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. Their -0.12 correlation means they have often moved in opposite directions in the past. 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 2.90% return, which is significantly higher than AMUN's 1.49% 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%
AMUN
- 1D
- 0.01%
- 1M
- 0.15%
- 6M
- 1.16%
- YTD
- 1.49%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.15K | $42.78K | $73.20K | |
| $8.96K | $121.19K | $77.94K |
ZTAX vs. AMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 2.90% | 3.81% |
AMUN abrdn Ultra Short Municipal Income Active ETF | 1.49% | 0.14% |
Correlation
The correlation between ZTAX and AMUN is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 20, 2025 | -0.12 |
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Return for Risk
ZTAX vs. AMUN — Risk / Return Rank
ZTAX
AMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | AMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.11 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | — | — |
| Martin ratioReturn relative to average drawdown | 1.59 | — | — |
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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 | -11.26% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | — | — |
Current DrawdownCurrent decline from peak | -9.65% | 0.00% | -9.65% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -0.07% | -6.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.47% | — | — |
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 | 6.81% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 25.69% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 32.85% | 0.94% | +31.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 0.94% | +27.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.69% | 0.94% | +27.75% |
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 4.65%, more than AMUN's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
AMUN abrdn Ultra Short Municipal Income Active ETF | 2.38% | 0.66% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.65% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
ZTAX and AMUN have a correlation of -0.12, 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 4.65%, compared with 2.38% 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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