ZTAX vs. CALI
ZTAX (X-Square Municipal Income Tax Free ETF) and CALI (iShares Short-Term California Muni Active ETF) are both Municipal Bonds funds. ZTAX is actively managed, while CALI is passively managed. Over the past 3 years, ZTAX returned 4.85%/yr vs 3.07%/yr for CALI. Their -0.02 correlation means they have often moved in opposite directions in the past. ZTAX charges 1.14%/yr vs 0.08%/yr for CALI.
Performance
ZTAX vs. CALI - 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 CALI's 1.12% 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%
CALI
- 1D
- 0.10%
- 1M
- -0.02%
- 6M
- 0.73%
- YTD
- 1.12%
- 1Y
- 2.30%
- 3Y*
- 3.07%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.40M | $5.45M | $5.34M | |
| $8.96K | $121.19K | $77.94K |
ZTAX vs. CALI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 2.90% | -1.02% | 7.98% | 5.98% |
CALI iShares Short-Term California Muni Active ETF | 1.12% | 3.28% | 2.84% | 1.97% |
Correlation
The correlation between ZTAX and CALI is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2023 | -0.02 |
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Return for Risk
ZTAX vs. CALI — Risk / Return Rank
ZTAX
CALI
ZTAX vs. CALI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and iShares Short-Term California Muni Active ETF (CALI). 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 | CALI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.15 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.72 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 3.46 | -2.69 |
| Martin ratioReturn relative to average drawdown | 1.59 | 17.46 | -15.87 |
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Drawdowns
ZTAX vs. CALI - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, which is greater than CALI's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for ZTAX and CALI.
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Drawdown Indicators
| ZTAX | CALI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -0.78% | -14.55% |
Max Drawdown (1Y)Largest decline over 1 year | -11.26% | -0.67% | -10.59% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -0.78% | -14.55% |
Current DrawdownCurrent decline from peak | -9.65% | -0.03% | -9.62% |
Average DrawdownAverage peak-to-trough decline | -6.90% | -0.08% | -6.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.47% | 0.13% | +5.34% |
Volatility
ZTAX vs. CALI - Volatility Comparison
X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 6.81% compared to iShares Short-Term California Muni Active ETF (CALI) at 0.21%. This indicates that ZTAX's price experiences larger fluctuations and is considered to be riskier than CALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTAX | CALI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.81% | 0.21% | +6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 25.69% | 0.54% | +25.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.85% | 0.72% | +32.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 1.09% | +27.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.69% | 1.09% | +27.60% |
ZTAX vs. CALI - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than CALI's 0.08% expense ratio.
Dividends
ZTAX vs. CALI - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.65%, more than CALI's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CALI iShares Short-Term California Muni Active ETF | 2.53% | 2.62% | 3.14% | 1.37% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.65% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
ZTAX and CALI have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZTAX has higher volatility (6.81%) compared to CALI (0.21%). In terms of maximum drawdown, ZTAX dropped -15.33% vs CALI's -0.78%.
On 3-year performance, ZTAX leads with 4.85% vs 3.07% for CALI. On fees, CALI is cheaper at 0.08% per year. On volatility, CALI has been the lower-risk option at 0.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ZTAX has performed better with a 4.85% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CALI is cheaper with a 0.08% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.65%, compared with 2.53% for CALI.
They also come from different issuers: X-Square and iShares. Their fees differ too: 1.14% for ZTAX and 0.08% for CALI.
CALI currently has the higher Sharpe Ratio (3.22 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.
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