RJMI vs. ZTAX
RJMI (RJ Eagle Municipal Income ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. Their -0.13 correlation means they have often moved in opposite directions in the past. RJMI charges 0.41%/yr vs 1.14%/yr for ZTAX.
Performance
RJMI vs. ZTAX - Performance Comparison
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Returns By Period
In the year-to-date period, RJMI achieves a -0.24% return, which is significantly lower than ZTAX's 3.71% return.
RJMI
- 1D
- -0.10%
- 1M
- -2.50%
- 6M
- -0.96%
- YTD
- -0.24%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
ZTAX
- 1D
- -0.20%
- 1M
- -0.78%
- 6M
- 3.66%
- YTD
- 3.71%
- 1Y
- 9.54%
- 3Y*
- 5.01%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $339.50K | $231.90K | $200.64K | |
| $9.06K | $122.06K | $76.67K |
RJMI vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RJMI RJ Eagle Municipal Income ETF | -0.24% | 2.68% |
ZTAX X-Square Municipal Income Tax Free ETF | 3.71% | 3.89% |
Correlation
The correlation between RJMI and ZTAX is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | -0.13 |
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Return for Risk
RJMI vs. ZTAX — Risk / Return Rank
RJMI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZTAX
RJMI vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) 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.
| RJMI | ZTAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.10 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.72 | — |
| Martin ratioReturn relative to average drawdown | — | 1.48 | — |
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Drawdowns
RJMI vs. ZTAX - Drawdown Comparison
The maximum RJMI drawdown since its inception was -3.04%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for RJMI and ZTAX.
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Drawdown Indicators
| RJMI | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.04% | -15.33% | +12.29% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.26% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | -2.54% | -8.94% | +6.40% |
Average DrawdownAverage peak-to-trough decline | -0.70% | -6.90% | +6.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.43% | — |
Volatility
RJMI vs. ZTAX - Volatility Comparison
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Volatility by Period
| RJMI | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.77% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 25.70% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.11% | 32.80% | -29.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.11% | 28.70% | -25.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.11% | 28.70% | -25.59% |
RJMI vs. ZTAX - Expense Ratio Comparison
RJMI has a 0.41% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
RJMI vs. ZTAX - Dividend Comparison
RJMI's dividend yield for the trailing twelve months is around 2.60%, less than ZTAX's 4.61% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
RJMI RJ Eagle Municipal Income ETF | 2.60% | 0.61% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.61% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
RJMI and ZTAX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RJMI is cheaper at 0.41% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RJMI is cheaper with a 0.41% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.61%, compared with 2.60% for RJMI.
They also come from different issuers: Carillon Tower Advisers and X-Square. Their fees differ too: 0.41% for RJMI and 1.14% for ZTAX.
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