MUNC vs. ZTAX
MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. At a correlation of -0.08, they often move in opposite directions. MUNC charges 0.18%/yr vs 1.14%/yr for ZTAX.
Performance
MUNC vs. ZTAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MUNC achieves a 1.32% return, which is significantly lower than ZTAX's 4.33% return.
MUNC
- 1D
- 0.06%
- 1M
- 0.92%
- YTD
- 1.32%
- 6M
- 1.54%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX
- 1D
- 2.63%
- 1M
- 3.87%
- YTD
- 4.33%
- 6M
- 3.53%
- 1Y
- 8.62%
- 3Y*
- 5.18%
- 5Y*
- —
- 10Y*
- —
MUNC vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF | 1.32% | 3.78% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.33% | 3.60% |
Correlation
The correlation between MUNC and ZTAX is -0.08, 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 (All Time) Calculated using the full available price history since Aug 19, 2025 | -0.08 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MUNC vs. ZTAX — Risk / Return Rank
MUNC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZTAX
MUNC vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) 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.
| MUNC | ZTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.11 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.79 | — |
| Martin ratioReturn relative to average drawdown | — | 1.86 | — |
Loading charts...
Drawdowns
MUNC vs. ZTAX - Drawdown Comparison
The maximum MUNC drawdown since its inception was -3.17%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for MUNC and ZTAX.
Loading charts...
Drawdown Indicators
| MUNC | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.17% | -15.33% | +12.16% |
Max Drawdown (1Y)Largest decline over 1 year | — | -10.99% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | -0.97% | -8.39% | +7.42% |
Average DrawdownAverage peak-to-trough decline | -0.71% | -6.83% | +6.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.65% | — |
Volatility
MUNC vs. ZTAX - Volatility Comparison
Loading charts...
Volatility by Period
| MUNC | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.81% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 27.64% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.63% | 32.42% | -29.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.63% | 28.90% | -26.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.63% | 28.90% | -26.27% |
MUNC vs. ZTAX - Expense Ratio Comparison
MUNC has a 0.18% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
MUNC vs. ZTAX - Dividend Comparison
MUNC's dividend yield for the trailing twelve months is around 2.50%, less than ZTAX's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF | 2.50% | 1.15% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.38% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
MUNC and ZTAX have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MUNC is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MUNC is cheaper with a 0.18% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.38%, compared with 2.50% for MUNC.
They also come from different issuers: Northern Trust and X-Square. Their fees differ too: 0.18% for MUNC and 1.14% for ZTAX.
Find the right allocation for MUNC and ZTAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer