ZTAX vs. VTEB
Compare and contrast key facts about X-Square Municipal Income Tax Free ETF (ZTAX) and Vanguard Tax-Exempt Bond ETF (VTEB).
ZTAX and VTEB 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. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
ZTAX vs. VTEB - Performance Comparison
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ZTAX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
VTEB Vanguard Tax-Exempt Bond ETF | -0.23% | 3.72% | 1.31% | 4.60% |
Returns By Period
In the year-to-date period, ZTAX achieves a 0.90% return, which is significantly higher than VTEB's -0.23% return.
ZTAX
- 1D
- -2.16%
- 1M
- 1.00%
- YTD
- 0.90%
- 6M
- 4.68%
- 1Y
- 5.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- 0.24%
- 1M
- -2.18%
- YTD
- -0.23%
- 6M
- 1.34%
- 1Y
- 3.99%
- 3Y*
- 2.67%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
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ZTAX vs. VTEB - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than VTEB's 0.05% expense ratio.
Return for Risk
ZTAX vs. VTEB — Risk / Return Rank
ZTAX
VTEB
ZTAX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.21 | 1.00 | -0.79 |
Sortino ratioReturn per unit of downside risk | 0.49 | 1.27 | -0.78 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.23 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | 0.43 | 1.20 | -0.77 |
Martin ratioReturn relative to average drawdown | 1.15 | 3.56 | -2.40 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.21 | 1.00 | -0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.39 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.45 | -0.23 |
Correlation
The correlation between ZTAX and VTEB is 0.03, 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. VTEB - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.52%, more than VTEB's 3.36% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
ZTAX vs. VTEB - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for ZTAX and VTEB.
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Drawdown Indicators
| ZTAX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -17.00% | +1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -10.47% | -3.45% | -7.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -5.92% | -2.18% | -3.74% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -2.35% | -4.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.91% | 1.17% | +2.74% |
Volatility
ZTAX vs. VTEB - Volatility Comparison
X-Square Municipal Income Tax Free ETF (ZTAX) has a higher volatility of 9.50% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 1.39%. This indicates that ZTAX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTAX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 1.39% | +8.11% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 1.85% | +22.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 4.00% | +21.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.27% | 3.87% | +23.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.27% | 5.25% | +22.02% |