ZTAX vs. THYM

Last updated Jun 5, 2026

ZTAX (X-Square Municipal Income Tax Free ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - ZTAX is a Municipal Bonds fund actively managed by X-Square, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. Both are actively managed. At a correlation of -0.11, they often move in opposite directions. ZTAX charges 1.14%/yr vs 0.32%/yr for THYM.

Performance

ZTAX vs. THYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in X-Square Municipal Income Tax Free ETF (ZTAX) and T. Rowe Price High Income Municipal ETF (THYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTAX achieves a 0.20% return, which is significantly lower than THYM's 3.70% return.

ZTAX

• 1D: 0.00%
• 1M: -1.71%
• YTD: 0.20%
• 6M: 5.42%
• 1Y: 5.15%
• 3Y*: 4.56%
• 5Y*: —
• 10Y*: —

THYM

• 1D: 0.36%
• 1M: 1.53%
• YTD: 3.70%
• 6M: 4.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZTAX vs. THYM - Yearly Performance Comparison

	2026 (YTD)	2025
ZTAX X-Square Municipal Income Tax Free ETF	0.20%	0.47%
THYM T. Rowe Price High Income Municipal ETF	3.70%	0.27%

Correlation

The correlation between ZTAX and THYM is -0.11, 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 Nov 21, 2025	-0.11

Return for Risk

ZTAX vs. THYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZTAX

ZTAX Risk / Return Rank: 14
ZTAX Sharpe Ratio Rank: 12
ZTAX Sortino Ratio Rank: 13
ZTAX Omega Ratio Rank: 14
ZTAX Calmar Ratio Rank: 15
ZTAX Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZTAX vs. THYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and T. Rowe Price High Income Municipal ETF (THYM). 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	THYM	Difference
Sharpe ratio: Return per unit of total volatility	0.20	—	—
Sortino ratio: Return per unit of downside risk	0.48	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.49	—	—
Martin ratio: Return 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.

Sharpe Ratios by Period

	ZTAX	THYM	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	1.77	-1.57

Drawdowns

ZTAX vs. THYM - Drawdown Comparison

The maximum ZTAX drawdown since its inception was -15.33%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for ZTAX and THYM.

Drawdown Indicators

	ZTAX	THYM	Difference
Max Drawdown Largest peak-to-trough decline	-15.33%	-2.93%	-12.40%
Max Drawdown (1Y) Largest decline over 1 year	-10.47%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	—	—
Current Drawdown Current decline from peak	-6.58%	0.00%	-6.58%
Average Drawdown Average peak-to-trough decline	-6.81%	-0.49%	-6.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.23%	—	—

Volatility

Volatility by Period

	ZTAX	THYM	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%	4.35%	+21.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.83%	4.35%	+22.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.83%	4.35%	+22.48%

ZTAX vs. THYM - Expense Ratio Comparison

ZTAX has a 1.14% expense ratio, which is higher than THYM's 0.32% expense ratio.

Dividends

ZTAX vs. THYM - Dividend Comparison

ZTAX's dividend yield for the trailing twelve months is around 4.56%, more than THYM's 2.18% yield.

Position	TTM	2025	2024	2023
THYM T. Rowe Price High Income Municipal ETF	2.18%	0.37%	0.00%	0.00%
ZTAX X-Square Municipal Income Tax Free ETF	4.56%	4.58%	4.55%	2.14%

Frequently Asked Questions

Can I hold both ZTAX and THYM in my portfolio?

ZTAX and THYM have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZTAX or THYM?

On fees, THYM is cheaper at 0.32% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTAX or THYM?

THYM is cheaper with a 0.32% expense ratio, compared with 1.14% for ZTAX.

Which ETF pays a higher dividend yield, ZTAX or THYM?

ZTAX has the higher dividend yield at 4.56%, compared with 2.18% for THYM.

What is the main difference between ZTAX and THYM?

ZTAX is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: X-Square and T. Rowe Price. Their fees differ too: 1.14% for ZTAX and 0.32% for THYM.