 1D: -0.04%
• 1M: 0.32%
• YTD: 1.19%
• 6M: 1.58%
• 1Y: 4.75%
• 3Y*: 6.13%
• 5Y*: 3.50%
• 10Y*: —

TAXS

• 1D: 0.04%
• 1M: 0.32%
• YTD: 0.87%
• 6M: 1.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USTB vs. TAXS - Yearly Performance Comparison

	2026 (YTD)	2025
USTB VictoryShares Short-Term Bond ETF	1.19%	1.97%
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	0.87%	1.22%

Correlation

The correlation between USTB and TAXS is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.46

Return for Risk

USTB vs. TAXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USTB

USTB Risk / Return Rank: 95
USTB Sharpe Ratio Rank: 95
USTB Sortino Ratio Rank: 97
USTB Omega Ratio Rank: 97
USTB Calmar Ratio Rank: 90
USTB Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USTB vs. TAXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Short-Term Bond ETF (USTB) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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.

	USTB	TAXS	Difference
Sharpe ratio Return per unit of total volatility	3.93	—	—
Sortino ratio Return per unit of downside risk	6.69	—	—
Omega ratio Gain probability vs. loss probability	1.88	—	—
Calmar ratio Return relative to maximum drawdown	5.65	—	—
Martin ratio Return relative to average drawdown	25.66	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	USTB	TAXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.93	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	2.71	-0.98

Drawdowns

USTB vs. TAXS - Drawdown Comparison

The maximum USTB drawdown since its inception was -5.32%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for USTB and TAXS.

Drawdown Indicators

	USTB	TAXS	Difference
Max Drawdown Largest peak-to-trough decline	-5.32%	-0.84%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-0.84%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.02%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-4.96%	—	—
Current Drawdown Current decline from peak	-0.04%	-0.15%	+0.11%
Average Drawdown Average peak-to-trough decline	-0.66%	-0.24%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.19%	—	—

Volatility

Volatility by Period

	USTB	TAXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.84%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.22%	1.00%	+0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.01%	1.00%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.01%	1.00%	+1.01%

USTB vs. TAXS - Expense Ratio Comparison

USTB has a 0.34% expense ratio, which is higher than TAXS's 0.05% expense ratio.

Dividends

USTB vs. TAXS - Dividend Comparison

USTB's dividend yield for the trailing twelve months is around 4.58%, more than TAXS's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF	1.83%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USTB VictoryShares Short-Term Bond ETF	4.58%	4.62%	5.05%	4.49%	2.54%	1.84%	2.59%	2.69%	2.32%	0.43%

Frequently Asked Questions

Can I hold both USTB and TAXS in my portfolio?

USTB and TAXS have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USTB or TAXS?

On fees, TAXS 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, USTB or TAXS?

TAXS is cheaper with a 0.05% expense ratio, compared with 0.34% for USTB.

Which ETF pays a higher dividend yield, USTB or TAXS?

USTB has the higher dividend yield at 4.58%, compared with 1.83% for TAXS.

What is the main difference between USTB and TAXS?

USTB is categorized as Short-Term Bond, while TAXS is Municipal Bonds. USTB tracks Bloomberg 1–3 Year Credit Index, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: Victory and Northern Trust. Their fees differ too: 0.34% for USTB and 0.05% for TAXS.