FTMN vs. ZTAX
FTMN (Franklin Minnesota Municipal Income ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. FTMN is passively managed, while ZTAX is actively managed. At a correlation of -0.11, they often move in opposite directions. FTMN charges 0.35%/yr vs 1.14%/yr for ZTAX.
Performance
FTMN vs. ZTAX - Performance Comparison
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Returns By Period
In the year-to-date period, FTMN achieves a 1.81% return, which is significantly lower than ZTAX's 3.16% return.
FTMN
- 1D
- 0.00%
- 1M
- 1.99%
- YTD
- 1.81%
- 6M
- 2.21%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX
- 1D
- 0.00%
- 1M
- 2.70%
- YTD
- 3.16%
- 6M
- -1.79%
- 1Y
- 7.61%
- 3Y*
- 4.78%
- 5Y*
- —
- 10Y*
- —
FTMN vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FTMN Franklin Minnesota Municipal Income ETF | 1.81% | 0.27% |
ZTAX X-Square Municipal Income Tax Free ETF | 3.16% | -3.72% |
Correlation
The correlation between FTMN and ZTAX is -0.11, 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 Nov 10, 2025 | -0.11 |
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Return for Risk
FTMN vs. ZTAX — Risk / Return Rank
FTMN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZTAX
FTMN vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Minnesota Municipal Income ETF (FTMN) 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.
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.
| FTMN | ZTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.10 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.70 | — |
| Martin ratioReturn relative to average drawdown | — | 1.69 | — |
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Drawdowns
FTMN vs. ZTAX - Drawdown Comparison
The maximum FTMN drawdown since its inception was -3.10%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for FTMN and ZTAX.
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Drawdown Indicators
| FTMN | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.10% | -15.33% | +12.23% |
Max Drawdown (1Y)Largest decline over 1 year | — | -10.99% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | -0.13% | -9.42% | +9.29% |
Average DrawdownAverage peak-to-trough decline | -0.69% | -6.82% | +6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.52% | — |
Volatility
FTMN vs. ZTAX - Volatility Comparison
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Volatility by Period
| FTMN | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.58% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 28.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 32.31% | -28.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.15% | 28.90% | -24.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 28.90% | -24.75% |
FTMN vs. ZTAX - Expense Ratio Comparison
FTMN has a 0.35% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
FTMN vs. ZTAX - Dividend Comparison
FTMN's dividend yield for the trailing twelve months is around 1.83%, less than ZTAX's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FTMN Franklin Minnesota Municipal Income ETF | 1.83% | 0.50% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.43% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
FTMN and ZTAX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FTMN is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTMN is cheaper with a 0.35% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.43%, compared with 1.83% for FTMN.
They also come from different issuers: Franklin Templeton and X-Square. Their fees differ too: 0.35% for FTMN and 1.14% for ZTAX.
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