MUNX vs. ZTAX

Last updated Jun 27, 2026

MUNX (AMG GW&K Muni Income ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. At a correlation of -0.15, they often move in opposite directions. MUNX charges 0.29%/yr vs 1.14%/yr for ZTAX.

Performance

MUNX vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Muni Income ETF (MUNX) 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, MUNX achieves a 2.44% return, which is significantly lower than ZTAX's 4.33% return.

MUNX

• 1D: 0.05%
• 1M: 0.94%
• YTD: 2.44%
• 6M: 2.62%
• 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*: —

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

MUNX vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025
MUNX AMG GW&K Muni Income ETF	2.44%	0.49%
ZTAX X-Square Municipal Income Tax Free ETF	4.33%	-3.70%

Correlation

The correlation between MUNX 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 (All Time) Calculated using the full available price history since Oct 30, 2025	-0.15

Return for Risk

MUNX vs. ZTAX — Risk / Return Rank

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

MUNX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ZTAX

ZTAX Risk / Return Rank: 16
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 17
ZTAX Calmar Ratio Rank: 19
ZTAX Martin Ratio Rank: 18

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.

MUNX vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Muni Income ETF (MUNX) 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.

	MUNX	ZTAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.27	—
Sortino ratio: Return per unit of downside risk	—	0.62	—
Omega ratio: Gain probability vs. loss probability	—	1.11	—
Calmar ratio: Return relative to maximum drawdown	—	0.79	—
Martin ratio: Return relative to average drawdown	—	1.86	—

Drawdowns

MUNX vs. ZTAX - Drawdown Comparison

The maximum MUNX drawdown since its inception was -2.95%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for MUNX and ZTAX.

Drawdown Indicators

	MUNX	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-15.33%	+12.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.99%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.33%	—
Current Drawdown Current decline from peak	0.00%	-8.39%	+8.39%
Average Drawdown Average peak-to-trough decline	-0.60%	-6.83%	+6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.65%	—

Volatility

Volatility by Period

	MUNX	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	3.41%	32.42%	-29.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.41%	28.90%	-25.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.41%	28.90%	-25.49%

MUNX vs. ZTAX - Expense Ratio Comparison

MUNX has a 0.29% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

Dividends

MUNX vs. ZTAX - Dividend Comparison

MUNX's dividend yield for the trailing twelve months is around 1.94%, less than ZTAX's 4.38% yield.

Position	TTM	2025	2024	2023
MUNX AMG GW&K Muni Income ETF	1.94%	0.55%	0.00%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.38%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both MUNX and ZTAX in my portfolio?

MUNX 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 ETF is better, MUNX or ZTAX?

On fees, MUNX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNX or ZTAX?

MUNX is cheaper with a 0.29% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.38%, compared with 1.94% for MUNX.

What is the main difference between MUNX and ZTAX?

They also come from different issuers: AMG and X-Square. Their fees differ too: 0.29% for MUNX and 1.14% for ZTAX.