TAXM vs. ZMUN

Last updated Jun 23, 2026

TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. TAXM is actively managed, while ZMUN is passively managed. At a 0.14 correlation, their price movements are largely independent. TAXM charges 0.35%/yr vs 0.30%/yr for ZMUN.

Performance

TAXM vs. ZMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TAXM achieves a 1.43% return, which is significantly lower than ZMUN's 1.77% return.

TAXM

• 1D: 0.04%
• 1M: 1.26%
• YTD: 1.43%
• 6M: 1.72%
• 1Y: 6.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZMUN

• 1D: -0.03%
• 1M: 0.30%
• YTD: 1.77%
• 6M: 1.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXM vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	1.43%	1.46%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.77%	0.67%

Correlation

The correlation between TAXM and ZMUN is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025	0.14

Return for Risk

TAXM vs. ZMUN — Risk / Return Rank

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

TAXM

TAXM Risk / Return Rank: 68
TAXM Sharpe Ratio Rank: 77
TAXM Sortino Ratio Rank: 82
TAXM Omega Ratio Rank: 85
TAXM Calmar Ratio Rank: 49
TAXM Martin Ratio Rank: 49

ZMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

TAXM vs. ZMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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.

	TAXM	ZMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.36	—	—
Sortino ratio: Return per unit of downside risk	3.46	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	2.32	—	—
Martin ratio: Return relative to average drawdown	7.96	—	—

Drawdowns

TAXM vs. ZMUN - Drawdown Comparison

The maximum TAXM drawdown since its inception was -3.10%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for TAXM and ZMUN.

Drawdown Indicators

	TAXM	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-0.10%	-3.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	—	—
Current Drawdown Current decline from peak	-0.55%	-0.03%	-0.52%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.01%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	—	—

Volatility

Volatility by Period

	TAXM	ZMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.66%	0.54%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.51%	0.54%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.51%	0.54%	+2.97%

TAXM vs. ZMUN - Expense Ratio Comparison

TAXM has a 0.35% expense ratio, which is higher than ZMUN's 0.30% expense ratio.

Dividends

TAXM vs. ZMUN - Dividend Comparison

TAXM's dividend yield for the trailing twelve months is around 3.28%, more than ZMUN's 2.28% yield.

Position	TTM	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.28%	2.75%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Can I hold both TAXM and ZMUN in my portfolio?

TAXM and ZMUN have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXM or ZMUN?

On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAXM or ZMUN?

ZMUN is cheaper with a 0.30% expense ratio, compared with 0.35% for TAXM.

Which ETF pays a higher dividend yield, TAXM or ZMUN?

TAXM has the higher dividend yield at 3.28%, compared with 2.28% for ZMUN.

What is the main difference between TAXM and ZMUN?

They also come from different issuers: BondBloxx and F/m Investments. Their fees differ too: 0.35% for TAXM and 0.30% for ZMUN.