ZTAX vs. ZMUN
ZTAX (X-Square Municipal Income Tax Free ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds. ZTAX is actively managed, while ZMUN is passively managed. At a 0.08 correlation, their price movements are largely independent. ZTAX charges 1.14%/yr vs 0.30%/yr for ZMUN.
Performance
ZTAX vs. ZMUN - 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 ZMUN's 1.57% return.
ZTAX
- 1D
- 0.00%
- 1M
- -1.80%
- YTD
- 0.20%
- 6M
- 5.42%
- 1Y
- 6.21%
- 3Y*
- 4.56%
- 5Y*
- —
- 10Y*
- —
ZMUN
- 1D
- -0.02%
- 1M
- 0.21%
- YTD
- 1.57%
- 6M
- 1.86%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZTAX vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZTAX X-Square Municipal Income Tax Free ETF | 0.20% | 3.74% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.57% | 0.73% |
Correlation
The correlation between ZTAX and ZMUN is 0.08, 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 Oct 1, 2025 | 0.08 |
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Return for Risk
ZTAX vs. ZMUN — Risk / Return Rank
ZTAX
ZMUN
ZTAX vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for X-Square Municipal Income Tax Free ETF (ZTAX) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 | ZMUN | 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 | ZMUN | 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 | 6.46 | -6.26 |
Drawdowns
ZTAX vs. ZMUN - Drawdown Comparison
The maximum ZTAX drawdown since its inception was -15.33%, which is greater than ZMUN's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for ZTAX and ZMUN.
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Drawdown Indicators
| ZTAX | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.33% | -0.09% | -15.24% |
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% | -0.02% | -6.56% |
Average DrawdownAverage peak-to-trough decline | -6.81% | -0.01% | -6.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | — | — |
Volatility
ZTAX vs. ZMUN - Volatility Comparison
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Volatility by Period
| ZTAX | ZMUN | 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% | 0.54% | +25.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.84% | 0.54% | +26.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.84% | 0.54% | +26.30% |
ZTAX vs. ZMUN - Expense Ratio Comparison
ZTAX has a 1.14% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
ZTAX vs. ZMUN - Dividend Comparison
ZTAX's dividend yield for the trailing twelve months is around 4.56%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 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 ZMUN have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMUN is cheaper with a 0.30% expense ratio, compared with 1.14% for ZTAX.
ZTAX has the higher dividend yield at 4.56%, compared with 2.28% for ZMUN.
They also come from different issuers: X-Square and F/m Investments. Their fees differ too: 1.14% for ZTAX and 0.30% for ZMUN.
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