ZTAX vs. AMUN
ZTAX (X-Square Municipal Income Tax Free ETF) and AMUN (abrdn Ultra Short Municipal Income Active ETF) are both Municipal Bonds funds. Both are actively managed. At a correlation of -0.18, they often move in opposite directions. ZTAX charges 1.14%/yr vs 0.25%/yr for AMUN.
Performance
ZTAX vs. AMUN - Performance Comparison
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Returns By Period
In the year-to-date period, ZTAX achieves a 0.20% return, which is significantly lower than AMUN's 1.11% return.
ZTAX
- 1D
- 0.00%
- 1M
- -1.80%
- YTD
- 0.20%
- 6M
- 5.42%
- 1Y
- 6.21%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
AMUN
- 1D
- -0.02%
- 1M
- 0.32%
- YTD
- 1.11%
- 6M
- 1.36%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX vs. AMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.20% | 4.08% |
AMUN abrdn Ultra Short Municipal Income Active ETF | 1.11% | 0.14% |
Correlation
The correlation between ZTAX and AMUN is -0.18, 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 Oct 21, 2025 | -0.18 |
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Return for Risk
ZTAX vs. AMUN — Risk / Return Rank
ZTAX
AMUN
ZTAX vs. AMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.
| ZTAX | AMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.09 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | — | — |
| Martin ratioReturn relative to average drawdown | 1.48 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZTAX | AMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 2.05 | -1.85 |
Drawdowns
ZTAX vs. AMUN - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for ZTAX and AMUN.
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Drawdown Indicators
| ZTAX | AMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -0.61% | -14.72% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | — | — |
Current DrawdownCurrent decline from peak | -6.58% | -0.02% | -6.56% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -0.09% | -6.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | — | — |
Volatility
ZTAX vs. AMUN - Volatility Comparison
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Volatility by Period
| ZTAX | AMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 21.96% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 26.32% | 1.01% | +25.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.84% | 1.01% | +25.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.84% | 1.01% | +25.83% |
ZTAX vs. AMUN - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than AMUN's 0.25% expense ratio.
Dividends
ZTAX vs. AMUN - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.56%, more than AMUN's 1.89% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AMUN abrdn Ultra Short Municipal Income Active ETF | 1.89% | 0.66% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.56% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
ZTAX and AMUN have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AMUN is cheaper with a 0.25% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.56%, compared with 1.89% for AMUN.
They also come from different issuers: X-Square and abrdn. Their fees differ too: 1.14% for ZTAX and 0.25% for AMUN.
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