IBMM vs. ZTAX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and X-Square Municipal Income Tax Free ETF (ZTAX).

IBMM and ZTAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBMM is a passively managed fund by iShares that tracks the performance of the S&P AMT-Free Municipal Series Dec 2024 Index. It was launched on Mar 20, 2018. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023.

Performance

IBMM vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and X-Square Municipal Income Tax Free ETF (ZTAX). The values are adjusted to include any dividend payments, if applicable.

IBMM vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	-0.10%

Returns By Period

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 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)

IBMM vs. ZTAX - Expense Ratio Comparison

IBMM has a 0.18% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

ZTAX

X-Square Municipal Income Tax Free ETF

IBMM

iShares iBonds Dec 2024 Term Muni Bond ETF

Return for Risk

IBMM vs. ZTAX — Risk / Return Rank

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

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.

IBMM vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) 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.

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

Sharpe Ratios by Period

	IBMM	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.22	—

Dividends

IBMM vs. ZTAX - Dividend Comparison

IBMM has not paid dividends to shareholders, while ZTAX's dividend yield for the trailing twelve months is around 4.52%.

	TTM	2025	2024	2023
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.52%	4.58%	4.55%	2.14%

Drawdowns

IBMM vs. ZTAX - Drawdown Comparison

The maximum IBMM drawdown since its inception was 0.00%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for IBMM and ZTAX.

Drawdown Indicators

	IBMM	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-15.33%	+15.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.47%	—
Current Drawdown Current decline from peak	0.00%	-5.92%	+5.92%
Average Drawdown Average peak-to-trough decline	0.00%	-6.88%	+6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.91%	—

Volatility

Volatility by Period

	IBMM	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	25.95%	-25.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	27.27%	-27.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	27.27%	-27.27%