MANJX vs. ETFOX

Last updated Jun 25, 2026

MANJX (BlackRock New Jersey Municipal Bond Fund) and ETFOX (North Square Tactical Growth Fund) are both mutual funds - MANJX is a Municipal Bonds fund managed by BlackRock, while ETFOX is a Tactical Allocation fund managed by Stadion Funds. Over the past 10 years, MANJX returned 2.35%/yr vs 9.78%/yr for ETFOX. At a correlation of -0.07, they often move in opposite directions. MANJX charges 0.52%/yr vs 1.30%/yr for ETFOX.

Performance

MANJX vs. ETFOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock New Jersey Municipal Bond Fund (MANJX) and North Square Tactical Growth Fund (ETFOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MANJX achieves a 2.06% return, which is significantly lower than ETFOX's 6.97% return. Over the past 10 years, MANJX has underperformed ETFOX with an annualized return of 2.35%, while ETFOX has yielded a comparatively higher 9.78% annualized return.

MANJX

• 1D: 0.00%
• 1M: 1.70%
• YTD: 2.06%
• 6M: 2.48%
• 1Y: 7.61%
• 3Y*: 4.39%
• 5Y*: 1.14%
• 10Y*: 2.35%

ETFOX

• 1D: -1.43%
• 1M: -0.46%
• YTD: 6.97%
• 6M: 5.68%
• 1Y: 17.95%
• 3Y*: 14.76%
• 5Y*: 7.87%
• 10Y*: 9.78%

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

MANJX vs. ETFOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MANJX BlackRock New Jersey Municipal Bond Fund	2.06%	5.21%	2.07%	7.33%	-10.91%	3.03%	4.62%	7.71%	1.18%	7.11%
ETFOX North Square Tactical Growth Fund	6.97%	14.69%	15.45%	16.55%	-14.19%	12.43%	15.74%	15.00%	-4.12%	12.23%

Correlation

The correlation between MANJX and ETFOX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 23, 2004	-0.07

The correlation between MANJX and ETFOX shifts across timeframes, from -0.07 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MANJX vs. ETFOX — Risk / Return Rank

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

MANJX

MANJX Risk / Return Rank: 75
MANJX Sharpe Ratio Rank: 88
MANJX Sortino Ratio Rank: 90
MANJX Omega Ratio Rank: 93
MANJX Calmar Ratio Rank: 54
MANJX Martin Ratio Rank: 51

ETFOX

ETFOX Risk / Return Rank: 45
ETFOX Sharpe Ratio Rank: 45
ETFOX Sortino Ratio Rank: 42
ETFOX Omega Ratio Rank: 42
ETFOX Calmar Ratio Rank: 44
ETFOX Martin Ratio Rank: 51

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.

MANJX vs. ETFOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock New Jersey Municipal Bond Fund (MANJX) and North Square Tactical Growth Fund (ETFOX). 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.

	MANJX	ETFOX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.77	+0.80
Sortino ratio: Return per unit of downside risk	3.93	2.45	+1.48
Omega ratio: Gain probability vs. loss probability	1.65	1.32	+0.34
Calmar ratio: Return relative to maximum drawdown	2.56	2.34	+0.21
Martin ratio: Return relative to average drawdown	9.31	9.68	-0.37

MANJX vs. ETFOX - Sharpe Ratio Comparison

The current MANJX Sharpe Ratio is 2.57, which is higher than the ETFOX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of MANJX and ETFOX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MANJX vs. ETFOX - Drawdown Comparison

The maximum MANJX drawdown since its inception was -15.76%, smaller than the maximum ETFOX drawdown of -41.32%. Use the drawdown chart below to compare losses from any high point for MANJX and ETFOX.

Drawdown Indicators

	MANJX	ETFOX	Difference
Max Drawdown Largest peak-to-trough decline	-15.76%	-41.32%	+25.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-8.15%	+5.16%
Max Drawdown (3Y) Largest decline over 3 years	-5.96%	-14.63%	+8.67%
Max Drawdown (5Y) Largest decline over 5 years	-15.76%	-17.86%	+2.10%
Max Drawdown (10Y) Largest decline over 10 years	-15.76%	-18.47%	+2.71%
Current Drawdown Current decline from peak	-0.12%	-2.27%	+2.15%
Average Drawdown Average peak-to-trough decline	-2.21%	-5.42%	+3.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.97%	-1.15%

Volatility

MANJX vs. ETFOX - Volatility Comparison

The current volatility for BlackRock New Jersey Municipal Bond Fund (MANJX) is 0.80%, while North Square Tactical Growth Fund (ETFOX) has a volatility of 4.31%. This indicates that MANJX experiences smaller price fluctuations and is considered to be less risky than ETFOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MANJX	ETFOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.80%	4.31%	-3.51%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	8.53%	-6.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.97%	10.79%	-7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	12.52%	-7.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.75%	12.43%	-7.68%

MANJX vs. ETFOX - Expense Ratio Comparison

MANJX has a 0.52% expense ratio, which is lower than ETFOX's 1.30% expense ratio.

Dividends

MANJX vs. ETFOX - Dividend Comparison

MANJX's dividend yield for the trailing twelve months is around 3.71%, more than ETFOX's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETFOX North Square Tactical Growth Fund	1.21%	1.29%	2.36%	0.98%	7.75%	4.75%	0.02%	4.81%	2.65%	0.00%	0.20%	0.64%
MANJX BlackRock New Jersey Municipal Bond Fund	3.71%	4.90%	4.20%	3.18%	2.44%	2.73%	3.12%	3.53%	3.71%	3.54%	3.59%	3.29%

Frequently Asked Questions

Can I hold both MANJX and ETFOX in my portfolio?

MANJX and ETFOX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MANJX or ETFOX?

ETFOX has higher volatility (4.31%) compared to MANJX (0.80%). In terms of maximum drawdown, MANJX dropped -15.76% vs ETFOX's -41.32%.

Which has better risk-adjusted returns?

MANJX currently has the higher Sharpe Ratio (2.57 vs 1.77), 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.