NYF vs. ZTAX
NYF (iShares New York Muni Bond ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. NYF is passively managed, while ZTAX is actively managed. Over the past 3 years, NYF returned 3.02%/yr vs 4.91%/yr for ZTAX. Their 0.03 correlation means their historical movements had little consistent relationship. NYF charges 0.09%/yr vs 1.14%/yr for ZTAX.
Performance
NYF vs. ZTAX - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 0.64% return, which is significantly lower than ZTAX's 3.08% return.
NYF
- 1D
- 0.25%
- 1M
- -1.56%
- 6M
- -0.13%
- YTD
- 0.64%
- 1Y
- 4.71%
- 3Y*
- 3.02%
- 5Y*
- 0.53%
- 10Y*
- 1.64%
- ALL TIME*
- 3.06%
ZTAX
- 1D
- 0.18%
- 1M
- -1.39%
- 6M
- 2.05%
- YTD
- 3.08%
- 1Y
- 6.84%
- 3Y*
- 4.91%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $9.91M | $8.04M | $7.81M | |
| $10.32K | $116.40K | $78.12K |
NYF vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 0.64% | 3.64% | 1.13% | 3.92% |
ZTAX X-Square Municipal Income Tax Free ETF | 3.08% | -1.02% | 7.98% | 3.74% |
Correlation
The correlation between NYF and ZTAX is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 19, 2023 | 0.03 |
The correlation between NYF and ZTAX shifts across timeframes, from -0.10 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NYF vs. ZTAX — Risk / Return Rank
NYF
ZTAX
NYF vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.
| NYF | ZTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.09 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 0.61 | +1.10 |
| Martin ratioReturn relative to average drawdown | 5.58 | 1.25 | +4.34 |
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Drawdowns
NYF vs. ZTAX - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for NYF and ZTAX.
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Drawdown Indicators
| NYF | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -15.33% | +2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -11.26% | +8.50% |
Max Drawdown (3Y)Largest decline over 3 years | -4.62% | -15.33% | +10.71% |
Max Drawdown (5Y)Largest decline over 5 years | -12.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | — | — |
Current DrawdownCurrent decline from peak | -1.56% | -9.49% | +7.93% |
Average DrawdownAverage peak-to-trough decline | -2.29% | -6.91% | +4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 5.50% | -4.66% |
Volatility
NYF vs. ZTAX - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.87%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 6.81%. This indicates that NYF 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
| NYF | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 6.81% | -5.94% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 25.40% | -23.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 32.78% | -30.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 28.67% | -24.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 28.67% | -24.19% |
NYF vs. ZTAX - Expense Ratio Comparison
NYF has a 0.09% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
NYF vs. ZTAX - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.16%, less than ZTAX's 4.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.16% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.64% | 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
NYF and ZTAX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZTAX has higher volatility (6.81%) compared to NYF (0.87%). In terms of maximum drawdown, NYF dropped -13.12% vs ZTAX's -15.33%.
On 3-year performance, ZTAX leads with 4.91% vs 3.02% for NYF. On fees, NYF is cheaper at 0.09% per year. On volatility, NYF has been the lower-risk option at 0.87%. 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 4.91% return vs 3.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.09% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.64%, compared with 3.16% for NYF.
They also come from different issuers: iShares and X-Square. Their fees differ too: 0.09% for NYF and 1.14% for ZTAX.
NYF currently has the higher Sharpe Ratio (1.72 vs 0.21), 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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