EVSM vs. ZTAX

Last updated Apr 1, 2026

Compare and contrast key facts about Eaton Vance Short Duration Municipal Income ETF (EVSM) and X-Square Municipal Income Tax Free ETF (ZTAX).

EVSM and ZTAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EVSM is a passively managed fund by Eaton Vance that tracks the performance of the ICE BofA 1-3 Year Municipal Securities Index. It was launched on Dec 19, 2018. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023.

Performance

EVSM vs. ZTAX - Performance Comparison

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

EVSM vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EVSM Eaton Vance Short Duration Municipal Income ETF	0.34%	4.24%	2.52%
ZTAX X-Square Municipal Income Tax Free ETF	0.90%	-1.02%	3.13%

Returns By Period

In the year-to-date period, EVSM achieves a 0.34% return, which is significantly lower than ZTAX's 0.90% return.

EVSM

• 1D: 0.09%
• 1M: -0.86%
• YTD: 0.34%
• 6M: 0.98%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTAX

• 1D: -2.16%
• 1M: 1.00%
• YTD: 0.90%
• 6M: 4.68%
• 1Y: 5.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVSM vs. ZTAX - Expense Ratio Comparison

EVSM has a 0.19% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

ZTAX

X-Square Municipal Income Tax Free ETF

EVSM

Eaton Vance Short Duration Municipal Income ETF

Return for Risk

EVSM vs. ZTAX — Risk / Return Rank

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

EVSM

EVSM Risk / Return Rank: 88
EVSM Sharpe Ratio Rank: 88
EVSM Sortino Ratio Rank: 85
EVSM Omega Ratio Rank: 95
EVSM Calmar Ratio Rank: 85
EVSM Martin Ratio Rank: 85

ZTAX

ZTAX Risk / Return Rank: 19
ZTAX Sharpe Ratio Rank: 17
ZTAX Sortino Ratio Rank: 18
ZTAX Omega Ratio Rank: 21
ZTAX Calmar Ratio Rank: 21
ZTAX Martin Ratio Rank: 20

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.

EVSM vs. ZTAX - Risk-Adjusted Trends Comparison

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

	EVSM	ZTAX	Difference
Sharpe ratio Return per unit of total volatility	1.87	0.21	+1.66
Sortino ratio Return per unit of downside risk	2.34	0.49	+1.85
Omega ratio Gain probability vs. loss probability	1.47	1.08	+0.40
Calmar ratio Return relative to maximum drawdown	2.59	0.43	+2.16
Martin ratio Return relative to average drawdown	10.20	1.15	+9.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EVSM vs. ZTAX - Sharpe Ratio Comparison

The current EVSM Sharpe Ratio is 1.87, which is higher than the ZTAX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of EVSM and ZTAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EVSM	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.87	0.21	+1.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	0.22	+1.58

Correlation

The correlation between EVSM and ZTAX is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

EVSM vs. ZTAX - Dividend Comparison

EVSM's dividend yield for the trailing twelve months is around 3.02%, less than ZTAX's 4.52% yield.

	TTM	2025	2024	2023
EVSM Eaton Vance Short Duration Municipal Income ETF	3.02%	3.12%	2.99%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.52%	4.58%	4.55%	2.14%

Drawdowns

EVSM vs. ZTAX - Drawdown Comparison

The maximum EVSM drawdown since its inception was -1.50%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for EVSM and ZTAX.

Drawdown Indicators

	EVSM	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-1.50%	-15.33%	+13.83%
Max Drawdown (1Y) Largest decline over 1 year	-1.50%	-10.47%	+8.97%
Current Drawdown Current decline from peak	-0.86%	-5.92%	+5.06%
Average Drawdown Average peak-to-trough decline	-0.22%	-6.88%	+6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	3.91%	-3.53%

Volatility

EVSM vs. ZTAX - Volatility Comparison

The current volatility for Eaton Vance Short Duration Municipal Income ETF (EVSM) is 0.50%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 9.50%. This indicates that EVSM 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

	EVSM	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	9.50%	-9.00%
Volatility (6M) Calculated over the trailing 6-month period	0.90%	24.09%	-23.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.03%	25.95%	-23.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.98%	27.27%	-25.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.98%	27.27%	-25.29%