TAXSvsTFIETF Comparison
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Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) and State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TAXS is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.23% for TFI. TAXS is up 1.56% year-to-date (YTD) with +$120M in YTD flows. TFI performs worse with -1.05% YTD performance, and +$62M in YTD flows. Run a side-by-side ETF comparison of TAXS and TFI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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TAXS vs TFI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXS TFI | +2.12%+4.03% | +0.59%-1.26% | +1.56%-1.05% | +2.50%-0.72% | n/a+12.29% | n/a-1.71% |
| Flows | TAXS TFI | +$41M+$85M | +$29M-$19M | +$120M+$62M | +$183M-$153M | --$326M | --$378M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXS TFI | +2.02%+5.56% | +1.27%+3.51% | n/a+4.12% | n/a+4.17% |
| Max drawdown | TAXS TFI | -1.97%-6.01% | -1.97%-7.00% | n/a-7.00% | n/a-14.88% |
| Max drawdown duration | TAXS TFI | 59d75d | 59d240d | n/a240d | n/a1513d |
Trading data
TAXS | TFI | |
Last sale 10/27/2026 at 1:30 PM | $50.07 | $43.98 |
| Previous close 10/27/2026 | $50.06 | $43.98 |
| Consolidated volume 10/27/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of October 28, 2026
1-year trailing difference
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TAXS | TFI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/27/2026 at 1:30 PM
Live
Closed
TAXS | TFI | |
|---|---|---|
| Last price | $50.07 | $43.98 |
| 1D performance | +0.02% | +0.00% |
| AuM | $191.24 M | $2.96 B |
| E/R | 0.05% | 0.23% |
Characteristics
TAXS | TFI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Northern Trust | State Street Investment Management |
| Benchmark | ICE Short Term Focused Municipal Bond Index | ICE 1+ Year AMT-Free Broad Municipal Index |
| N° of holdings | 782 | 813 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | September 11, 2007 |
| ESG | No | No |
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Exposure
Countries
TAXS
USA
42.95%
Other
57.05%
TFI
USA
42.6%
Other
57.4%
Sectors
TAXS
Municipal
42.95%
Other
57.05%
TFI
Municipal
42.6%
Other
57.4%
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Diversification
TAXS
Total weight of top 15 holdings out of 15
3.25%
TFI
Total weight of top 15 holdings out of 15
2.91%
Top 15 holdings
Data as of August 31, 2026
TAXS
US64972GU289
0.54%
US45505MJL19
0.23%
US267169HD59
0.21%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.21%
US254845TN04
0.20%
US938782EQ84
0.20%
Ohio Water Development Authority, 5% 1jun2029, USD (2019A)
0.19%
State of Ohio, 5% 15dec2030, USD (2019-1)
0.19%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.18%
Kentucky, 5% 1apr2030, USD
0.18%
US604146GB05
0.18%
US84136JAE91
0.18%
Ohio Water Development Authority, 5% 1dec2029, USD (2019)
0.18%
US39081JGT97
0.18%
US842039EX31
0.18%
TFI
California, 5% 1nov2027, USD
0.23%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
US91412HWK57
0.20%
US64972GE598
0.20%
US55844RWX87
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US574193VL92
0.20%
US373385LV30
0.20%
US677523KE13
0.19%
US764581KP80
0.19%
US574204S201
0.19%
US010831EC55
0.18%
California, 5% 1nov2032, USD
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
US452152B916
0.17%
Frequently asked questions about TAXS and TFI
How have the TAXS and TFI ETFs performed in 2026?
As of October 27, 2026, TAXS is up 1.56% year-to-date (YTD), while TFI has lost -1.05%. That puts TAXS better performer ahead so far this year.
Which ETF is attracting more investor money: TAXS or TFI?
Year-to-date, the TAXS ETF saw +$120M in flows, compared to +$62M for TFI.
Which ETF is more volatile: TAXS or TFI?
Over the past year, TAXS had a volatility of 1.27%, while TFI experienced 3.51%.
Which ETF is bigger: TAXS or TFI?
As of October 27, 2026, TAXS holds $191.24 M in assets under management (AUM), while TFI manages $2.96 B.
What sectors do the TAXS and TFI ETFs invest in?
TAXS leans toward sectors like Municipal. Meanwhile, TFI focuses on Municipal.
What are the top holdings of the TAXS ETF and TFI ETF?
TAXS top holdings include US64972GU289, US45505MJL19 and US267169HD59. TFI holds in its top three: California, 5% 1nov2027, USD, State of Washington, 5% 1feb2028, USD (2024A) and US91412HWK57.
Which ETF is more diversified: TAXS or TFI?
TAXS holds 1947 securities with 3.25% of its assets in the top 15. TFI has 1916 securities and a top 15 weight of 2.91%.
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Latest news about TAXS & TFI
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXS
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