ZTAX vs. TAXS
ZTAX (X-Square Municipal Income Tax Free ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds. ZTAX is actively managed, while TAXS is passively managed. At a correlation of -0.09, they often move in opposite directions. ZTAX charges 1.14%/yr vs 0.05%/yr for TAXS.
Performance
ZTAX vs. TAXS - 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 TAXS's 0.93% return.
ZTAX
- 1D
- 0.00%
- 1M
- -1.80%
- YTD
- 0.20%
- 6M
- 5.42%
- 1Y
- 6.21%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.20% | 3.64% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between ZTAX and TAXS is -0.09, 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 (All Time) Calculated using the full available price history since Aug 20, 2025 | -0.09 |
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Return for Risk
ZTAX vs. TAXS — Risk / Return Rank
ZTAX
TAXS
ZTAX vs. TAXS - 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 Short-Term Tax-Exempt Bond ETF (TAXS). 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 | TAXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.09 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | — | — |
| Martin ratioReturn relative to average drawdown | 1.48 | — | — |
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 | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 2.78 | -2.58 |
Drawdowns
ZTAX vs. TAXS - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for ZTAX and TAXS.
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Drawdown Indicators
| ZTAX | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -0.84% | -14.49% |
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% | -0.09% | -6.49% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -0.24% | -6.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | — | — |
Volatility
ZTAX vs. TAXS - Volatility Comparison
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Volatility by Period
| ZTAX | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 21.96% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 26.32% | 1.00% | +25.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.84% | 1.00% | +25.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.84% | 1.00% | +25.84% |
ZTAX vs. TAXS - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
ZTAX vs. TAXS - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.56%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 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 TAXS have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS 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 1.83% for TAXS.
They also come from different issuers: X-Square and Northern Trust. Their fees differ too: 1.14% for ZTAX and 0.05% for TAXS.
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