GMUN vs. ZTAX

Last updated Jul 18, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. GMUN is passively managed, while ZTAX is actively managed. At a 0.04 correlation, their price movements are largely independent. GMUN charges 0.15%/yr vs 1.14%/yr for ZTAX.

Performance

GMUN vs. ZTAX - Performance Comparison

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

Returns By Period

GMUN

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTAX

• 1D: 0.00%
• 1M: -2.77%
• 6M: 3.26%
• YTD: 2.45%
• 1Y: 7.98%
• 3Y*: 5.64%
• 5Y*: —
• 10Y*: —

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

GMUN vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.11%
ZTAX X-Square Municipal Income Tax Free ETF	2.45%	-1.02%	7.98%	3.74%

Correlation

The correlation between GMUN and ZTAX is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since May 19, 2023	0.04

The correlation between GMUN and ZTAX shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GMUN vs. ZTAX — Risk / Return Rank

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

GMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZTAX

ZTAX Risk / Return Rank: 18
ZTAX Sharpe Ratio Rank: 14
ZTAX Sortino Ratio Rank: 15
ZTAX Omega Ratio Rank: 19
ZTAX Calmar Ratio Rank: 21
ZTAX Martin Ratio Rank: 19

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.

GMUN vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.

	GMUN	ZTAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.25	—
Sortino ratio: Return per unit of downside risk	—	0.59	—
Omega ratio: Gain probability vs. loss probability	—	1.10	—
Calmar ratio: Return relative to maximum drawdown	—	0.71	—
Martin ratio: Return relative to average drawdown	—	1.57	—

Drawdowns

Drawdown Indicators

	GMUN	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-15.33%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-11.26%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.33%	—
Current Drawdown Current decline from peak	—	-10.04%	—
Average Drawdown Average peak-to-trough decline	—	-6.87%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.10%	—

Volatility

Volatility by Period

	GMUN	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	26.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	32.72%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	28.78%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	28.78%	—

GMUN vs. ZTAX - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

Dividends

GMUN vs. ZTAX - Dividend Comparison

GMUN has not paid dividends to shareholders, while ZTAX's dividend yield for the trailing twelve months is around 4.67%.

Position	TTM	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	2.87%	2.94%	3.22%	2.20%
ZTAX X-Square Municipal Income Tax Free ETF	4.67%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both GMUN and ZTAX in my portfolio?

GMUN and ZTAX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMUN or ZTAX?

On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMUN or ZTAX?

GMUN is cheaper with a 0.15% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.67%, compared with 2.87% for GMUN.

What is the main difference between GMUN and ZTAX?

They also come from different issuers: Goldman Sachs and X-Square. Their fees differ too: 0.15% for GMUN and 1.14% for ZTAX.