ZTAXvsSPABETF Comparison
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X-Square Municipal Income Tax Free ETF (ZTAX) belongs to the Municipal Bonds segment. State Street SPDR Portfolio Aggregate Bond ETF (SPAB) is part of the US Aggregate Bonds segment. ZTAX's top 2 sector exposures are Municipal and Non-Corporate. In contrast, SPAB'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 SPAB. ZTAX is down -1.26% year-to-date (YTD) with +$1M in YTD flows. SPAB performs worse with -1.55% YTD performance, and +$1.57B in YTD flows. Run a side-by-side ETF comparison of ZTAX and SPAB 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 SPAB 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 SPAB | -0.47%-0.06% | -4.03%-1.75% | -1.26%-1.55% | -0.13%-1.68% | +14.91%+14.97% | n/a-1.79% |
| Flows | ZTAX SPAB | +$590K+$530M | -$1M+$858M | +$1M+$1.57B | +$1M+$2.03B | +$3M+$3.57B | -+$5.17B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | ZTAX SPAB | +7.53%+4.38% | +5.26%+3.86% | +5.55%+4.97% | n/a+5.98% |
| Max drawdown | ZTAX SPAB | -6.46%-3.30% | -6.98%-4.68% | -8.75%-4.87% | n/a-17.44% |
| Max drawdown duration | ZTAX SPAB | 66d52d | 109d229d | 316d284d | n/a1556d |
Trading data
ZTAX | SPAB | |
Last sale 10/16/2026 at 1:30 PM | $23.80 | $24.59 |
| Previous close 10/16/2026 | $23.93 | $24.59 |
| 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 | SPAB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
ZTAX | SPAB | |
|---|---|---|
| Last price | $23.80 | $24.59 |
| 1D performance | -0.52% | +0.00% |
| AuM | $5.52 M | $10.42 B |
| E/R | 5.82% | 0.03% |
Characteristics
ZTAX | SPAB | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | X-Square Capital | State Street Investment Management |
| Benchmark | - | Bloomberg US Aggregate Bond Index |
| N° of holdings | 13 | 6931 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 19, 2023 | May 23, 2007 |
| ESG | No | No |
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Exposure
Countries
ZTAX
USA
83.13%
Other
16.87%
SPAB
USA
74.49%
Other
25.51%
Sectors
ZTAX
Municipal
82.8%
Other
17.2%
SPAB
Sovereign
45.89%
Finance
10.21%
Industrials
9.47%
Other
34.43%
Diversification
ZTAX
Total weight of top 15 holdings out of 15
99.39%
SPAB
Total weight of top 15 holdings out of 15
6.59%
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%
SPAB
USA, Notes 3.5% 15dec2028, USD (AV-2028)
0.74%
US91282CRJ26
0.58%
USA, Notes 3.625% 31dec2030, USD (AH-2030)
0.55%
US01F0526982
0.50%
USA, Notes 3.375% 30nov2027, USD (BL-2027)
0.45%
USA, Notes 4.375% 30nov2028, USD (AG-2028)
0.41%
USA, Notes 3.5% 31jan2028, USD (U-2028)
0.41%
USA, Notes 3.875% 31mar2031, USD (W-2031)
0.40%
US01F0506927
0.38%
USA, Notes 3.375% 31dec2027, USD (BM-2027)
0.37%
USA, Notes 4.25% 15nov2034, USD (F-2034)
0.37%
USA, Notes 4.25% 15aug2035, USD (E-2035)
0.37%
USA, Notes 3.625% 30sep2031, USD (Q-2031)
0.36%
USA, Notes 4% 15feb2034, USD (B-2034)
0.35%
USA, Notes 4% 30jun2032, USD (M-2032)
0.35%
Frequently asked questions about ZTAX and SPAB
How have the ZTAX and SPAB ETFs performed in 2026?
As of October 15, 2026, ZTAX is down -1.26% year-to-date (YTD), while SPAB has lost -1.55%. That puts ZTAX better performer ahead so far this year.
Which ETF is attracting more investor money: ZTAX or SPAB?
Year-to-date, the ZTAX ETF saw +$1M in flows, compared to +$1.57B for SPAB.
Which ETF is more volatile: ZTAX or SPAB?
Over the past year, ZTAX had a volatility of 5.26%, while SPAB experienced 3.86%.
Which ETF is bigger: ZTAX or SPAB?
As of October 15, 2026, ZTAX holds $5.52 M in assets under management (AUM), while SPAB manages $10.42 B.
What sectors do the ZTAX and SPAB ETFs invest in?
ZTAX leans toward sectors like Municipal. Meanwhile, SPAB focuses on Sovereign, Finance and Industrials.
What are the top holdings of the ZTAX ETF and SPAB 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. SPAB holds in its top three: USA, Notes 3.5% 15dec2028, USD (AV-2028), US91282CRJ26 and USA, Notes 3.625% 31dec2030, USD (AH-2030).
Which ETF is more diversified: ZTAX or SPAB?
ZTAX holds 16 securities with 99.39% of its assets in the top 15. SPAB has 8475 securities and a top 15 weight of 6.59%.
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Latest news about ZTAX & SPAB
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