MBNE vs. ZTAX

Last updated Jun 6, 2026

MBNE (SPDR Nuveen Municipal Bond ESG ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, MBNE returned 2.92%/yr vs 4.56%/yr for ZTAX. At a 0.07 correlation, their price movements are largely independent. MBNE charges 0.43%/yr vs 1.14%/yr for ZTAX.

Performance

MBNE vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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, MBNE achieves a 0.84% return, which is significantly higher than ZTAX's 0.20% return.

MBNE

• 1D: 0.00%
• 1M: -0.15%
• YTD: 0.84%
• 6M: 0.73%
• 1Y: 4.72%
• 3Y*: 2.92%
• 5Y*: —
• 10Y*: —

ZTAX

• 1D: 0.00%
• 1M: -2.47%
• YTD: 0.20%
• 6M: 5.42%
• 1Y: 6.43%
• 3Y*: 4.56%
• 5Y*: —
• 10Y*: —

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

MBNE vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MBNE SPDR Nuveen Municipal Bond ESG ETF	0.84%	2.45%	1.27%	4.60%
ZTAX X-Square Municipal Income Tax Free ETF	0.20%	-1.02%	7.98%	9.14%

Correlation

The correlation between MBNE and ZTAX is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since May 22, 2023	0.07

The correlation between MBNE and ZTAX shifts across timeframes, from -0.15 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MBNE vs. ZTAX — Risk / Return Rank

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

MBNE

MBNE Risk / Return Rank: 53
MBNE Sharpe Ratio Rank: 53
MBNE Sortino Ratio Rank: 52
MBNE Omega Ratio Rank: 64
MBNE Calmar Ratio Rank: 51
MBNE Martin Ratio Rank: 47

ZTAX

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

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.

MBNE vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ESG ETF (MBNE) 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.

	MBNE	ZTAX	Difference
Sharpe ratio: Return per unit of total volatility	1.68	0.25	+1.43
Sortino ratio: Return per unit of downside risk	2.34	0.54	+1.80
Omega ratio: Gain probability vs. loss probability	1.36	1.09	+0.27
Calmar ratio: Return relative to maximum drawdown	2.35	0.62	+1.73
Martin ratio: Return relative to average drawdown	7.17	1.52	+5.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBNE vs. ZTAX - Sharpe Ratio Comparison

The current MBNE Sharpe Ratio is 1.68, which is higher than the ZTAX Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of MBNE 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

	MBNE	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.68	0.25	+1.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.20	+0.43

Drawdowns

MBNE vs. ZTAX - Drawdown Comparison

The maximum MBNE drawdown since its inception was -6.19%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for MBNE and ZTAX.

Drawdown Indicators

	MBNE	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.19%	-15.33%	+9.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-10.47%	+8.45%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	-15.33%	+10.35%
Current Drawdown Current decline from peak	-1.04%	-6.58%	+5.54%
Average Drawdown Average peak-to-trough decline	-1.41%	-6.81%	+5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	4.25%	-3.59%

Volatility

MBNE vs. ZTAX - Volatility Comparison

The current volatility for SPDR Nuveen Municipal Bond ESG ETF (MBNE) is 0.25%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 3.97%. This indicates that MBNE 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

	MBNE	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	3.97%	-3.72%
Volatility (6M) Calculated over the trailing 6-month period	1.95%	21.51%	-19.56%
Volatility (1Y) Calculated over the trailing 1-year period	2.83%	26.30%	-23.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.69%	26.81%	-23.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.69%	26.81%	-23.12%

MBNE vs. ZTAX - Expense Ratio Comparison

MBNE has a 0.43% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

Dividends

MBNE vs. ZTAX - Dividend Comparison

MBNE's dividend yield for the trailing twelve months is around 3.15%, less than ZTAX's 4.56% yield.

Position	TTM	2025	2024	2023	2022
MBNE SPDR Nuveen Municipal Bond ESG ETF	3.15%	3.63%	3.32%	3.01%	1.81%
ZTAX X-Square Municipal Income Tax Free ETF	4.56%	4.58%	4.55%	2.14%	0.00%

Frequently Asked Questions

Can I hold both MBNE and ZTAX in my portfolio?

MBNE and ZTAX have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBNE or ZTAX?

ZTAX has higher volatility (3.97%) compared to MBNE (0.25%). In terms of maximum drawdown, MBNE dropped -6.19% vs ZTAX's -15.33%.

Which ETF is better, MBNE or ZTAX?

On 3-year performance, ZTAX leads with 4.56% vs 2.92% for MBNE. On fees, MBNE is cheaper at 0.43% per year. On volatility, MBNE has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MBNE or ZTAX?

Over the 3-year period, ZTAX has performed better with a 4.56% return vs 2.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MBNE or ZTAX?

MBNE is cheaper with a 0.43% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.56%, compared with 3.15% for MBNE.

What is the main difference between MBNE and ZTAX?

They also come from different issuers: State Street and X-Square. Their fees differ too: 0.43% for MBNE and 1.14% for ZTAX.

Which has better risk-adjusted returns?

MBNE currently has the higher Sharpe Ratio (1.68 vs 0.25), 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.