TAXTvsGNMAETF Comparison
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Northern Trust Tax-Exempt Bond ETF (TAXT) belongs to the Municipal Bonds segment. iShares GNMA Bond ETF (GNMA) is part of the MBS & ABS segment. TAXT's top 1 sector exposures are Municipal. In contrast, GNMA's top sector exposures are Industrials and Non-Corporate. TAXT is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.11% for GNMA. TAXT is up 0.76% year-to-date (YTD) with +$163M in YTD flows. GNMA performs worse with -0.88% YTD performance, and +$44M in YTD flows. Run a side-by-side ETF comparison of TAXT and GNMA 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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TAXT vs GNMA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TAXT GNMA | +2.63%+0.97% | +0.34%-0.85% | +0.76%-0.88% | +1.28%-0.61% | n/a+18.55% | n/a+1.31% |
| Flows | TAXT GNMA | +$110M-$6M | +$127M+$16M | +$163M+$44M | +$173M+$78M | -+$122M | --$6M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TAXT GNMA | +4.93%+6.06% | +3.03%+4.60% | n/a+5.57% | n/a+6.57% |
| Max drawdown | TAXT GNMA | -4.92%-4.45% | -5.64%-5.36% | n/a-5.36% | n/a-15.48% |
| Max drawdown duration | TAXT GNMA | 71d59d | 109d236d | n/a236d | n/a1397d |
Trading data
TAXT | GNMA | |
Last sale 10/26/2026 at 1:30 PM | $50.77 | $42.57 |
| Previous close 10/23/2026 | $50.51 | $42.59 |
| Consolidated volume 10/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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TAXT | GNMA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/26/2026 at 1:30 PM
Live
Closed
TAXT | GNMA | |
|---|---|---|
| Last price | $50.77 | $42.57 |
| 1D performance | +0.51% | -0.05% |
| AuM | $189.04 M | $427.99 M |
| E/R | 0.05% | 0.11% |
Characteristics
TAXT | GNMA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Northern Trust | iShares |
| Benchmark | ICE All Maturity Focused Municipal Bond Index | Bloomberg U.S. GNMA Bond Index |
| N° of holdings | 573 | 109 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 19, 2025 | February 14, 2012 |
| ESG | No | No |
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Exposure
Countries
TAXT
USA
44.71%
Other
55.29%
GNMA
USA
48.8%
Other
51.2%
Sectors
TAXT
Municipal
44.71%
Other
55.29%
GNMA
Industrials
39.92%
Non-Corporate
8.88%
Other
51.2%
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Diversification
TAXT
Total weight of top 15 holdings out of 15
4.41%
GNMA
Total weight of top 15 holdings out of 15
33.91%
Top 15 holdings
Data as of August 31, 2026
TAXT
University of California, 5% 15may2052, USD (2022)
0.45%
New York Urban Development Corp., 5% 15mar2042, USD (2017C)
0.43%
New York Thruway Authority, 5% 15mar2049, USD
0.42%
US79771FLJ48
0.32%
US13077DUQ32
0.31%
US181000TQ31
0.27%
US84136HCT86
0.27%
Triborough Bridge and Tunnel Authority, 5% 15may2052, USD
0.25%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.25%
Indianapolis Local Public Improvement Bond Bank, 5% 1feb2033, USD
0.24%
Metropolitan Atlanta Rapid Transit Authority, 3.25% 1jul2039, USD (2017C)
0.24%
City of New York, 5.25% 1feb2053, USD (2026)
0.24%
South Dakota Conservancy District, 5% 1aug2056, USD (2026B)
0.24%
Virginia Public Building Authority, 5% 1aug2033, USD (2020A)
0.23%
US250375NB42
0.23%
GNMA
BlackRock Cash Funds - Treasury
8.88%
G2 MA7192, 2% 20feb2051, USD (ABS)
2.59%
US3618N5XQ77
2.51%
G2 MA9360, 4.5% 20dec2053, USD (ABS)
2.42%
US21H0526945
1.97%
US36179WTX64
1.90%
G2 MA8878, 5% 20may2053, USD (ABS)
1.67%
G2 MB0025, 5% 20nov2054, USD (ABS)
1.64%
US36179WJR07
1.62%
G2 MA7880, 2% 20feb2052, USD (ABS)
1.59%
G2 MA8801, 5.5% 20apr2053, USD (ABS)
1.59%
G2 MA6864, 2% 20sep2050, USD (ABS)
1.44%
US36179WLP13
1.40%
US36179WFG87
1.38%
US3617NWEY42
1.32%
Frequently asked questions about TAXT and GNMA
How have the TAXT and GNMA ETFs performed in 2026?
As of October 23, 2026, TAXT is up 0.76% year-to-date (YTD), while GNMA has lost -0.88%. That puts TAXT better performer ahead so far this year.
Which ETF is attracting more investor money: TAXT or GNMA?
Year-to-date, the TAXT ETF saw +$163M in flows, compared to +$44M for GNMA.
Which ETF is more volatile: TAXT or GNMA?
Over the past year, TAXT had a volatility of 3.03%, while GNMA experienced 4.6%.
Which ETF is bigger: TAXT or GNMA?
As of October 23, 2026, TAXT holds $189.04 M in assets under management (AUM), while GNMA manages $427.99 M.
What sectors do the TAXT and GNMA ETFs invest in?
TAXT leans toward sectors like Municipal. Meanwhile, GNMA focuses on Industrials and Non-Corporate.
What are the top holdings of the TAXT ETF and GNMA ETF?
TAXT top holdings include University of California, 5% 15may2052, USD (2022), New York Urban Development Corp., 5% 15mar2042, USD (2017C) and New York Thruway Authority, 5% 15mar2049, USD. GNMA holds in its top three: BlackRock Cash Funds - Treasury, G2 MA7192, 2% 20feb2051, USD (ABS) and US3618N5XQ77.
Which ETF is more diversified: TAXT or GNMA?
TAXT holds 1408 securities with 4.41% of its assets in the top 15. GNMA has 355 securities and a top 15 weight of 33.91%.
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Latest news about TAXT & GNMA
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
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