SUB vs. ZTAX

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Short-Term National Muni Bond ETF (SUB) and X-Square Municipal Income Tax Free ETF (ZTAX).

SUB and ZTAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SUB is a passively managed fund by iShares that tracks the performance of the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. It was launched on Nov 5, 2008. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023.

Performance

SUB vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term National Muni Bond ETF (SUB) and X-Square Municipal Income Tax Free ETF (ZTAX). The values are adjusted to include any dividend payments, if applicable.

SUB vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SUB iShares Short-Term National Muni Bond ETF	0.33%	3.64%	2.17%	3.09%
ZTAX X-Square Municipal Income Tax Free ETF	0.90%	-1.02%	7.98%	9.14%

Returns By Period

In the year-to-date period, SUB achieves a 0.33% return, which is significantly lower than ZTAX's 0.90% return.

SUB

• 1D: 0.10%
• 1M: -0.44%
• YTD: 0.33%
• 6M: 1.05%
• 1Y: 3.30%
• 3Y*: 2.79%
• 5Y*: 1.41%
• 10Y*: 1.47%

ZTAX

• 1D: 0.00%
• 1M: 0.80%
• YTD: 0.90%
• 6M: 4.82%
• 1Y: 5.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SUB vs. ZTAX - Expense Ratio Comparison

SUB has a 0.07% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

ZTAX

X-Square Municipal Income Tax Free ETF

SUB

iShares Short-Term National Muni Bond ETF

Return for Risk

SUB vs. ZTAX — Risk / Return Rank

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

SUB

SUB Risk / Return Rank: 90
SUB Sharpe Ratio Rank: 93
SUB Sortino Ratio Rank: 90
SUB Omega Ratio Rank: 97
SUB Calmar Ratio Rank: 87
SUB Martin Ratio Rank: 85

ZTAX

ZTAX Risk / Return Rank: 19
ZTAX Sharpe Ratio Rank: 17
ZTAX Sortino Ratio Rank: 18
ZTAX Omega Ratio Rank: 20
ZTAX Calmar Ratio Rank: 22
ZTAX Martin Ratio Rank: 20

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.

SUB vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) 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.

	SUB	ZTAX	Difference
Sharpe ratio Return per unit of total volatility	2.21	0.21	+2.00
Sortino ratio Return per unit of downside risk	2.66	0.49	+2.17
Omega ratio Gain probability vs. loss probability	1.60	1.08	+0.52
Calmar ratio Return relative to maximum drawdown	2.81	0.52	+2.29
Martin ratio Return relative to average drawdown	10.21	1.39	+8.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUB vs. ZTAX - Sharpe Ratio Comparison

The current SUB Sharpe Ratio is 2.21, which is higher than the ZTAX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of SUB and ZTAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SUB	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	0.21	+2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.22	+0.20

Correlation

The correlation between SUB and ZTAX is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SUB vs. ZTAX - Dividend Comparison

SUB's dividend yield for the trailing twelve months is around 2.48%, less than ZTAX's 4.52% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SUB iShares Short-Term National Muni Bond ETF	2.48%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%
ZTAX X-Square Municipal Income Tax Free ETF	4.52%	4.58%	4.55%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SUB vs. ZTAX - Drawdown Comparison

The maximum SUB drawdown since its inception was -9.46%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for SUB and ZTAX.

Drawdown Indicators

	SUB	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-9.46%	-15.33%	+5.87%
Max Drawdown (1Y) Largest decline over 1 year	-1.23%	-10.47%	+9.24%
Max Drawdown (5Y) Largest decline over 5 years	-4.35%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.46%	—	—
Current Drawdown Current decline from peak	-0.56%	-5.92%	+5.36%
Average Drawdown Average peak-to-trough decline	-0.92%	-6.87%	+5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	3.92%	-3.58%

Volatility

SUB vs. ZTAX - Volatility Comparison

The current volatility for iShares Short-Term National Muni Bond ETF (SUB) is 0.52%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 9.47%. This indicates that SUB 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.

Volatility by Period

	SUB	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	9.47%	-8.95%
Volatility (6M) Calculated over the trailing 6-month period	0.81%	24.05%	-23.24%
Volatility (1Y) Calculated over the trailing 1-year period	1.51%	25.93%	-24.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	27.25%	-25.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.59%	27.25%	-24.66%