ZTAX vs. BSMP

Last updated Jun 23, 2026

ZTAX (X-Square Municipal Income Tax Free ETF) and BSMP (Invesco BulletShares 2025 Municipal Bond ETF) are both Municipal Bonds funds. ZTAX is actively managed, while BSMP is passively managed. At a correlation of -0.00, they often move in opposite directions. ZTAX charges 1.14%/yr vs 0.18%/yr for BSMP.

Performance

ZTAX vs. BSMP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in X-Square Municipal Income Tax Free ETF (ZTAX) and Invesco BulletShares 2025 Municipal Bond ETF (BSMP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZTAX

• 1D: 1.76%
• 1M: 2.70%
• YTD: 3.16%
• 6M: 4.79%
• 1Y: 8.93%
• 3Y*: 4.78%
• 5Y*: —
• 10Y*: —

BSMP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTAX vs. BSMP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZTAX X-Square Municipal Income Tax Free ETF	3.16%	-1.02%	7.98%	3.74%
BSMP Invesco BulletShares 2025 Municipal Bond ETF	0.00%	2.27%	2.46%	2.46%

Correlation

The correlation between ZTAX and BSMP is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since May 19, 2023	-0.00

Return for Risk

ZTAX vs. BSMP — Risk / Return Rank

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

ZTAX

ZTAX Risk / Return Rank: 16
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 16
ZTAX Calmar Ratio Rank: 19
ZTAX Martin Ratio Rank: 18

BSMP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ZTAX vs. BSMP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and Invesco BulletShares 2025 Municipal Bond ETF (BSMP). 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	BSMP	Difference
Sharpe ratio: Return per unit of total volatility	0.28	—	—
Sortino ratio: Return per unit of downside risk	0.63	—	—
Omega ratio: Gain probability vs. loss probability	1.11	—	—
Calmar ratio: Return relative to maximum drawdown	0.82	—	—
Martin ratio: Return relative to average drawdown	2.00	—	—

Drawdowns

Drawdown Indicators

	ZTAX	BSMP	Difference
Max Drawdown Largest peak-to-trough decline	-15.33%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-10.99%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	—	—
Current Drawdown Current decline from peak	-9.42%	—	—
Average Drawdown Average peak-to-trough decline	-6.81%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	—	—

Volatility

Volatility by Period

	ZTAX	BSMP	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.58%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.37%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.92%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.92%	—	—

ZTAX vs. BSMP - Expense Ratio Comparison

ZTAX has a 1.14% expense ratio, which is higher than BSMP's 0.18% expense ratio.

Dividends

ZTAX vs. BSMP - Dividend Comparison

ZTAX's dividend yield for the trailing twelve months is around 4.43%, more than BSMP's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSMP Invesco BulletShares 2025 Municipal Bond ETF	1.05%	2.35%	2.53%	2.20%	1.23%	0.72%	1.32%	0.35%
ZTAX X-Square Municipal Income Tax Free ETF	4.43%	4.58%	4.55%	2.14%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZTAX and BSMP in my portfolio?

ZTAX and BSMP have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZTAX or BSMP?

On fees, BSMP is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTAX or BSMP?

BSMP is cheaper with a 0.18% expense ratio, compared with 1.14% for ZTAX.

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

ZTAX has the higher dividend yield at 4.43%, compared with 1.27% for BSMP.

What is the main difference between ZTAX and BSMP?

They also come from different issuers: X-Square and Invesco. Their fees differ too: 1.14% for ZTAX and 0.18% for BSMP.