BMOP vs. ZTAX
BMOP (BNY Mellon Municipal Opportunities ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. At a correlation of -0.15, they often move in opposite directions. BMOP charges 0.54%/yr vs 1.14%/yr for ZTAX.
Performance
BMOP vs. ZTAX - Performance Comparison
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Returns By Period
BMOP
- 1D
- 0.20%
- 1M
- 0.95%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX
- 1D
- 0.00%
- 1M
- -1.71%
- YTD
- 0.20%
- 6M
- 5.42%
- 1Y
- 5.15%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
BMOP vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BMOP BNY Mellon Municipal Opportunities ETF | 1.57% |
ZTAX X-Square Municipal Income Tax Free ETF | -0.90% |
Correlation
The correlation between BMOP and ZTAX is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026 | -0.15 |
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Return for Risk
BMOP vs. ZTAX — Risk / Return Rank
BMOP
ZTAX
BMOP vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Opportunities ETF (BMOP) and X-Square Municipal Income Tax Free ETF (ZTAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| BMOP | ZTAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.20 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 0.20 | +0.89 |
Drawdowns
BMOP vs. ZTAX - Drawdown Comparison
The maximum BMOP drawdown since its inception was -2.80%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for BMOP and ZTAX.
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Drawdown Indicators
| BMOP | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.80% | -15.33% | +12.53% |
Max Drawdown (1Y)Largest decline over 1 year | — | -10.47% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | 0.00% | -6.58% | +6.58% |
Average DrawdownAverage peak-to-trough decline | -0.81% | -6.81% | +6.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.23% | — |
Volatility
BMOP vs. ZTAX - Volatility Comparison
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Volatility by Period
| BMOP | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.07% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 21.51% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 26.32% | -22.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.74% | 26.83% | -23.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.74% | 26.83% | -23.09% |
BMOP vs. ZTAX - Expense Ratio Comparison
BMOP has a 0.54% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
BMOP vs. ZTAX - Dividend Comparison
BMOP's dividend yield for the trailing twelve months is around 1.19%, less than ZTAX's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BMOP BNY Mellon Municipal Opportunities ETF | 1.19% | 0.00% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.56% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
BMOP and ZTAX have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BMOP is cheaper at 0.54% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BMOP is cheaper with a 0.54% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.56%, compared with 1.19% for BMOP.
They also come from different issuers: BNY Mellon and X-Square. Their fees differ too: 0.54% for BMOP and 1.14% for ZTAX.
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