MUB vs. ZTAX
Compare and contrast key facts about iShares National AMT-Free Muni Bond ETF (MUB) and X-Square Municipal Income Tax Free ETF (ZTAX).
MUB and ZTAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023.
Performance
MUB vs. ZTAX - Performance Comparison
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MUB vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | -0.37% | 3.78% | 1.26% | 4.42% |
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
Returns By Period
In the year-to-date period, MUB achieves a -0.37% return, which is significantly lower than ZTAX's 0.90% return.
MUB
- 1D
- 0.19%
- 1M
- -2.28%
- YTD
- -0.37%
- 6M
- 1.28%
- 1Y
- 3.94%
- 3Y*
- 2.53%
- 5Y*
- 0.79%
- 10Y*
- 1.96%
ZTAX
- 1D
- -2.16%
- 1M
- 1.00%
- YTD
- 0.90%
- 6M
- 4.68%
- 1Y
- 5.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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MUB vs. ZTAX - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Return for Risk
MUB vs. ZTAX — Risk / Return Rank
MUB
ZTAX
MUB vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) 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.
| MUB | ZTAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 0.21 | +0.75 |
Sortino ratioReturn per unit of downside risk | 1.25 | 0.49 | +0.76 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.08 | +0.13 |
Calmar ratioReturn relative to maximum drawdown | 1.27 | 0.43 | +0.84 |
Martin ratioReturn relative to average drawdown | 4.07 | 1.15 | +2.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MUB | ZTAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 0.21 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.22 | +0.35 |
Correlation
The correlation between MUB and ZTAX is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MUB vs. ZTAX - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.19%, less than ZTAX's 4.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.19% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.52% | 4.58% | 4.55% | 2.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MUB vs. ZTAX - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for MUB and ZTAX.
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Drawdown Indicators
| MUB | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -15.33% | +1.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -10.47% | +7.17% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | — | — |
Current DrawdownCurrent decline from peak | -2.28% | -5.92% | +3.64% |
Average DrawdownAverage peak-to-trough decline | -2.24% | -6.88% | +4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 3.91% | -2.88% |
Volatility
MUB vs. ZTAX - Volatility Comparison
The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 1.53%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 9.50%. This indicates that MUB 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
| MUB | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 9.50% | -7.97% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 24.09% | -22.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 25.95% | -21.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.04% | 27.27% | -23.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.91% | 27.27% | -22.36% |