JMSI vs. ZTAX

Last updated Jun 4, 2026

JMSI (J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, JMSI returned 6.08% vs 6.21% for ZTAX. At a 0.03 correlation, their price movements are largely independent. JMSI charges 0.18%/yr vs 1.14%/yr for ZTAX.

Performance

JMSI vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) and X-Square Municipal Income Tax Free ETF (ZTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMSI achieves a 1.06% return, which is significantly higher than ZTAX's 0.20% return.

JMSI

• 1D: -0.13%
• 1M: 0.57%
• YTD: 1.06%
• 6M: 1.41%
• 1Y: 6.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTAX

• 1D: 0.00%
• 1M: -1.80%
• YTD: 0.20%
• 6M: 5.42%
• 1Y: 6.21%
• 3Y*: 4.56%
• 5Y*: —
• 10Y*: —

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

JMSI vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund	1.06%	4.40%	2.77%	2.70%
ZTAX X-Square Municipal Income Tax Free ETF	0.20%	-1.02%	7.98%	7.68%

Correlation

The correlation between JMSI 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 (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.03

The correlation between JMSI and ZTAX shifts across timeframes, from -0.11 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JMSI vs. ZTAX — Risk / Return Rank

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

JMSI

JMSI Risk / Return Rank: 58
JMSI Sharpe Ratio Rank: 64
JMSI Sortino Ratio Rank: 68
JMSI Omega Ratio Rank: 73
JMSI Calmar Ratio Rank: 42
JMSI Martin Ratio Rank: 44

ZTAX

ZTAX Risk / Return Rank: 14
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 15
ZTAX Calmar Ratio Rank: 17
ZTAX Martin Ratio Rank: 16

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.

JMSI vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) 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.

	JMSI	ZTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	0.24	+1.86
Sortino ratio: Return per unit of downside risk	3.09	0.53	+2.56
Omega ratio: Gain probability vs. loss probability	1.43	1.09	+0.35
Calmar ratio: Return relative to maximum drawdown	2.05	0.60	+1.45
Martin ratio: Return relative to average drawdown	7.06	1.48	+5.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMSI vs. ZTAX - Sharpe Ratio Comparison

The current JMSI Sharpe Ratio is 2.10, which is higher than the ZTAX Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of JMSI and ZTAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JMSI	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	0.24	+1.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.20	+0.83

Drawdowns

JMSI vs. ZTAX - Drawdown Comparison

The maximum JMSI drawdown since its inception was -4.57%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for JMSI and ZTAX.

Drawdown Indicators

	JMSI	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-4.57%	-15.33%	+10.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-10.47%	+7.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.33%	—
Current Drawdown Current decline from peak	-0.87%	-6.58%	+5.71%
Average Drawdown Average peak-to-trough decline	-0.92%	-6.81%	+5.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	4.22%	-3.36%

Volatility

JMSI vs. ZTAX - Volatility Comparison

The current volatility for J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund (JMSI) is 0.96%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 4.07%. This indicates that JMSI 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

	JMSI	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	4.07%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	2.20%	21.96%	-19.76%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	26.32%	-23.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	26.84%	-23.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	26.84%	-23.11%

JMSI vs. ZTAX - Expense Ratio Comparison

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

Dividends

JMSI vs. ZTAX - Dividend Comparison

JMSI's dividend yield for the trailing twelve months is around 3.65%, less than ZTAX's 4.56% yield.

Position	TTM	2025	2024	2023
JMSI J P Morgan Exchange-Traded Fund Trust - Sustainable Municipal Income Etf Fund	3.65%	3.65%	3.66%	1.79%
ZTAX X-Square Municipal Income Tax Free ETF	4.56%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both JMSI and ZTAX in my portfolio?

JMSI 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.

Which is riskier, JMSI or ZTAX?

ZTAX has higher volatility (4.07%) compared to JMSI (0.96%). In terms of maximum drawdown, JMSI dropped -4.57% vs ZTAX's -15.33%.

Which ETF is better, JMSI or ZTAX?

On 1-year performance, ZTAX leads with 6.21% vs 6.08% for JMSI. On fees, JMSI is cheaper at 0.18% per year. On volatility, JMSI has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMSI or ZTAX?

Over the 1-year period, ZTAX has performed better with a 6.21% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMSI or ZTAX?

JMSI is cheaper with a 0.18% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.56%, compared with 3.65% for JMSI.

What is the main difference between JMSI and ZTAX?

They also come from different issuers: JPMorgan and X-Square. Their fees differ too: 0.18% for JMSI and 1.14% for ZTAX.

Which has better risk-adjusted returns?

JMSI currently has the higher Sharpe Ratio (2.10 vs 0.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.