ZTAX vs. RVNU
Compare and contrast key facts about X-Square Municipal Income Tax Free ETF (ZTAX) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU).
ZTAX and RVNU 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. RVNU is a passively managed fund by Deutsche Bank that tracks the performance of the Solactive Municipal Infrastructure Revenue Bond Index. It was launched on Jun 4, 2013.
Performance
ZTAX vs. RVNU - Performance Comparison
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ZTAX vs. RVNU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 1.36% | 0.58% | 1.46% | 6.11% |
Returns By Period
In the year-to-date period, ZTAX achieves a 0.90% return, which is significantly lower than RVNU's 1.36% return.
ZTAX
- 1D
- 0.00%
- 1M
- 0.80%
- YTD
- 0.90%
- 6M
- 4.82%
- 1Y
- 5.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
RVNU
- 1D
- 0.36%
- 1M
- -0.87%
- YTD
- 1.36%
- 6M
- 2.16%
- 1Y
- 2.94%
- 3Y*
- 2.82%
- 5Y*
- -0.24%
- 10Y*
- 1.93%
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ZTAX vs. RVNU - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than RVNU's 0.15% expense ratio.
Return for Risk
ZTAX vs. RVNU — Risk / Return Rank
ZTAX
RVNU
ZTAX vs. RVNU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). 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 | RVNU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.21 | 0.37 | -0.16 |
Sortino ratioReturn per unit of downside risk | 0.49 | 0.53 | -0.04 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.08 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.52 | 0.65 | -0.13 |
Martin ratioReturn relative to average drawdown | 1.39 | 1.55 | -0.17 |
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 | RVNU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 0.37 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.03 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.26 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.37 | -0.15 |
Correlation
The correlation between ZTAX and RVNU is 0.07, 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. RVNU - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.52%, more than RVNU's 3.53% 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% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 3.53% | 3.46% | 3.06% | 2.79% | 2.81% | 2.18% | 2.43% | 2.75% | 2.76% | 2.49% | 2.72% | 3.01% |
Drawdowns
ZTAX vs. RVNU - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, smaller than the maximum RVNU drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for ZTAX and RVNU.
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Drawdown Indicators
| ZTAX | RVNU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -23.51% | +8.18% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -6.12% | -4.35% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.51% | — |
Current DrawdownCurrent decline from peak | -5.92% | -5.01% | -0.91% |
Average DrawdownAverage peak-to-trough decline | -6.87% | -4.99% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.92% | 2.57% | +1.35% |
Volatility
ZTAX vs. RVNU - Volatility Comparison
X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 9.47% compared to Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) at 2.09%. This indicates that ZTAX's price experiences larger fluctuations and is considered to be riskier than RVNU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTAX | RVNU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.47% | 2.09% | +7.38% |
Volatility (6M)Calculated over the trailing 6-month period | 24.05% | 3.50% | +20.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.93% | 7.94% | +17.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.25% | 7.16% | +20.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.25% | 7.30% | +19.95% |