ZTAX vs. NYF
Compare and contrast key facts about X-Square Municipal Income Tax Free ETF (ZTAX) and iShares New York Muni Bond ETF (NYF).
ZTAX and NYF 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. NYF is a passively managed fund by iShares that tracks the performance of the S&P New York AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007.
Performance
ZTAX vs. NYF - Performance Comparison
Loading graphics...
ZTAX vs. NYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
NYF iShares New York Muni Bond ETF | 0.08% | 3.64% | 1.13% | 4.27% |
Returns By Period
In the year-to-date period, ZTAX achieves a 0.90% return, which is significantly higher than NYF's 0.08% return.
ZTAX
- 1D
- 0.00%
- 1M
- 0.80%
- YTD
- 0.90%
- 6M
- 4.82%
- 1Y
- 5.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NYF
- 1D
- 0.30%
- 1M
- -1.77%
- YTD
- 0.08%
- 6M
- 1.30%
- 1Y
- 3.82%
- 3Y*
- 2.67%
- 5Y*
- 0.85%
- 10Y*
- 1.81%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
ZTAX vs. NYF - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than NYF's 0.25% expense ratio.
Return for Risk
ZTAX vs. NYF — Risk / Return Rank
ZTAX
NYF
ZTAX vs. NYF - 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 New York Muni Bond ETF (NYF). 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 | NYF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.21 | 0.96 | -0.75 |
Sortino ratioReturn per unit of downside risk | 0.49 | 1.21 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.22 | -0.14 |
Calmar ratioReturn relative to maximum drawdown | 0.52 | 1.30 | -0.78 |
Martin ratioReturn relative to average drawdown | 1.39 | 3.65 | -2.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| ZTAX | NYF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 0.96 | -0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.46 | -0.24 |
Correlation
The correlation between ZTAX and NYF is 0.02, 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. NYF - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.52%, more than NYF's 3.08% 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% |
NYF iShares New York Muni Bond ETF | 3.08% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Drawdowns
ZTAX vs. NYF - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, which is greater than NYF's maximum drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for ZTAX and NYF.
Loading graphics...
Drawdown Indicators
| ZTAX | NYF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -13.12% | -2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -3.34% | -7.13% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.71% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.12% | — |
Current DrawdownCurrent decline from peak | -5.92% | -1.97% | -3.95% |
Average DrawdownAverage peak-to-trough decline | -6.87% | -2.32% | -4.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.92% | 1.19% | +2.73% |
Volatility
ZTAX vs. NYF - Volatility Comparison
X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 9.47% compared to iShares New York Muni Bond ETF (NYF) at 1.41%. This indicates that ZTAX's price experiences larger fluctuations and is considered to be riskier than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| ZTAX | NYF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.47% | 1.41% | +8.06% |
Volatility (6M)Calculated over the trailing 6-month period | 24.05% | 1.90% | +22.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.93% | 4.02% | +21.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.25% | 3.98% | +23.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.25% | 4.48% | +22.77% |