ZTAXvsBNDETF Comparison
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X-Square Municipal Income Tax Free ETF (ZTAX) belongs to the Municipal Bonds segment. Vanguard Total Bond Market ETF (BND) is part of the US Aggregate Bonds segment. ZTAX's top 2 sector exposures are Municipal and Non-Corporate. In contrast, BND's top sector exposures are Sovereign, Finance and Industrials. ZTAX is more expensive with a Total Expense Ratio (TER) of 5.82%, versus 0.03% for BND. ZTAX is down -1.26% year-to-date (YTD) with +$1M in YTD flows. BND performs worse with -1.81% YTD performance, and +$25.41B in YTD flows. Run a side-by-side ETF comparison of ZTAX and BND below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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ZTAX vs BND performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | ZTAX BND | -0.47%-0.04% | -4.03%-1.69% | -1.26%-1.81% | -0.13%-1.96% | +14.91%+14.48% | n/a-2.26% |
| Flows | ZTAX BND | +$590K+$2.74B | -$1M+$7.97B | +$1M+$25.41B | +$1M+$31.34B | +$3M+$69.19B | -+$99.67B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | ZTAX BND | +7.53%+4.23% | +5.26%+3.77% | +5.55%+4.82% | n/a+5.84% |
| Max drawdown | ZTAX BND | -6.46%-3.20% | -6.98%-4.85% | -8.75%-4.85% | n/a-17.62% |
| Max drawdown duration | ZTAX BND | 66d52d | 109d229d | 316d229d | n/a1564d |
Trading data
ZTAX | BND | |
Last sale 10/19/2026 at 1:30 PM | $23.80 | $70.60 |
| Previous close 10/16/2026 | $23.80 | $70.82 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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ZTAX
is actively managed and doesn’t replicate an indexZTAX | BND | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/19/2026 at 1:30 PM
Live
Closed
ZTAX | BND | |
|---|---|---|
| Last price | $23.80 | $70.60 |
| 1D performance | +0.00% | -0.31% |
| AuM | $5.52 M | $164.40 B |
| E/R | 5.82% | 0.03% |
Characteristics
ZTAX | BND | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | X-Square Capital | Vanguard |
| Benchmark | - | Bloomberg U.S. Aggregate Float Adjusted Index |
| N° of holdings | 13 | 9485 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 19, 2023 | April 3, 2007 |
| ESG | No | No |
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Exposure
Countries
ZTAX
USA
83.13%
Other
16.87%
BND
USA
76.02%
Other
23.98%
Sectors
ZTAX
Municipal
82.8%
Other
17.2%
BND
Sovereign
48.07%
Finance
10.83%
Industrials
7.38%
Other
33.72%
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Diversification
ZTAX
Total weight of top 15 holdings out of 15
99.39%
BND
Total weight of top 15 holdings out of 15
5.83%
Top 15 holdings
Data as of August 31, 2026
ZTAX
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
19.11%
Puerto Rico Sales Tax Financing Corp., 4.784% 1jul2058, USD
16.27%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
8.67%
Matching Fund Special Purpose Securitization Corp., 5% 1oct2039, USD (2022A)
8.55%
Puerto Rico, 4% 1jul2037, USD
8.04%
Puerto Rico, 5.75% 1jul2031, USD
5.70%
Puerto Rico Aqueduct and Sewer Authority, 5% 1jul2047, USD (2020A)
5.54%
US745160UD15
5.14%
US745160TP63
5.08%
US745160TT85
4.63%
Puerto Rico, 4% 1jul2035, USD
4.29%
Puerto Rico, 5.625% 1jul2027, USD
3.57%
Puerto Rico, 4% 1jul2041, USD
2.20%
US40065NCQ88
1.74%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.86%
BND
USA, Notes 3.5% 31jan2028, USD (U-2028)
0.47%
USA, Notes 4.25% 15nov2034, USD (F-2034)
0.41%
USA, Notes 4.375% 15may2034, USD (C-2034)
0.41%
USA, Notes 3.375% 30nov2027, USD (BL-2027)
0.41%
USA, Notes 4.625% 15feb2035, USD (B-2035)
0.41%
USA, Notes 3.875% 15aug2034, USD (E-2034)
0.41%
USA, Notes 4% 15feb2034, USD (B-2034)
0.40%
USA, Notes 4.125% 15feb2036, USD (B-2036)
0.40%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.38%
USA, Notes 4.5% 15nov2033, USD (F-2033)
0.38%
USA, Notes 4.25% 15may2035, USD (C-2035)
0.36%
USA, Notes 3.875% 15aug2033, USD (E-2033)
0.35%
USA, Notes 4% 28feb2030, USD (H-2030)
0.35%
USA, Notes 2.875% 15may2032, USD (C-2032)
0.35%
USA, Notes 1.25% 15aug2031, USD (E-2031)
0.34%
Frequently asked questions about ZTAX and BND
How have the ZTAX and BND ETFs performed in 2026?
As of October 15, 2026, ZTAX is down -1.26% year-to-date (YTD), while BND has lost -1.81%. That puts ZTAX better performer ahead so far this year.
Which ETF is attracting more investor money: ZTAX or BND?
Year-to-date, the ZTAX ETF saw +$1M in flows, compared to +$25.41B for BND.
Which ETF is more volatile: ZTAX or BND?
Over the past year, ZTAX had a volatility of 5.26%, while BND experienced 3.77%.
Which ETF is bigger: ZTAX or BND?
As of October 15, 2026, ZTAX holds $5.52 M in assets under management (AUM), while BND manages $164.40 B.
What sectors do the ZTAX and BND ETFs invest in?
ZTAX leans toward sectors like Municipal. Meanwhile, BND focuses on Sovereign, Finance and Industrials.
What are the top holdings of the ZTAX ETF and BND ETF?
ZTAX top holdings include Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD, Puerto Rico Sales Tax Financing Corp., 4.784% 1jul2058, USD and Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD. BND holds in its top three: USA, Notes 3.5% 31jan2028, USD (U-2028), USA, Notes 4.25% 15nov2034, USD (F-2034) and USA, Notes 4.375% 15may2034, USD (C-2034).
Which ETF is more diversified: ZTAX or BND?
ZTAX holds 16 securities with 99.39% of its assets in the top 15. BND has 15076 securities and a top 15 weight of 5.83%.
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