EVIM vs. ZTAX

Last updated Jun 4, 2026

EVIM (Eaton Vance Intermediate Municipal Income ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, EVIM returned 8.07% vs 6.21% for ZTAX. At a correlation of -0.00, they often move in opposite directions. EVIM charges 0.29%/yr vs 1.14%/yr for ZTAX.

Performance

EVIM vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Intermediate Municipal Income ETF (EVIM) and X-Square Municipal Income Tax Free ETF (ZTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVIM achieves a 1.40% return, which is significantly higher than ZTAX's 0.20% return.

EVIM

• 1D: 0.15%
• 1M: 0.72%
• YTD: 1.40%
• 6M: 1.93%
• 1Y: 8.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTAX

• 1D: 0.00%
• 1M: -1.80%
• YTD: 0.20%
• 6M: 5.42%
• 1Y: 6.21%
• 3Y*: 4.56%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EVIM vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVIM Eaton Vance Intermediate Municipal Income ETF	1.40%	5.85%	1.65%	6.88%
ZTAX X-Square Municipal Income Tax Free ETF	0.20%	-1.02%	7.98%	10.64%

Correlation

The correlation between EVIM and ZTAX is -0.19, 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 (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	-0.00

The correlation between EVIM and ZTAX shifts across timeframes, from -0.19 (1 year) to -0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EVIM vs. ZTAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EVIM

EVIM Risk / Return Rank: 76
EVIM Sharpe Ratio Rank: 87
EVIM Sortino Ratio Rank: 91
EVIM Omega Ratio Rank: 94
EVIM Calmar Ratio Rank: 55
EVIM Martin Ratio Rank: 51

ZTAX

ZTAX Risk / Return Rank: 14
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 15
ZTAX Calmar Ratio Rank: 17
ZTAX Martin Ratio Rank: 16

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EVIM vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Intermediate Municipal Income ETF (EVIM) 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.

	EVIM	ZTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.89	0.24	+2.65
Sortino ratio: Return per unit of downside risk	4.33	0.53	+3.80
Omega ratio: Gain probability vs. loss probability	1.68	1.09	+0.59
Calmar ratio: Return relative to maximum drawdown	2.66	0.60	+2.06
Martin ratio: Return relative to average drawdown	8.63	1.48	+7.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVIM vs. ZTAX - Sharpe Ratio Comparison

The current EVIM Sharpe Ratio is 2.89, which is higher than the ZTAX Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of EVIM and ZTAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EVIM	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	0.24	+2.65
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	0.20	+1.38

Drawdowns

EVIM vs. ZTAX - Drawdown Comparison

The maximum EVIM drawdown since its inception was -4.23%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for EVIM and ZTAX.

Drawdown Indicators

	EVIM	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-15.33%	+11.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-10.47%	+7.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.33%	—
Current Drawdown Current decline from peak	-0.99%	-6.58%	+5.59%
Average Drawdown Average peak-to-trough decline	-0.88%	-6.81%	+5.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	4.22%	-3.28%

Volatility

EVIM vs. ZTAX - Volatility Comparison

The current volatility for Eaton Vance Intermediate Municipal Income ETF (EVIM) is 0.85%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 4.07%. This indicates that EVIM experiences smaller price fluctuations and is considered to be less risky than ZTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVIM	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	4.07%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	21.96%	-20.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	26.32%	-23.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.86%	26.84%	-22.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	26.84%	-22.98%

EVIM vs. ZTAX - Expense Ratio Comparison

EVIM has a 0.29% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

Dividends

EVIM vs. ZTAX - Dividend Comparison

EVIM's dividend yield for the trailing twelve months is around 3.55%, less than ZTAX's 4.56% yield.

Position	TTM	2025	2024	2023
EVIM Eaton Vance Intermediate Municipal Income ETF	3.55%	3.58%	3.56%	0.78%
ZTAX X-Square Municipal Income Tax Free ETF	4.56%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both EVIM and ZTAX in my portfolio?

EVIM and ZTAX have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVIM or ZTAX?

ZTAX has higher volatility (4.07%) compared to EVIM (0.85%). In terms of maximum drawdown, EVIM dropped -4.23% vs ZTAX's -15.33%.

Which ETF is better, EVIM or ZTAX?

On 1-year performance, EVIM leads with 8.07% vs 6.21% for ZTAX. On fees, EVIM is cheaper at 0.29% per year. On volatility, EVIM has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVIM or ZTAX?

Over the 1-year period, EVIM has performed better with a 8.07% return vs 6.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVIM or ZTAX?

EVIM is cheaper with a 0.29% expense ratio, compared with 1.14% for ZTAX.

Which ETF pays a higher dividend yield, EVIM or ZTAX?

ZTAX has the higher dividend yield at 4.56%, compared with 3.55% for EVIM.

What is the main difference between EVIM and ZTAX?

They also come from different issuers: Eaton Vance and X-Square. Their fees differ too: 0.29% for EVIM and 1.14% for ZTAX.

Which has better risk-adjusted returns?

EVIM currently has the higher Sharpe Ratio (2.89 vs 0.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.