ZTAX vs. TAXI
ZTAX (X-Square Municipal Income Tax Free ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. ZTAX is actively managed, while TAXI is passively managed. At a correlation of -0.13, they often move in opposite directions. ZTAX charges 1.14%/yr vs 0.05%/yr for TAXI.
Performance
ZTAX vs. TAXI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZTAX achieves a 0.20% return, which is significantly lower than TAXI's 1.00% return.
ZTAX
- 1D
- 0.00%
- 1M
- -1.71%
- YTD
- 0.20%
- 6M
- 5.42%
- 1Y
- 5.15%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
TAXI
- 1D
- 0.06%
- 1M
- 0.52%
- YTD
- 1.00%
- 6M
- 1.53%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.20% | 3.64% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 1.00% | 3.35% |
Correlation
The correlation between ZTAX and TAXI is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | -0.13 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZTAX vs. TAXI — Risk / Return Rank
ZTAX
TAXI
ZTAX vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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 | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.08 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | — | — |
| Martin ratioReturn relative to average drawdown | 1.22 | — | — |
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 charts...
Sharpe Ratios by Period
| ZTAX | TAXI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 2.95 | -2.76 |
Drawdowns
ZTAX vs. TAXI - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, which is greater than TAXI's maximum drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for ZTAX and TAXI.
Loading charts...
Drawdown Indicators
| ZTAX | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -2.23% | -13.10% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -15.33% | — | — |
Current DrawdownCurrent decline from peak | -6.58% | -0.74% | -5.84% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -0.46% | -6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.23% | — | — |
Volatility
ZTAX vs. TAXI - Volatility Comparison
Loading charts...
Volatility by Period
| ZTAX | TAXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 21.51% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 26.32% | 1.90% | +24.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.83% | 1.90% | +24.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.83% | 1.90% | +24.93% |
ZTAX vs. TAXI - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than TAXI's 0.05% expense ratio.
Dividends
ZTAX vs. TAXI - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.56%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.00% | 0.85% | 0.00% | 0.00% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.56% | 4.58% | 4.55% | 2.14% |
Frequently Asked Questions
ZTAX and TAXI have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXI is cheaper with a 0.05% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.56%, compared with 2.00% for TAXI.
They also come from different issuers: X-Square and Northern Trust. Their fees differ too: 1.14% for ZTAX and 0.05% for TAXI.
Find the right allocation for ZTAX and TAXI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer