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. At a correlation of -0.11, they often move in opposite directions. RJMI charges 0.41%/yr vs 1.14%/yr for ZTAX.
Performance
RJMI vs. ZTAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RJMI achieves a 1.72% return, which is significantly higher than ZTAX's 0.20% return.
RJMI
- 1D
- 0.08%
- 1M
- 0.91%
- YTD
- 1.72%
- 6M
- 2.45%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX
- 1D
- 0.00%
- 1M
- -1.71%
- YTD
- 0.20%
- 6M
- 5.42%
- 1Y
- 5.15%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
RJMI vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RJMI RJ Eagle Municipal Income ETF | 1.72% | 2.82% |
ZTAX X-Square Municipal Income Tax Free ETF | 0.20% | 3.66% |
Correlation
The correlation between RJMI and ZTAX is -0.11, 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 3, 2025 | -0.11 |
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
RJMI vs. ZTAX — Risk / Return Rank
RJMI
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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
Loading charts...
Sharpe Ratios by Period
| RJMI | ZTAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.20 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.27 | 0.20 | +2.08 |
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.
Loading charts...
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 | — | -10.47% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | -0.52% | -6.58% | +6.06% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -6.81% | +6.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.23% | — |
Volatility
RJMI vs. ZTAX - Volatility Comparison
Loading charts...
Volatility by Period
| RJMI | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.07% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 21.51% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.07% | 26.32% | -23.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.07% | 26.83% | -23.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.07% | 26.83% | -23.76% |
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 1.95%, less than ZTAX's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
RJMI RJ Eagle Municipal Income ETF | 1.95% | 0.61% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.56% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
RJMI and ZTAX have a correlation of -0.11, 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 4.56%, compared with 1.95% 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.
Find the right allocation for RJMI 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