ZTAX vs. SHM
Compare and contrast key facts about X-Square Municipal Income Tax Free ETF (ZTAX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM).
ZTAX and SHM 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. SHM is a passively managed fund by State Street that tracks the performance of the Bloomberg Municipal Managed Money Short. It was launched on Oct 10, 2007.
Performance
ZTAX vs. SHM - Performance Comparison
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ZTAX vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 0.11% | 3.95% | 1.22% | 3.24% |
Returns By Period
In the year-to-date period, ZTAX achieves a 0.90% return, which is significantly higher than SHM's 0.11% return.
ZTAX
- 1D
- -2.16%
- 1M
- 1.00%
- YTD
- 0.90%
- 6M
- 4.68%
- 1Y
- 5.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHM
- 1D
- 0.10%
- 1M
- -1.01%
- YTD
- 0.11%
- 6M
- 0.53%
- 1Y
- 3.17%
- 3Y*
- 2.26%
- 5Y*
- 0.83%
- 10Y*
- 1.16%
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ZTAX vs. SHM - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than SHM's 0.20% expense ratio.
Return for Risk
ZTAX vs. SHM — Risk / Return Rank
ZTAX
SHM
ZTAX vs. SHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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 | SHM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.21 | 1.74 | -1.53 |
Sortino ratioReturn per unit of downside risk | 0.49 | 2.20 | -1.71 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.42 | -0.35 |
Calmar ratioReturn relative to maximum drawdown | 0.43 | 1.97 | -1.54 |
Martin ratioReturn relative to average drawdown | 1.15 | 6.17 | -5.02 |
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 | SHM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 1.74 | -1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.41 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.47 | -0.25 |
Correlation
The correlation between ZTAX and SHM is 0.01, 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. SHM - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.52%, more than SHM's 2.64% 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% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.64% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
Drawdowns
ZTAX vs. SHM - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, which is greater than SHM's maximum drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for ZTAX and SHM.
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Drawdown Indicators
| ZTAX | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -11.61% | -3.72% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -1.67% | -8.80% |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.61% | — |
Current DrawdownCurrent decline from peak | -5.92% | -1.03% | -4.89% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -0.97% | -5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 0.53% | +3.38% |
Volatility
ZTAX vs. SHM - Volatility Comparison
X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 9.50% compared to SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) at 0.53%. This indicates that ZTAX's price experiences larger fluctuations and is considered to be riskier than SHM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTAX | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 0.53% | +8.97% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 0.89% | +23.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 1.83% | +24.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.27% | 2.07% | +25.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.27% | 3.31% | +23.96% |