ZTAX vs. NYF
ZTAX (X-Square Municipal Income Tax Free ETF) and NYF (iShares New York Muni Bond ETF) are both Municipal Bonds funds. ZTAX is actively managed, while NYF is passively managed. Over the past 3 years, ZTAX returned 4.56%/yr vs 3.29%/yr for NYF. At a 0.03 correlation, their price movements are largely independent. ZTAX charges 1.14%/yr vs 0.25%/yr for NYF.
Performance
ZTAX vs. NYF - Performance Comparison
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Returns By Period
In the year-to-date period, ZTAX achieves a 0.20% return, which is significantly lower than NYF's 1.63% return.
ZTAX
- 1D
- 0.00%
- 1M
- -1.71%
- YTD
- 0.20%
- 6M
- 5.42%
- 1Y
- 5.15%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
NYF
- 1D
- 0.11%
- 1M
- 0.67%
- YTD
- 1.63%
- 6M
- 1.96%
- 1Y
- 6.74%
- 3Y*
- 3.29%
- 5Y*
- 0.85%
- 10Y*
- 1.83%
ZTAX vs. NYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.20% | -1.02% | 7.98% | 9.14% |
NYF iShares New York Muni Bond ETF | 1.63% | 3.64% | 1.13% | 4.27% |
Correlation
The correlation between ZTAX and NYF is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 22, 2023 | 0.03 |
The correlation between ZTAX and NYF shifts across timeframes, from -0.10 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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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 | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.53 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 2.45 | -1.96 |
| Martin ratioReturn relative to average drawdown | 1.22 | 8.79 | -7.57 |
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 | NYF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | 2.44 | -2.24 |
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 | 0.20 | 0.47 | -0.27 |
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.
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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% | -2.76% | -7.71% |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | -5.68% | -9.65% |
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 | -6.58% | -0.45% | -6.13% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -2.31% | -4.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.23% | 0.77% | +3.46% |
Volatility
ZTAX vs. NYF - Volatility Comparison
X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 4.07% compared to iShares New York Muni Bond ETF (NYF) at 0.96%. 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.
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Volatility by Period
| ZTAX | NYF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 0.96% | +3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 21.51% | 2.08% | +19.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.32% | 2.78% | +23.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.83% | 4.00% | +22.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.83% | 4.48% | +22.35% |
ZTAX vs. NYF - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than NYF's 0.25% expense ratio.
Dividends
ZTAX vs. NYF - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.56%, more than NYF's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.09% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.56% | 4.58% | 4.55% | 2.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZTAX and NYF have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZTAX has higher volatility (4.07%) compared to NYF (0.96%). In terms of maximum drawdown, ZTAX dropped -15.33% vs NYF's -13.12%.
On 3-year performance, ZTAX leads with 4.56% vs 3.29% for NYF. On fees, NYF is cheaper at 0.25% per year. On volatility, NYF has been the lower-risk option at 0.96%. 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 4.56% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.25% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.56%, compared with 3.09% for NYF.
They also come from different issuers: X-Square and iShares. Their fees differ too: 1.14% for ZTAX and 0.25% for NYF.
NYF currently has the higher Sharpe Ratio (2.44 vs 0.20), 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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