SPY vs TAXS
State Street SPDR S&P 500 ETF Trust vs Northern Trust Short Term Tax-Exempt Bond ETF
Which is better, SPY or TAXS?
Large Cap Blend against Short Term Municipal Bond.
TAXS has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | TAXS |
|---|---|---|
| Expense Ratio | 0.09% | 0.05%Best |
| AUM | $804.7B | $145M |
| Dividend Yield | 0.98% | 2.25% |
| Holdings | 505 | 1,734 |
| YTD Return | +11.45%Best | +0.54% |
| 1Y Return | +15.87%Best | +1.17% |
| 3Y Return (annualized) | +20.93% | - |
| 5Y Return (annualized) | +12.59% | - |
| Volatility (annualized) | 13.0% | 1.5%Best |
| Max Drawdown | -8.9% | -0.8%Best |
| $10,000 over 1.1 years | $12,023Best | $10,189 |
| Fund Family | State Street Investment Management | Northern Trust Asset Management |
| Category | Equity | Fixed Income |
| Style | Large Cap Blend | Short Term Municipal Bond |
| Inception | Jan 22, 1993 | Mar 1, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.1 years row, are measured over the window both funds cover: Aug 19, 2025 to Sep 15, 2026 (1.1 years).
SPY vs TAXS growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
SPY vs TAXS Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Northern Trust Short Term Tax-Exempt Bond ETF (TAXS) is an ETF from Northern Trust Asset Management. Over the past year SPY returned +15.87% while TAXS returned +1.17%. Year to date, SPY is up 11.45% versus a gain of 0.54% for TAXS.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 13.0% compared with 1.5% for TAXS. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -8.9% for SPY and -0.8% for TAXS. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.34. They move together some of the time, and apart the rest.
Fees and Cost Over Time
SPY charges 0.09% per year while TAXS charges 0.05%. On a $10,000 position that is $9 vs $5 annually, a gap of $4 per year that compounds over a long holding period. On income, SPY currently yields 0.98% against 2.25% for TAXS.
Holdings Overlap
We hold position weights for 504 holdings in SPY and 489 in TAXS, totalling 99.9% and 21.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 504 positions we hold weights for in SPY and 489 in TAXS, against full books of 505 and 1,734.
You are not choosing between two funds in isolation.
Whichever of SPY and TAXS you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or TAXS?
SPY has an expense ratio of 0.09% while TAXS charges 0.05%. TAXS is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, SPY or TAXS?
Over the past year SPY returned +15.87% vs +1.17% for TAXS, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPY annualized +18.23% vs +1.72% for TAXS. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or TAXS?
SPY has been the more volatile fund at 13.0% annualized versus 1.5% for TAXS. Worst drawdown: SPY -8.9% vs TAXS -0.8%.
Should I hold both SPY and TAXS?
SPY and TAXS have a monthly-return correlation of 0.34, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SPY or TAXS?
SPY yields 0.98% while TAXS yields 2.25%, so TAXS currently pays the higher dividend yield.
Is TAXS better than SPY?
TAXS has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.