- Issuer
- X-Square
- Inception Date
- May 18, 2023
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $5M
Share Price Chart
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Performance
ZTAX Performance Chart
X-Square Municipal Income Tax Free ETF (ZTAX) is up 1.1% since the beginning of the year. ZTAX is currently trading at $25 per share.
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Returns By Period
X-Square Municipal Income Tax Free ETF (ZTAX) has returned 1.06% so far this year and 6.85% over the past 12 months.
X-Square Municipal Income Tax Free ETF
- 1D
- -4.10%
- 1M
- -8.88%
- 6M
- 1.16%
- YTD
- 1.06%
- 1Y
- 6.85%
- 3Y*
- 4.91%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.42%
- 1M
- 4.24%
- 6M
- 8.74%
- YTD
- 10.66%
- 1Y
- 20.62%
- 3Y*
- 19.50%
- 5Y*
- 11.63%
- 10Y*
- 13.41%
ZTAX Monthly Returns History
Based on dividend-adjusted daily data since May 19, 2023, ZTAX's average daily return is +0.03%, while the average monthly return is +0.32%. At this rate, an investment would double in approximately 18.1 years.
Historically, 54% of months were positive and 46% were negative. The best month was Oct 2025 with a return of +6.3%, while the worst month was Apr 2025 at -3.7%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 4 months.
On a daily basis, ZTAX closed higher 40% of trading days. The best single day was Jun 10, 2026 with a return of +10.7%, while the worst single day was Jun 11, 2026 at -9.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.05% | -0.14% | 1.00% | 1.82% | -2.47% | 4.12% | -3.13% | 1.06% | |||||
| 2025 | -0.33% | -2.95% | -2.07% | -3.73% | 1.16% | 2.97% | 0.05% | 0.63% | -0.22% | 6.33% | -3.11% | 0.71% | -1.02% |
| 2024 | -0.56% | 1.64% | 4.55% | -3.31% | 0.99% | -0.41% | 2.46% | -2.19% | 2.05% | 4.68% | -3.22% | 1.42% | 7.98% |
| 2023 | -2.12% | 1.57% | -0.11% | -0.79% | -0.18% | 0.16% | 3.06% | 2.18% | 3.74% |
Benchmark Metrics
X-Square Municipal Income Tax Free ETF has an annualized alpha of 10.48%, beta of -0.11, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since May 19, 2023.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (13.53%) than losses (12.56%) - typical of diversified or defensive assets.
- Beta of -0.11 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 10.48%
- Beta
- -0.11
- R²
- 0.00
- Upside Capture
- 13.53%
- Downside Capture
- 12.56%
Expense Ratio
ZTAX has a high expense ratio of 1.14%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ZTAX ranks 16 for risk / return — in the bottom 16% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZTAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.30 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 2.28 | -1.67 |
| Martin ratioReturn relative to average drawdown | 1.40 | 9.88 | -8.48 |
Dividends
Dividend History
X-Square Municipal Income Tax Free ETF provided a 4.73% dividend yield over the last twelve months, with an annual payout of $1.17 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.17 | $1.18 | $1.23 | $0.56 |
Dividend yield | 4.73% | 4.58% | 4.55% | 2.14% |
Monthly Dividends
The table displays the monthly dividend distributions for X-Square Municipal Income Tax Free ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.51 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.55 | $1.11 | |||||
| 2025 | $0.54 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.52 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $1.18 |
| 2024 | $0.58 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.54 | $0.00 | $0.00 | $0.07 | $0.00 | $0.00 | $1.23 |
| 2023 | $0.36 | $0.00 | $0.20 | $0.00 | $0.00 | $0.00 | $0.56 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the X-Square Municipal Income Tax Free ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the X-Square Municipal Income Tax Free ETF was 15.33%, occurring on Apr 10, 2025. Recovery took 292 trading sessions.
The current X-Square Municipal Income Tax Free ETF drawdown is 11.26%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -15.33%Apr 2025 | 9mo 20d | 1y 2mo | 1y 11moJun 2024 - Jun 2026 |
2023 correction2023 | -11.90%Oct 2023 | 2mo 23d | 4mo 28d | 7mo 21dJul 2023 - Mar 2024 |
2026 correction2026 | -11.26%Jul 2026 | 23d | — | 24d 12hJun 2026 - now |
2026 pullback2026 | -9.50%Jun 2026 | 0s | 5d | 5dJun 2026 - Jun 2026 |
2023 pullback2023 | -8.04%May 2023 | 0s | 13d | 13dMay 2023 - Jun 2023 |
Drawdown Indicators
| ZTAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -56.78% | +41.45% |
Max Drawdown (1Y)Largest decline over 1 year | -11.26% | -9.10% | -2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -18.90% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -11.26% | -0.45% | -10.81% |
Average DrawdownAverage peak-to-trough decline | -6.85% | -10.71% | +3.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.90% | 2.09% | +2.81% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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