SPAL vs ZMUN

Comparison between GraniteShares 2x Long SpaceX Daily ETF (SPAL, ETF) and F/M CALLABLE TAX-FREE MUNICIPAL ETF (ZMUN, ETF).

SPAL vs ZMUN - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	SPAL(ETF)	ZMUN(ETF)
Net Assets	$31M	$31M
Expense Ratio	N/A	0.30%
Max Drawdown	67.60%	0.45%
Sharpe Ratio	-5.90	-0.61
5Y Beta	4.84	0.00

Net Assets

SPAL

$31M

ZMUN

$31M

Expense Ratio

SPAL

N/A

ZMUN

0.30%

Max Drawdown

SPAL

67.60%

Winner

ZMUN

0.45%

Sharpe Ratio

SPAL

-5.90

Winner

ZMUN

-0.61

5Y Beta

SPAL

4.84

Winner

ZMUN

0.00

SPAL vs ZMUN - Historical Returns

Returns include dividend reinvestment.

Period	SPAL	ZMUN
1 month	-39.09%	+0.26%
3 months	N/A	+0.83%
6 months	N/A	+1.85%
1 year	N/A	+2.79%
Max(CAGR)	-100.00%	+3.48%

SPAL

-39.09%

Winner

ZMUN

+0.26%

SPAL

N/A

ZMUN

+0.83%

SPAL

N/A

ZMUN

+1.85%

SPAL

N/A

ZMUN

+2.79%

Max(CAGR)

SPAL

-100.00%

Winner

ZMUN

+3.48%

SPAL vs ZMUN - Annual Returns (2025 - 2026)

Returns include dividend reinvestment.

Year	SPAL	ZMUN
2026	-62.82%	+2.03%
2025	N/A	+0.73%

SPAL vs ZMUN Drawdown Comparison

The maximum drawdown for SPAL was -67.60%, occurring on Jul 20, 2026. This drawdown has not yet recovered.

The maximum drawdown for ZMUN was -0.13%, occurring on Jul 8, 2026. Recovery took 10 trading sessions.

The current SPAL drawdown is -65.72%.

Rank	SPAL	ZMUN
#1	-67.60% Jun 16, 2026 - Jul 20, 2026	-0.13% Jun 30, 2026 - Jul 15, 2026
#2	N/A	-0.08% Oct 28, 2025 - Nov 10, 2025
#3	N/A	-0.07% May 4, 2026 - May 11, 2026
#4	N/A	-0.07% Mar 4, 2026 - Mar 12, 2026
#5	N/A	-0.06% Jan 27, 2026 - Feb 4, 2026
#6	N/A	-0.05% Oct 3, 2025 - Oct 15, 2025
#7	N/A	-0.05% Apr 28, 2026 - May 1, 2026
#8	N/A	-0.05% Jun 9, 2026 - Jun 12, 2026
#9	N/A	-0.05% Feb 18, 2026 - Feb 23, 2026
#10	N/A	-0.04% Apr 2, 2026 - Apr 8, 2026
#11	N/A	-0.04% Apr 9, 2026 - Apr 16, 2026
#12	N/A	-0.04% Jan 20, 2026 - Jan 26, 2026
#13	N/A	-0.04% Apr 17, 2026 - Apr 24, 2026
#14	N/A	-0.03% Feb 10, 2026 - Feb 13, 2026
#15	N/A	-0.03% Nov 11, 2025 - Nov 18, 2025

Correlation

Correlation between SPAL and ZMUN is -1.00 which considered as a very strong negative correlation - the stocks move almost identically in opposite directions.

-1.00

-101