TAXX vs. ZTAX

Last updated Apr 2, 2026

Compare and contrast key facts about Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) and X-Square Municipal Income Tax Free ETF (ZTAX).

TAXX and ZTAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TAXX is an actively managed fund by BondBloxx. It was launched on Mar 14, 2024. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023.

Performance

TAXX vs. ZTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) and X-Square Municipal Income Tax Free ETF (ZTAX). The values are adjusted to include any dividend payments, if applicable.

TAXX vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	0.43%	4.52%	3.51%
ZTAX X-Square Municipal Income Tax Free ETF	0.90%	-1.02%	3.43%

Returns By Period

In the year-to-date period, TAXX achieves a 0.43% return, which is significantly lower than ZTAX's 0.90% return.

TAXX

• 1D: 0.09%
• 1M: -0.60%
• YTD: 0.43%
• 6M: 1.20%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

TAXX vs. ZTAX - Expense Ratio Comparison

TAXX has a 0.35% expense ratio, which is lower than ZTAX's 1.14% expense ratio.

ZTAX

X-Square Municipal Income Tax Free ETF

TAXX

Bondbloxx IR+M Tax-Aware Short Duration ETF

Return for Risk

TAXX vs. ZTAX — Risk / Return Rank

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

TAXX

TAXX Risk / Return Rank: 93
TAXX Sharpe Ratio Rank: 89
TAXX Sortino Ratio Rank: 92
TAXX Omega Ratio Rank: 96
TAXX Calmar Ratio Rank: 95
TAXX Martin Ratio Rank: 92

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.

TAXX vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) 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.

	TAXX	ZTAX	Difference
Sharpe ratio Return per unit of total volatility	2.00	0.21	+1.79
Sortino ratio Return per unit of downside risk	2.77	0.49	+2.28
Omega ratio Gain probability vs. loss probability	1.51	1.08	+0.43
Calmar ratio Return relative to maximum drawdown	4.33	0.52	+3.81
Martin ratio Return relative to average drawdown	13.71	1.39	+12.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TAXX vs. ZTAX - Sharpe Ratio Comparison

The current TAXX Sharpe Ratio is 2.00, which is higher than the ZTAX Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of TAXX 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

	TAXX	ZTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	0.21	+1.79
Sharpe Ratio (All Time) Calculated using the full available price history	2.56	0.22	+2.35

Correlation

The correlation between TAXX and ZTAX is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TAXX vs. ZTAX - Dividend Comparison

TAXX's dividend yield for the trailing twelve months is around 3.62%, less than ZTAX's 4.52% yield.

	TTM	2025	2024	2023
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	3.62%	3.72%	2.70%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.52%	4.58%	4.55%	2.14%

Drawdowns

TAXX vs. ZTAX - Drawdown Comparison

The maximum TAXX drawdown since its inception was -0.91%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for TAXX and ZTAX.

Drawdown Indicators

	TAXX	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-0.91%	-15.33%	+14.42%
Max Drawdown (1Y) Largest decline over 1 year	-0.91%	-10.47%	+9.56%
Current Drawdown Current decline from peak	-0.64%	-5.92%	+5.28%
Average Drawdown Average peak-to-trough decline	-0.15%	-6.87%	+6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	3.92%	-3.63%

Volatility

TAXX vs. ZTAX - Volatility Comparison

The current volatility for Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) is 0.43%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 9.47%. This indicates that TAXX 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

	TAXX	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	9.47%	-9.04%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	24.05%	-23.16%
Volatility (1Y) Calculated over the trailing 1-year period	1.91%	25.93%	-24.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.62%	27.25%	-25.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.62%	27.25%	-25.63%