ZTAX vs. ALLW

Last updated Aug 4, 2026

ZTAX (X-Square Municipal Income Tax Free ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - ZTAX is a Municipal Bonds fund actively managed by X-Square, while ALLW is a Tactical Allocation fund actively managed by State Street. Both are actively managed. Over the past year, ZTAX returned 8.68% vs 17.15% for ALLW. Their -0.13 correlation means they have often moved in opposite directions in the past. ZTAX charges 1.14%/yr vs 0.85%/yr for ALLW.

Performance

ZTAX vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in X-Square Municipal Income Tax Free ETF (ZTAX) and State Street Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTAX achieves a 2.90% return, which is significantly lower than ALLW's 6.33% return.

ZTAX

• 1D: -0.79%
• 1M: -1.56%
• 6M: -1.01%
• YTD: 2.90%
• 1Y: 8.68%
• 3Y*: 4.85%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.19%

ALLW

• 1D: 0.14%
• 1M: -0.03%
• 6M: 2.81%
• YTD: 6.33%
• 1Y: 17.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ALLW State Street Bridgewater All Weather ETF	$11.63M	$11.75M	$17.60M
ZTAX X-Square Municipal Income Tax Free ETF	$8.96K	$121.19K	$77.94K

ZTAX vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
ZTAX X-Square Municipal Income Tax Free ETF	2.90%	2.70%
ALLW State Street Bridgewater All Weather ETF	6.33%	15.44%

Correlation

The correlation between ZTAX and ALLW is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.20
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	-0.13

Return for Risk

ZTAX vs. ALLW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZTAX

ZTAX Risk / Return Rank: 21
ZTAX Sharpe Ratio Rank: 16
ZTAX Sortino Ratio Rank: 18
ZTAX Omega Ratio Rank: 23
ZTAX Calmar Ratio Rank: 24
ZTAX Martin Ratio Rank: 22

ALLW

ALLW Risk / Return Rank: 64
ALLW Sharpe Ratio Rank: 65
ALLW Sortino Ratio Rank: 61
ALLW Omega Ratio Rank: 64
ALLW Calmar Ratio Rank: 67
ALLW Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZTAX vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and State Street Bridgewater All Weather ETF (ALLW). 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.

	ZTAX	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.55	-1.28
Sortino ratio: Return per unit of downside risk	0.62	2.09	-1.47
Omega ratio: Gain probability vs. loss probability	1.11	1.28	-0.17
Calmar ratio: Return relative to maximum drawdown	0.77	2.38	-1.61
Martin ratio: Return relative to average drawdown	1.59	8.05	-6.46

ZTAX vs. ALLW - Sharpe Ratio Comparison

The current ZTAX Sharpe Ratio is 0.27, which is lower than the ALLW Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ZTAX and ALLW, 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

ZTAX vs. ALLW - Drawdown Comparison

The maximum ZTAX drawdown since its inception was -15.33%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for ZTAX and ALLW.

Drawdown Indicators

	ZTAX	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-15.33%	-8.78%	-6.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.26%	-7.23%	-4.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	—	—
Current Drawdown Current decline from peak	-9.65%	-3.40%	-6.25%
Average Drawdown Average peak-to-trough decline	-6.90%	-1.42%	-5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.47%	2.13%	+3.34%

Volatility

ZTAX vs. ALLW - Volatility Comparison

X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 6.81% compared to State Street Bridgewater All Weather ETF (ALLW) at 2.84%. This indicates that ZTAX's price experiences larger fluctuations and is considered to be riskier than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZTAX	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	2.84%	+3.97%
Volatility (6M) Calculated over the trailing 6-month period	25.69%	8.90%	+16.79%
Volatility (1Y) Calculated over the trailing 1-year period	32.85%	11.15%	+21.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.69%	12.44%	+16.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.69%	12.44%	+16.25%

ZTAX vs. ALLW - Expense Ratio Comparison

ZTAX has a 1.14% expense ratio, which is higher than ALLW's 0.85% expense ratio.

Dividends

ZTAX vs. ALLW - Dividend Comparison

ZTAX's dividend yield for the trailing twelve months is around 4.65%, more than ALLW's 4.40% yield.

Position	TTM	2025	2024	2023
ALLW State Street Bridgewater All Weather ETF	4.40%	4.67%	0.00%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.65%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both ZTAX and ALLW in my portfolio?

ZTAX and ALLW have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTAX or ALLW?

ZTAX has higher volatility (6.81%) compared to ALLW (2.84%). In terms of maximum drawdown, ZTAX dropped -15.33% vs ALLW's -8.78%.

Which ETF is better, ZTAX or ALLW?

On 1-year performance, ALLW leads with 17.15% vs 8.68% for ZTAX. On fees, ALLW is cheaper at 0.85% per year. On volatility, ALLW has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZTAX or ALLW?

Over the 1-year period, ALLW has performed better with a 17.15% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZTAX or ALLW?

ALLW is cheaper with a 0.85% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.65%, compared with 4.40% for ALLW.

What is the main difference between ZTAX and ALLW?

ZTAX is categorized as Municipal Bonds, while ALLW is Tactical Allocation. They also come from different issuers: X-Square and State Street. Their fees differ too: 1.14% for ZTAX and 0.85% for ALLW.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (1.55 vs 0.27), 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.