ZMUN vs SPAL

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

ZMUN vs SPAL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	ZMUN(ETF)	SPAL(ETF)
Net Assets	$31M	$31M
Expense Ratio	0.30%	N/A
Max Drawdown	0.45%	70.22%
Sharpe Ratio	-0.71	-6.54
5Y Beta	0.00	4.90

Net Assets

ZMUN

$31M

SPAL

$31M

Expense Ratio

ZMUN

0.30%

SPAL

N/A

Max Drawdown

Winner

ZMUN

0.45%

SPAL

70.22%

Sharpe Ratio

Winner

ZMUN

-0.71

SPAL

-6.54

5Y Beta

Winner

ZMUN

0.00

SPAL

4.90

ZMUN vs SPAL - Historical Returns

Returns include dividend reinvestment.

Period	ZMUN	SPAL
1 month	+0.24%	-45.53%
3 months	+0.81%	N/A
6 months	+1.80%	N/A
1 year	+2.78%	N/A
Max(CAGR)	+3.44%	-100.00%

Winner

ZMUN

+0.24%

SPAL

-45.53%

ZMUN

+0.81%

SPAL

N/A

ZMUN

+1.80%

SPAL

N/A

ZMUN

+2.78%

SPAL

N/A

Max(CAGR)

Winner

ZMUN

+3.44%

SPAL

-100.00%

ZMUN vs SPAL - Annual Returns (2025 - 2026)

Returns include dividend reinvestment.

Year	ZMUN	SPAL
2026	+2.02%	-66.04%
2025	+0.73%	N/A

ZMUN vs SPAL Drawdown Comparison

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

The maximum drawdown for SPAL was -70.22%, occurring on Jul 22, 2026. This drawdown has not yet recovered.

The current ZMUN drawdown is -0.01%. The current SPAL drawdown is -68.69%.

Rank	ZMUN	SPAL
#1	-0.13% Jun 30, 2026 - Jul 15, 2026	-70.22% Jun 16, 2026 - Jul 22, 2026
#2	-0.08% Oct 28, 2025 - Nov 10, 2025	N/A
#3	-0.07% May 4, 2026 - May 11, 2026	N/A
#4	-0.07% Mar 4, 2026 - Mar 12, 2026	N/A
#5	-0.06% Jan 27, 2026 - Feb 4, 2026	N/A
#6	-0.05% Oct 3, 2025 - Oct 15, 2025	N/A
#7	-0.05% Apr 28, 2026 - May 1, 2026	N/A
#8	-0.05% Jun 9, 2026 - Jun 12, 2026	N/A
#9	-0.05% Feb 18, 2026 - Feb 23, 2026	N/A
#10	-0.04% Apr 2, 2026 - Apr 8, 2026	N/A
#11	-0.04% Apr 9, 2026 - Apr 16, 2026	N/A
#12	-0.04% Jan 20, 2026 - Jan 26, 2026	N/A
#13	-0.04% Apr 17, 2026 - Apr 24, 2026	N/A
#14	-0.03% Feb 10, 2026 - Feb 13, 2026	N/A
#15	-0.03% Nov 11, 2025 - Nov 18, 2025	N/A

Correlation

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

-1.00

-101