FTNY vs. ZTAX
FTNY (Franklin New York Municipal Income ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. Their -0.03 correlation means they have often moved in opposite directions in the past. FTNY charges 0.36%/yr vs 1.14%/yr for ZTAX.
Performance
FTNY vs. ZTAX - Performance Comparison
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Returns By Period
In the year-to-date period, FTNY achieves a 1.56% return, which is significantly lower than ZTAX's 2.90% return.
FTNY
- 1D
- 0.13%
- 1M
- -1.87%
- 6M
- 0.73%
- YTD
- 1.56%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
ZTAX
- 1D
- -0.17%
- 1M
- -1.29%
- 6M
- 1.87%
- YTD
- 2.90%
- 1Y
- 6.24%
- 3Y*
- 4.85%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.07M | $1.35M | $1.42M | |
| $9.82K | $115.35K | $77.92K |
FTNY vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
FTNY Franklin New York Municipal Income ETF | 1.56% | -0.24% |
ZTAX X-Square Municipal Income Tax Free ETF | 2.90% | 4.08% |
Correlation
The correlation between FTNY and ZTAX is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 27, 2025 | -0.03 |
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Return for Risk
FTNY vs. ZTAX — Risk / Return Rank
FTNY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZTAX
FTNY vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin New York Municipal Income ETF (FTNY) 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.
| FTNY | ZTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.09 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.56 | — |
| Martin ratioReturn relative to average drawdown | — | 1.13 | — |
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Drawdowns
FTNY vs. ZTAX - Drawdown Comparison
The maximum FTNY drawdown since its inception was -3.08%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for FTNY and ZTAX.
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Drawdown Indicators
| FTNY | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.08% | -15.33% | +12.25% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.26% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | -1.87% | -9.65% | +7.78% |
Average DrawdownAverage peak-to-trough decline | -0.72% | -6.91% | +6.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.53% | — |
Volatility
FTNY vs. ZTAX - Volatility Comparison
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Volatility by Period
| FTNY | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.41% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 25.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 32.73% | -28.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.11% | 28.65% | -24.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.11% | 28.65% | -24.54% |
FTNY vs. ZTAX - Expense Ratio Comparison
FTNY has a 0.36% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
FTNY vs. ZTAX - Dividend Comparison
FTNY's dividend yield for the trailing twelve months is around 3.00%, less than ZTAX's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FTNY Franklin New York Municipal Income ETF | 3.00% | 0.72% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.65% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
FTNY and ZTAX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FTNY is cheaper at 0.36% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FTNY is cheaper with a 0.36% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.65%, compared with 3.00% for FTNY.
They also come from different issuers: Franklin Templeton and X-Square. Their fees differ too: 0.36% for FTNY and 1.14% for ZTAX.
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