TXXI vs. ZTAX

Last updated Jul 16, 2026

TXXI (BondBloxx IR+M Tax-Aware Intermediate Duration ETF) and ZTAX (X-Square Municipal Income Tax Free ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, TXXI returned 6.36% vs 7.35% for ZTAX. At a correlation of -0.05, they often move in opposite directions. TXXI charges 0.35%/yr vs 1.14%/yr for ZTAX.

Performance

TXXI vs. ZTAX - Performance Comparison

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

Returns By Period

In the year-to-date period, TXXI achieves a 1.43% return, which is significantly lower than ZTAX's 2.37% return.

TXXI

• 1D: -0.11%
• 1M: -0.16%
• 6M: 0.95%
• YTD: 1.43%
• 1Y: 6.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTAX

• 1D: -0.35%
• 1M: -2.81%
• 6M: 2.13%
• YTD: 2.37%
• 1Y: 7.35%
• 3Y*: 5.62%
• 5Y*: —
• 10Y*: —

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

TXXI vs. ZTAX - Yearly Performance Comparison

	2026 (YTD)	2025
TXXI BondBloxx IR+M Tax-Aware Intermediate Duration ETF	1.43%	4.51%
ZTAX X-Square Municipal Income Tax Free ETF	2.37%	2.81%

Correlation

The correlation between TXXI and ZTAX is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Mar 13, 2025	-0.05

Return for Risk

TXXI vs. ZTAX — Risk / Return Rank

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

TXXI

TXXI Risk / Return Rank: 72
TXXI Sharpe Ratio Rank: 87
TXXI Sortino Ratio Rank: 86
TXXI Omega Ratio Rank: 91
TXXI Calmar Ratio Rank: 50
TXXI Martin Ratio Rank: 48

ZTAX

ZTAX Risk / Return Rank: 16
ZTAX Sharpe Ratio Rank: 13
ZTAX Sortino Ratio Rank: 14
ZTAX Omega Ratio Rank: 17
ZTAX Calmar Ratio Rank: 19
ZTAX Martin Ratio Rank: 17

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.

TXXI vs. ZTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI) 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.

	TXXI	ZTAX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	0.23	+2.02
Sortino ratio: Return per unit of downside risk	3.14	0.56	+2.58
Omega ratio: Gain probability vs. loss probability	1.48	1.10	+0.39
Calmar ratio: Return relative to maximum drawdown	2.07	0.66	+1.42
Martin ratio: Return relative to average drawdown	6.64	1.47	+5.17

TXXI vs. ZTAX - Sharpe Ratio Comparison

The current TXXI Sharpe Ratio is 2.25, which is higher than the ZTAX Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of TXXI and ZTAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TXXI vs. ZTAX - Drawdown Comparison

The maximum TXXI drawdown since its inception was -3.08%, smaller than the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for TXXI and ZTAX.

Drawdown Indicators

	TXXI	ZTAX	Difference
Max Drawdown Largest peak-to-trough decline	-3.08%	-15.33%	+12.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-11.26%	+8.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.33%	—
Current Drawdown Current decline from peak	-0.89%	-10.12%	+9.23%
Average Drawdown Average peak-to-trough decline	-0.71%	-6.86%	+6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	5.02%	-4.06%

Volatility

TXXI vs. ZTAX - Volatility Comparison

The current volatility for BondBloxx IR+M Tax-Aware Intermediate Duration ETF (TXXI) is 0.67%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 14.37%. This indicates that TXXI 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

	TXXI	ZTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	14.37%	-13.70%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	26.91%	-24.62%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	32.74%	-29.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.37%	28.82%	-25.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.37%	28.82%	-25.45%

TXXI vs. ZTAX - Expense Ratio Comparison

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

Dividends

TXXI vs. ZTAX - Dividend Comparison

TXXI's dividend yield for the trailing twelve months is around 3.43%, less than ZTAX's 4.67% yield.

Position	TTM	2025	2024	2023
TXXI BondBloxx IR+M Tax-Aware Intermediate Duration ETF	3.43%	2.85%	0.00%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.67%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both TXXI and ZTAX in my portfolio?

TXXI and ZTAX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TXXI or ZTAX?

ZTAX has higher volatility (14.37%) compared to TXXI (0.67%). In terms of maximum drawdown, TXXI dropped -3.08% vs ZTAX's -15.33%.

Which ETF is better, TXXI or ZTAX?

On 1-year performance, ZTAX leads with 7.35% vs 6.36% for TXXI. On fees, TXXI is cheaper at 0.35% per year. On volatility, TXXI has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TXXI or ZTAX?

Over the 1-year period, ZTAX has performed better with a 7.35% return vs 6.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TXXI or ZTAX?

TXXI is cheaper with a 0.35% expense ratio, compared with 1.14% for ZTAX.

Which ETF pays a higher dividend yield, TXXI or ZTAX?

ZTAX has the higher dividend yield at 4.67%, compared with 3.43% for TXXI.

What is the main difference between TXXI and ZTAX?

They also come from different issuers: BondBloxx and X-Square. Their fees differ too: 0.35% for TXXI and 1.14% for ZTAX.

Which has better risk-adjusted returns?

TXXI currently has the higher Sharpe Ratio (2.25 vs 0.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.