ZTAX vs. MLN
Compare and contrast key facts about X-Square Municipal Income Tax Free ETF (ZTAX) and VanEck Long Muni ETF (MLN).
ZTAX and MLN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023. MLN is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Long Continuous. It was launched on Jan 2, 2008.
Performance
ZTAX vs. MLN - Performance Comparison
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ZTAX vs. MLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
MLN VanEck Long Muni ETF | 0.10% | 1.82% | 1.54% | 5.80% |
Returns By Period
In the year-to-date period, ZTAX achieves a 0.90% return, which is significantly higher than MLN's 0.10% return.
ZTAX
- 1D
- -2.16%
- 1M
- 1.00%
- YTD
- 0.90%
- 6M
- 4.68%
- 1Y
- 5.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MLN
- 1D
- 0.35%
- 1M
- -1.74%
- YTD
- 0.10%
- 6M
- 1.65%
- 1Y
- 4.19%
- 3Y*
- 2.56%
- 5Y*
- -0.92%
- 10Y*
- 1.55%
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ZTAX vs. MLN - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than MLN's 0.24% expense ratio.
Return for Risk
ZTAX vs. MLN — Risk / Return Rank
ZTAX
MLN
ZTAX vs. MLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and VanEck Long Muni ETF (MLN). 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 | MLN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.21 | 0.62 | -0.41 |
Sortino ratioReturn per unit of downside risk | 0.49 | 0.82 | -0.34 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.15 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 0.43 | 0.78 | -0.35 |
Martin ratioReturn relative to average drawdown | 1.15 | 2.06 | -0.90 |
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 | MLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 0.62 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.13 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.31 | -0.10 |
Correlation
The correlation between ZTAX and MLN is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ZTAX vs. MLN - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.52%, more than MLN's 3.78% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 4.52% | 4.58% | 4.55% | 2.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MLN VanEck Long Muni ETF | 3.78% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Drawdowns
ZTAX vs. MLN - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, smaller than the maximum MLN drawdown of -28.36%. Use the drawdown chart below to compare losses from any high point for ZTAX and MLN.
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Drawdown Indicators
| ZTAX | MLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -28.36% | +13.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -5.88% | -4.59% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.46% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.46% | — |
Current DrawdownCurrent decline from peak | -5.92% | -8.25% | +2.33% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -5.71% | -1.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 2.24% | +1.67% |
Volatility
ZTAX vs. MLN - Volatility Comparison
X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 9.50% compared to VanEck Long Muni ETF (MLN) at 1.95%. This indicates that ZTAX's price experiences larger fluctuations and is considered to be riskier than MLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTAX | MLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 1.95% | +7.55% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 2.81% | +21.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 6.83% | +19.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.27% | 7.28% | +19.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.27% | 8.88% | +18.39% |