ZTAX vs. IBMM

Last updated Jun 5, 2026

ZTAX (X-Square Municipal Income Tax Free ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds. ZTAX is actively managed, while IBMM is passively managed. ZTAX charges 1.14%/yr vs 0.18%/yr for IBMM.

Performance

ZTAX vs. IBMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in X-Square Municipal Income Tax Free ETF (ZTAX) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZTAX

• 1D: 0.00%
• 1M: -1.71%
• YTD: 0.20%
• 6M: 5.42%
• 1Y: 5.15%
• 3Y*: 4.56%
• 5Y*: —
• 10Y*: —

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZTAX vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
ZTAX X-Square Municipal Income Tax Free ETF	-0.80%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

ZTAX vs. IBMM — Risk / Return Rank

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

ZTAX

ZTAX Risk / Return Rank: 14
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 14
ZTAX Calmar Ratio Rank: 15
ZTAX Martin Ratio Rank: 15

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. IBMM - 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 iBonds Dec 2024 Term Muni Bond ETF (IBMM). 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	IBMM	Difference
Sharpe ratio: Return per unit of total volatility	0.20	—	—
Sortino ratio: Return per unit of downside risk	0.48	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.49	—	—
Martin ratio: Return relative to average drawdown	1.22	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ZTAX	IBMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	—	—

Drawdowns

ZTAX vs. IBMM - Drawdown Comparison

The maximum ZTAX drawdown since its inception was -15.33%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ZTAX and IBMM.

Drawdown Indicators

	ZTAX	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-15.33%	0.00%	-15.33%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	—	—
Current Drawdown Current decline from peak	-6.58%	0.00%	-6.58%
Average Drawdown Average peak-to-trough decline	-6.81%	0.00%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	—	—

Volatility

Volatility by Period

	ZTAX	IBMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.32%	0.00%	+26.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.83%	0.00%	+26.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.83%	0.00%	+26.83%

ZTAX vs. IBMM - Expense Ratio Comparison

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

Dividends

ZTAX vs. IBMM - Dividend Comparison

ZTAX's dividend yield for the trailing twelve months is around 4.56%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%	0.00%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.56%	4.58%	4.55%	2.14%

Frequently Asked Questions

Which ETF is better, ZTAX or IBMM?

On fees, IBMM 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 IBMM?

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

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

ZTAX has the higher dividend yield at 4.56%, compared with 0.00% for IBMM.

What is the main difference between ZTAX and IBMM?

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