TFIvsTAXSETF Comparison
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State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TFI is more expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.05% for TAXS. TFI is down -3.04% year-to-date (YTD) with -$855K in YTD flows. TAXS performs better with 0.12% YTD performance, and +$79M in YTD flows. Run a side-by-side ETF comparison of TFI and TAXS 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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TFI vs TAXS performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI TAXS | -3.31%-1.22% | -4.42%-0.99% | -3.04%+0.12% | -1.80%+0.73% | +7.78%n/a | -4.66%n/a |
| Flows | TFI TAXS | -$136M+$11M | -$100M+$23K | -$855K+$79M | -$281M+$143M | -$667M- | -$287M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI TAXS | +3.61%+1.23% | +2.69%+0.97% | +4.03%n/a | +4.04%n/a |
| Max drawdown | TFI TAXS | -4.83%-1.26% | -4.98%-1.26% | -6.06%n/a | -14.88%n/a |
| Max drawdown duration | TFI TAXS | 79d29d | 206d29d | 277dn/a | 1513dn/a |
Trading data
TFI | TAXS | |
Last sale 9/24/2026 at 1:30 PM | $43.06 | $49.36 |
| Previous close 09/23/2026 | $43.26 | $49.48 |
| Consolidated volume 09/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 25, 2026
1-year trailing difference
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TFI | TAXS | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Main metrics
Last update 9/24/2026 at 1:30 PM
Live
Closed
TFI | TAXS | |
|---|---|---|
| Last price | $43.06 | $49.36 |
| 1D performance | -0.46% | -0.24% |
| AuM | $2.85 B | $148.38 M |
| E/R | 0.23% | 0.05% |
Characteristics
TFI | TAXS | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | State Street Investment Management | Northern Trust |
| Benchmark | ICE 1+ Year AMT‑Free Broad Municipal Index | ICE Short Term Focused Municipal Bond Index |
| N° of holdings | 818 | 706 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2007 | August 19, 2025 |
| ESG | No | No |
Exposure
Countries
TFI
USA
42.65%
Other
57.35%
TAXS
USA
43.65%
Other
56.35%
Sectors
TFI
Municipal
42.65%
Other
57.35%
TAXS
Municipal
43.65%
Other
56.35%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.89%
TAXS
Total weight of top 15 holdings out of 15
3.22%
Top 15 holdings
Data as of July 31, 2026
TFI
California, 5% 1nov2027, USD
0.23%
City of New York, 5% 1aug2033, USD (2018)
0.21%
US91412HWK57
0.20%
US55844RWX87
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.20%
US64972GE598
0.19%
US373385LV30
0.19%
US574204S201
0.19%
US574193VL92
0.19%
US764581KP80
0.18%
California, 5% 1nov2032, USD
0.18%
US677523KE13
0.18%
US010831EC55
0.18%
City of New York, 5% 1aug2029, USD
0.17%
TAXS
US45505MJL19
0.25%
US267169HD59
0.24%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.23%
US254845TN04
0.23%
US938782EQ84
0.23%
Ohio Water Development Authority, 5% 1jun2029, USD (2019A)
0.22%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.21%
US604146GB05
0.21%
Kentucky, 5% 1apr2030, USD
0.21%
US84136JAE91
0.20%
Ohio Water Development Authority, 5% 1dec2029, USD (2019)
0.20%
US39081JGT97
0.20%
US451446AC29
0.20%
US842039EX31
0.20%
US513174Q709
0.20%
Frequently asked questions about TFI and TAXS
How have the TFI and TAXS ETFs performed in 2026?
As of September 23, 2026, TFI is down -3.04% year-to-date (YTD), while TAXS has returned 0.12%. That puts TAXS better performer ahead so far this year.
Which ETF is attracting more investor money: TFI or TAXS?
Year-to-date, the TFI ETF saw -$855K in flows, compared to +$79M for TAXS.
Which ETF is more volatile: TFI or TAXS?
Over the past year, TFI had a volatility of 2.69%, while TAXS experienced 0.97%.
Which ETF is bigger: TFI or TAXS?
As of September 23, 2026, TFI holds $2.85 B in assets under management (AUM), while TAXS manages $148.38 M.
What sectors do the TFI and TAXS ETFs invest in?
TFI leans toward sectors like Municipal. Meanwhile, TAXS focuses on Municipal.
What are the top holdings of the TFI ETF and TAXS ETF?
TFI top holdings include California, 5% 1nov2027, USD, City of New York, 5% 1aug2033, USD (2018) and US91412HWK57. TAXS holds in its top three: US45505MJL19, US267169HD59 and Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1).
Which ETF is more diversified: TFI or TAXS?
TFI holds 1904 securities with 2.89% of its assets in the top 15. TAXS has 1744 securities and a top 15 weight of 3.22%.
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Latest news about TFI & TAXS
Ask the Manager: Dave Abner on the Rise of Distributing Ladder ETFs
February 10, 2026
TAXS
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