VTES vs. TAXT
VTES (Vanguard Short-Term Tax-Exempt Bond ETF) and TAXT (Northern Trust Tax-Exempt Bond ETF) are both Municipal Bonds funds - VTES tracks the S&P 0-7 Year National AMT-Free Municipal Bond Index while TAXT tracks the ICE Focused Municipal Bond Index. Both are passively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. VTES charges 0.07%/yr vs 0.05%/yr for TAXT.
Performance
VTES vs. TAXT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VTES achieves a 0.37% return, which is significantly higher than TAXT's 0.32% return.
VTES
- 1D
- -0.04%
- 1M
- -0.61%
- 6M
- -0.36%
- YTD
- 0.37%
- 1Y
- 1.66%
- 3Y*
- 2.94%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.86%
TAXT
- 1D
- -0.08%
- 1M
- -1.57%
- 6M
- -0.46%
- YTD
- 0.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $101.60K | $96.04K | $143.38K | |
| $19.78M | $19.18M | $17.67M |
VTES vs. TAXT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 0.37% | 1.18% |
TAXT Northern Trust Tax-Exempt Bond ETF | 0.32% | 3.91% |
Correlation
The correlation between VTES and TAXT is 0.72, 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 | 0.72 |
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
VTES vs. TAXT — Risk / Return Rank
VTES
TAXT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTES vs. TAXT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Bond ETF (VTES) 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.
| VTES | TAXT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.32 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | — | — |
| Martin ratioReturn relative to average drawdown | 3.68 | — | — |
Loading charts...
Drawdowns
VTES vs. TAXT - Drawdown Comparison
The maximum VTES drawdown since its inception was -2.42%, roughly equal to the maximum TAXT drawdown of -2.49%. Use the drawdown chart below to compare losses from any high point for VTES and TAXT.
Loading charts...
Drawdown Indicators
| VTES | TAXT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.42% | -2.49% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -1.59% | — | — |
Current DrawdownCurrent decline from peak | -0.90% | -1.72% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -0.50% | -0.52% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | — | — |
Volatility
VTES vs. TAXT - Volatility Comparison
Loading charts...
Volatility by Period
| VTES | TAXT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.03% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.31% | 2.57% | -1.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.70% | 2.57% | -0.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.70% | 2.57% | -0.87% |
VTES vs. TAXT - Expense Ratio Comparison
VTES has a 0.07% 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
VTES vs. TAXT - Dividend Comparison
VTES's dividend yield for the trailing twelve months is around 2.75%, less than TAXT's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
TAXT Northern Trust Tax-Exempt Bond ETF | 2.86% | 1.23% | 0.00% | 0.00% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF | 2.52% | 2.77% | 2.99% | 2.03% |
Frequently Asked Questions
VTES and TAXT have a correlation of 0.72, 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 0.07% for VTES.
TAXT has the higher dividend yield at 2.86%, compared with 2.52% for VTES.
VTES tracks S&P 0-7 Year National AMT-Free Municipal Bond Index, while TAXT tracks ICE Focused Municipal Bond Index. They also come from different issuers: Vanguard and Northern Trust. Their fees differ too: 0.07% for VTES and 0.05% for TAXT.
Find the right allocation for VTES and TAXT
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