TAXI vs. ZTAX
TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. TAXI is passively managed, while ZTAX is actively managed. At a correlation of -0.12, they often move in opposite directions. TAXI charges 0.05%/yr vs 1.14%/yr for ZTAX.
Performance
TAXI vs. ZTAX - Performance Comparison
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Returns By Period
In the year-to-date period, TAXI achieves a 1.25% return, which is significantly lower than ZTAX's 4.53% return.
TAXI
- 1D
- 0.05%
- 1M
- 0.25%
- 6M
- 1.12%
- YTD
- 1.25%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX
- 1D
- 0.19%
- 1M
- 4.32%
- 6M
- 2.14%
- YTD
- 4.53%
- 1Y
- 8.18%
- 3Y*
- 5.48%
- 5Y*
- —
- 10Y*
- —
TAXI vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 1.25% | 3.35% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.53% | 3.60% |
Correlation
The correlation between TAXI and ZTAX is -0.12, 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 Aug 19, 2025 | -0.12 |
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Return for Risk
TAXI vs. ZTAX — Risk / Return Rank
TAXI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ZTAX
TAXI vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI) 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.
| TAXI | 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 | — | 0.74 | — |
| Martin ratioReturn relative to average drawdown | — | 1.70 | — |
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Drawdowns
TAXI vs. ZTAX - Drawdown Comparison
The maximum TAXI drawdown since its inception was -2.23%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for TAXI and ZTAX.
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Drawdown Indicators
| TAXI | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.23% | -15.33% | +13.10% |
Max Drawdown (1Y)Largest decline over 1 year | — | -10.99% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.33% | — |
Current DrawdownCurrent decline from peak | -0.49% | -8.22% | +7.73% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -6.84% | +6.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 4.77% | — |
Volatility
TAXI vs. ZTAX - Volatility Comparison
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Volatility by Period
| TAXI | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.80% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 26.69% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.86% | 32.42% | -30.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.86% | 28.83% | -26.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.86% | 28.83% | -26.97% |
TAXI vs. ZTAX - Expense Ratio Comparison
TAXI has a 0.05% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Dividends
TAXI vs. ZTAX - Dividend Comparison
TAXI's dividend yield for the trailing twelve months is around 2.22%, less than ZTAX's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.22% | 0.85% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.58% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
TAXI and ZTAX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXI is cheaper with a 0.05% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.58%, compared with 2.22% for TAXI.
They also come from different issuers: Northern Trust and X-Square. Their fees differ too: 0.05% for TAXI and 1.14% for ZTAX.
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