ZTAXvsSCHZETF Comparison
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X-Square Municipal Income Tax Free ETF (ZTAX) belongs to the Municipal Bonds segment. Schwab U.S. Aggregate Bond ETF (SCHZ) is part of the US Aggregate Bonds segment. ZTAX's top 2 sector exposures are Municipal and Non-Corporate. In contrast, SCHZ's top sector exposures are Sovereign, Industrials and Government Agencies. ZTAX is more expensive with a Total Expense Ratio (TER) of 5.82%, versus 0.03% for SCHZ. ZTAX is up 1.78% year-to-date (YTD) with +$686K in YTD flows. SCHZ performs worse with -0.5% YTD performance, and +$1.48B in YTD flows. Run a side-by-side ETF comparison of ZTAX and SCHZ 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 SCHZ performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/31/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | ZTAX SCHZ | +0.08%-0.12% | -0.67%-0.90% | +1.78%-0.50% | +6.70%+1.81% | +14.12%+12.82% | n/a-1.93% |
| Flows | ZTAX SCHZ | -+$214M | +$689K+$601M | +$686K+$1.48B | +$686K+$2.10B | +$1M+$3.65B | -+$3.00B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | ZTAX SCHZ | +3.79%+3.94% | +4.29%+3.69% | +5.33%+5.08% | n/a+5.96% |
| Max drawdown | ZTAX SCHZ | -2.17%-1.72% | -2.17%-2.76% | -8.75%-4.88% | n/a-17.84% |
| Max drawdown duration | ZTAX SCHZ | 64d64d | 64d184d | 316d284d | n/a1626d |
Trading data
ZTAX | SCHZ | |
Last sale 9/1/2026 at 1:30 PM | $25.37 | $22.63 |
| Previous close 09/01/2026 | $25.10 | $22.62 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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ZTAX
is actively managed and doesn’t replicate an indexZTAX | SCHZ | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/1/2026 at 1:30 PM
Live
Closed
ZTAX | SCHZ | |
|---|---|---|
| Last price | $25.37 | $22.63 |
| 1D performance | +1.08% | +0.04% |
| AuM | $5.08 M | $10.65 B |
| E/R | 5.82% | 0.03% |
Characteristics
ZTAX | SCHZ | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | X-Square Capital | Schwab ETFs |
| Benchmark | - | Bloomberg US Aggregate Bond Index |
| N° of holdings | 13 | 580 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 19, 2023 | July 14, 2011 |
| ESG | No | No |
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Exposure
Countries
ZTAX
USA
83.31%
Other
16.69%
SCHZ
USA
84.04%
Other
15.96%
Sectors
ZTAX
Municipal
82.95%
Other
17.05%
SCHZ
Sovereign
72.98%
Industrials
10.26%
Other
16.77%
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Diversification
ZTAX
Total weight of top 15 holdings out of 15
99.67%
SCHZ
Total weight of top 15 holdings out of 15
8.86%
Top 15 holdings
Data as of July 31, 2026
ZTAX
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
18.97%
Puerto Rico Sales Tax Financing Corp., 4.784% 1jul2058, USD
16.33%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
8.67%
Matching Fund Special Purpose Securitization Corp., 5% 1oct2039, USD (2022A)
8.60%
Puerto Rico, 4% 1jul2037, USD
8.12%
Puerto Rico, 5.75% 1jul2031, USD
5.71%
Puerto Rico Aqueduct and Sewer Authority, 5% 1jul2047, USD (2020A)
5.57%
US745160UD15
5.17%
US745160TP63
5.08%
US745160TT85
4.73%
Puerto Rico, 4% 1jul2035, USD
4.32%
Puerto Rico, 5.625% 1jul2027, USD
3.58%
Puerto Rico, 4% 1jul2041, USD
2.23%
US40065NCQ88
1.75%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.86%
SCHZ
USA, Notes 4.125% 15feb2036, USD (B-2036)
0.64%
USA, Notes 4.625% 15feb2035, USD (B-2035)
0.63%
USA, Notes 4.375% 15may2034, USD (C-2034)
0.63%
USA, Notes 4.25% 15nov2034, USD (F-2034)
0.62%
USA, Notes 4.25% 15may2035, USD (C-2035)
0.62%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.62%
USA, Notes 4% 15feb2034, USD (B-2034)
0.61%
USA, Notes 3.875% 15aug2034, USD (E-2034)
0.60%
USA, Notes 4% 15nov2035, USD (F-2035)
0.60%
USA, Notes 4.5% 15nov2033, USD (F-2033)
0.59%
USA, Notes 3.5% 31jan2028, USD (U-2028)
0.59%
USA, Notes 4.375% 15may2036, USD (C-2036)
0.55%
USA, Notes 3.875% 15aug2033, USD (E-2033)
0.54%
USA, Notes 4% 28feb2030, USD (H-2030)
0.51%
USA, Notes 4.125% 15nov2032, USD (F-2032)
0.51%
Frequently asked questions about ZTAX and SCHZ
How have the ZTAX and SCHZ ETFs performed in 2026?
As of August 31, 2026, ZTAX is up 1.78% year-to-date (YTD), while SCHZ has lost -0.5%. That puts ZTAX better performer ahead so far this year.
Which ETF is attracting more investor money: ZTAX or SCHZ?
Year-to-date, the ZTAX ETF saw +$686K in flows, compared to +$1.48B for SCHZ.
Which ETF is more volatile: ZTAX or SCHZ?
Over the past year, ZTAX had a volatility of 4.29%, while SCHZ experienced 3.69%.
Which ETF is bigger: ZTAX or SCHZ?
As of August 31, 2026, ZTAX holds $5.08 M in assets under management (AUM), while SCHZ manages $10.65 B.
What sectors do the ZTAX and SCHZ ETFs invest in?
ZTAX leans toward sectors like Municipal. Meanwhile, SCHZ focuses on Sovereign and Industrials.
What are the top holdings of the ZTAX ETF and SCHZ 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. SCHZ holds in its top three: USA, Notes 4.125% 15feb2036, USD (B-2036), USA, Notes 4.625% 15feb2035, USD (B-2035) and USA, Notes 4.375% 15may2034, USD (C-2034).
Which ETF is more diversified: ZTAX or SCHZ?
ZTAX holds 16 securities with 99.67% of its assets in the top 15. SCHZ has 1448 securities and a top 15 weight of 8.86%.
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Latest news about ZTAX & SCHZ
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