X-Square Series ETF (ZTAX) Performance
ZTAX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −2.4% since Dec 31, 2025
- 1 year
- +1.6% total return
- 3 years
- +4.4% a year
- Since first price
- +3.9% a year since 2023
ZTAX trailing returns vs SPY, QQQ, AGG
| Period | ZTAX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.4% | −2.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.6% | −3.8% | +3.2% | +1.9% | −0.4% |
| 6 months | −3.9% | −6.1% | +7.8% | +8.4% | −1.5% |
| YTD | −2.4% | −6.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +1.6% | −2.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +13.7%+4.4%/yr | −1.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionMay 19, 2023 | +13.9%+3.9%/yr | −3.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: ZTAX vs SPY
From May 19, 2023: ZTAX grew to $11,389, SPY to $18,961.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ZTAX returns by calendar year
1 of 2 full years positive. Best 2024 (+8.0%), worst 2025 (−1.0%). 2026 is year to date.
ZTAX annual returns table
| Year | ZTAX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −2.4% | −23.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −1.0% | −11.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +8.0% | −11.4% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
ZTAX largest drawdowns
Now 14.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 16, 2026 | −23.8% | Oct 12, 2026 | not yet | 4 months | 4 months so far |
| Jun 21, 2024 | −15.3% | Apr 10, 2025 | Jun 10, 2026 | 10 months | 2.0 years |
| Jul 25, 2023 | −11.9% | Oct 17, 2023 | Mar 13, 2024 | 3 months | 8 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ZTAX risk statistics
| Statistic | 3 years | Since 2023 |
|---|---|---|
| Annualized return | +4.1% | +3.8% |
| Volatility (annualized) | 8.6% | 8.2% |
| Sharpe ratio | 0.00 | -0.04 |
| Sortino ratio | 0.01 | -0.06 |
| Best month | +6.3% | +6.3% |
| Worst month | −3.7% | −3.7% |
| Best 12 months | +15.9% | +15.9% |
| Worst 12 months | −3.6% | −3.6% |
| Positive months | 56% | 52% |
| Beta vs S&P 500 | 0.17 | — |
| Correlation with S&P 500 | 0.25 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
ZTAX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 30 | −4.7% | +4.6% | +15.9% | 63% |
| 3-year (a year) | 6 | +3.2% | +4.6% | +5.2% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
ZTAX performance overview
X-Square Series ETF (ZTAX) returned +1.6% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +3.9% a year, turning $10,000 into about $11,389. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −23.8%, from Jun 16, 2026 to Oct 12, 2026; the fund has not yet regained that high. Volatility has been 8.2% a year.
Related: ZTAX chart, ZTAX dividends. See the ZTAX overview for the latest quote and fund facts.
ZTAX performance FAQ
What is the ZTAX return over the past year?
ZTAX returned +1.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 2.9%.
How much would $10,000 invested in ZTAX be worth?
$10,000 invested in ZTAX at its first recorded close on May 19, 2023 would be worth about $11,389 on October 23, 2026 with distributions reinvested.
What was the worst year for ZTAX?
The worst calendar year was 2025, with a total return of −1.0%. The best was 2024 at +8.0%.
What is the biggest drawdown of ZTAX?
The largest peak-to-trough decline was −23.8% between June 16, 2026 and October 12, 2026. It has not yet recovered to that high; it is 14.3% below its peak.
How volatile is ZTAX?
Over the past 3 years ZTAX had an annualized volatility of 8.6% and a Sharpe ratio of 0.00 (excess return over 1–3 month T-bills per unit of risk).