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 up 0.47% year-to-date (YTD) with +$9M in YTD flows. TAXS performs better with 2.02% YTD performance, and +$129M 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 11/06/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI TAXS | +4.61%+2.00% | -0.07%+0.80% | +0.47%+2.02% | +0.89%+3.00% | +11.66%n/a | -0.83%n/a |
| Flows | TFI TAXS | -$20M+$45M | -$189M+$70M | +$9M+$129M | -$46M+$192M | -$506M- | -$565M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI TAXS | +5.68%+2.03% | +3.57%+1.28% | +4.06%n/a | +4.18%n/a |
| Max drawdown | TFI TAXS | -6.01%-1.97% | -7.00%-1.97% | -7.00%n/a | -14.88%n/a |
| Max drawdown duration | TFI TAXS | 85d59d | 250d59d | 250dn/a | 1513dn/a |
Trading data
TFI | TAXS | |
Last sale 11/9/2026 at 2:35 PM | $44.49 | $50.18 |
| Previous close 11/06/2026 | $44.44 | $50.14 |
| Consolidated volume 11/06/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of November 9, 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 | ||
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Main metrics
Last update 11/9/2026 at 2:35 PM
Live
Closed
TFI | TAXS | |
|---|---|---|
| Last price | $44.49 | $50.18 |
| 1D performance | +0.11% | +0.08% |
| AuM | $2.95 B | $200.73 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 | 826 | 806 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2007 | August 19, 2025 |
| ESG | No | No |
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Exposure
Countries
TFI
USA
42.95%
Other
57.05%
TAXS
USA
42.68%
Other
57.32%
Sectors
TFI
Municipal
42.95%
Other
57.05%
TAXS
Municipal
42.68%
Other
57.32%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.82%
TAXS
Total weight of top 15 holdings out of 15
2.75%
Top 15 holdings
Data as of September 30, 2026
TFI
State of Washington, 5% 1feb2028, USD (2024A)
0.22%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.22%
US373385LV30
0.21%
US574193VL92
0.20%
US764581KP80
0.20%
US010831EC55
0.19%
California, 5% 1nov2032, USD
0.19%
California, 5% 1nov2031, USD
0.18%
City of New York, 5% 1aug2029, USD
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
US452152B916
0.18%
US207758N749
0.18%
US13068XJP50
0.17%
US13013JBJ43
0.16%
US64972LBD47
0.16%
TAXS
US45505MJL19
0.21%
Central Plains Energy Gas Project, 5% 1aug2055, USD (2025A)
0.20%
US267169HD59
0.20%
Southeast Energy Authority, 5.5% 1jan2053, USD (2022A-1)
0.19%
US938782EQ84
0.19%
US254845TN04
0.19%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.19%
Ohio Water Development Authority, 5% 1jun2029, USD (2019A)
0.18%
State of Ohio, 5% 15dec2030, USD (2019-1)
0.17%
US604146GB05
0.17%
Kentucky, 5% 1apr2030, USD
0.17%
Energy Southeast, 5.5% 1nov2053, USD (2023A-1)
0.17%
US39081JGT97
0.17%
US451446AC29
0.17%
US842039EX31
0.17%
Frequently asked questions about TFI and TAXS
How have the TFI and TAXS ETFs performed in 2026?
As of November 6, 2026, TFI is up 0.47% year-to-date (YTD), while TAXS has returned 2.02%. 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 +$9M in flows, compared to +$129M for TAXS.
Which ETF is more volatile: TFI or TAXS?
Over the past year, TFI had a volatility of 3.57%, while TAXS experienced 1.28%.
Which ETF is bigger: TFI or TAXS?
As of November 6, 2026, TFI holds $2.95 B in assets under management (AUM), while TAXS manages $200.73 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 State of Washington, 5% 1feb2028, USD (2024A), Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B) and US373385LV30. TAXS holds in its top three: US45505MJL19, Central Plains Energy Gas Project, 5% 1aug2055, USD (2025A) and US267169HD59.
Which ETF is more diversified: TFI or TAXS?
TFI holds 1926 securities with 2.82% of its assets in the top 15. TAXS has 2030 securities and a top 15 weight of 2.75%.
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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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