MLN vs. ZTAX
MLN (VanEck Long Muni ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. MLN is passively managed, while ZTAX is actively managed. Over the past 3 years, MLN returned 3.45%/yr vs 4.78%/yr for ZTAX. At a 0.06 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 1.14%/yr for ZTAX.
Performance
MLN vs. ZTAX - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 2.53% return, which is significantly lower than ZTAX's 3.16% return.
MLN
- 1D
- 0.00%
- 1M
- 2.41%
- YTD
- 2.53%
- 6M
- 2.00%
- 1Y
- 8.68%
- 3Y*
- 3.45%
- 5Y*
- -0.94%
- 10Y*
- 1.37%
ZTAX
- 1D
- 0.00%
- 1M
- 2.70%
- YTD
- 3.16%
- 6M
- -1.79%
- 1Y
- 7.61%
- 3Y*
- 4.78%
- 5Y*
- —
- 10Y*
- —
MLN vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MLN VanEck Long Muni ETF | 2.53% | 1.82% | 1.54% | 5.47% |
ZTAX X-Square Municipal Income Tax Free ETF | 3.16% | -1.02% | 7.98% | 3.74% |
Correlation
The correlation between MLN and ZTAX is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since May 19, 2023 | 0.06 |
The correlation between MLN and ZTAX shifts across timeframes, from -0.05 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. ZTAX — Risk / Return Rank
MLN
ZTAX
MLN vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | ZTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.73 | ||
| Sortino ratioReturn per unit of downside risk | +2.36 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.10 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 0.70 | +2.71 |
| Martin ratioReturn relative to average drawdown | 11.19 | 1.69 | +9.51 |
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Drawdowns
MLN vs. ZTAX - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, which is greater than ZTAX's maximum drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for MLN and ZTAX.
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Drawdown Indicators
| MLN | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -15.33% | -13.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -10.99% | +8.43% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -15.33% | +5.49% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | — | — |
Current DrawdownCurrent decline from peak | -6.02% | -9.42% | +3.40% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -6.82% | +1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 4.52% | -3.74% |
Volatility
MLN vs. ZTAX - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.29%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 19.58%. This indicates that MLN 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.
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Volatility by Period
| MLN | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 19.58% | -18.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.24% | 28.24% | -25.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.42% | 32.31% | -27.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.32% | 28.90% | -21.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 28.90% | -20.02% |
MLN vs. ZTAX - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
MLN vs. ZTAX - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.69%, less than ZTAX's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.69% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.43% | 4.58% | 4.55% | 2.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MLN and ZTAX have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZTAX has higher volatility (19.58%) compared to MLN (1.29%). In terms of maximum drawdown, MLN dropped -28.36% vs ZTAX's -15.33%.
On 3-year performance, ZTAX leads with 4.78% vs 3.45% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZTAX has performed better with a 4.78% return vs 3.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN is cheaper with a 0.24% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.43%, compared with 3.69% for MLN.
They also come from different issuers: VanEck and X-Square. Their fees differ too: 0.24% for MLN and 1.14% for ZTAX.
MLN currently has the higher Sharpe Ratio (1.97 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.
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