- ISIN
- US9229077469
- CUSIP
- 922907746
- Issuer
- Vanguard
- Inception Date
- Aug 21, 2015
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- S&P National AMT-Free Municipal Bond Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $49B
Highlights
- Avg. Volume (1M)
- 7M
- Avg. Volume Value (1M)
- $358.52M
Share Price Chart
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Performance
VTEB Performance Chart
Vanguard Tax-Exempt Bond ETF (VTEB) is up 0.7% since the beginning of the year. VTEB is currently trading at $50 per share. Investors who bought $1,000 worth of VTEB shares 5 years ago would now be looking at an investment worth $1,030.
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Compare this symbol against anything
Returns By Period
Vanguard Tax-Exempt Bond ETF (VTEB) has returned 0.72% so far this year and 5.20% over the past 12 months. Over the last ten years, VTEB has returned 1.93% per year, falling short of the S&P 500 Index benchmark, which averaged 13.49% annually.
Vanguard Tax-Exempt Bond ETF
- 1D
- 0.28%
- 1M
- -1.44%
- 6M
- 0.02%
- YTD
- 0.72%
- 1Y
- 5.20%
- 3Y*
- 3.28%
- 5Y*
- 0.59%
- 10Y*
- 1.93%
- ALL TIME*
- 2.32%
Benchmark (S&P 500 Index)
- 1D
- 1.79%
- 1M
- 3.38%
- 6M
- 11.83%
- YTD
- 13.02%
- 1Y
- 22.22%
- 3Y*
- 19.99%
- 5Y*
- 11.80%
- 10Y*
- 13.49%
- ALL TIME*
- 8.15%
VTEB Monthly Returns History
Based on dividend-adjusted daily data since Aug 25, 2015, VTEB's average daily return is +0.01%, while the average monthly return is +0.20%. At this rate, an investment would double in approximately 28.9 years.
Historically, 64% of months were positive and 36% were negative. The best month was Nov 2023 with a return of +5.7%, while the worst month was Nov 2016 at -3.8%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 4 months.
On a daily basis, VTEB closed higher 52% of trading days. The best single day was Mar 25, 2020 with a return of +4.7%, while the worst single day was Mar 12, 2020 at -5.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.54% | 1.45% | -2.18% | 1.13% | 0.38% | 0.71% | -1.66% | 0.41% | 0.72% | ||||
| 2025 | 0.00% | 1.32% | -1.79% | -0.58% | -0.54% | 0.75% | -0.44% | 0.96% | 2.45% | 1.19% | 0.28% | 0.11% | 3.72% |
| 2024 | -0.24% | -0.18% | 0.04% | -1.25% | 0.02% | 1.05% | 1.25% | 0.38% | 1.17% | -1.25% | 1.66% | -1.28% | 1.31% |
| 2023 | 2.69% | -2.28% | 2.48% | -0.29% | -0.57% | 0.67% | 0.07% | -1.09% | -2.55% | -1.16% | 5.72% | 2.60% | 6.15% |
| 2022 | -2.57% | -0.36% | -3.03% | -2.72% | 1.64% | -1.64% | 2.53% | -2.52% | -3.02% | -1.07% | 5.07% | -0.27% | -7.99% |
| 2021 | 0.34% | -1.56% | 0.53% | 0.86% | 0.38% | 0.39% | 0.50% | -0.39% | -0.67% | -0.01% | 0.75% | 0.04% | 1.14% |
Benchmark Metrics
Vanguard Tax-Exempt Bond ETF has an annualized alpha of 1.64%, beta of 0.05, and R2 of 0.04 versus S&P 500 Index. Calculated based on daily prices since August 25, 2015.
- This ETF participated in 16.67% of S&P 500 Index downside but only 13.15% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.05 may look defensive, but with R2 of 0.04 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.04 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1.64%
- Beta
- 0.05
- R²
- 0.04
- Upside Capture
- 13.15%
- Downside Capture
- 16.67%
Expense Ratio
VTEB has an expense ratio of 0.03%, which is considered low.
Return for Risk
Risk / Return Rank
VTEB ranks 66 for risk / return — above 66% of ETFs peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VTEB | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.31 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.45 | -0.53 |
| Martin ratioReturn relative to average drawdown | 6.28 | 10.40 | -4.12 |
Dividends
Dividend History
Vanguard Tax-Exempt Bond ETF provided a 3.42% dividend yield over the last twelve months, with an annual payout of $1.70 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.70 | $1.66 | $1.57 | $1.42 | $1.03 | $0.90 | $1.10 | $1.23 | $1.15 | $1.01 | $0.83 | $0.30 |
Dividend yield | 3.42% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Tax-Exempt Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.14 | $0.15 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.99 | ||||
| 2025 | $0.00 | $0.13 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.28 | $1.66 |
| 2024 | $0.00 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.13 | $0.27 | $1.57 |
| 2023 | $0.00 | $0.11 | $0.12 | $0.11 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.26 | $1.42 |
| 2022 | $0.00 | $0.07 | $0.08 | $0.07 | $0.07 | $0.08 | $0.08 | $0.09 | $0.09 | $0.10 | $0.09 | $0.22 | $1.03 |
| 2021 | $0.00 | $0.08 | $0.09 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.14 | $0.90 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Vanguard Tax-Exempt Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Vanguard Tax-Exempt Bond ETF was 17.00%, occurring on Mar 19, 2020. Recovery took 92 trading sessions.
The current Vanguard Tax-Exempt Bond ETF drawdown is 1.46%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-17.00%Mar 2020 | 9d | 4mo 13d | 4mo 22dMar 2020 - Jul 2020 | COVID crash2020 |
-12.64%Oct 2022 | 1y 3mo | 2y 1mo | 3y 4moJul 2021 - Dec 2024 | Bear market2022 |
-5.82%Dec 2016 | 4mo 28d | 8mo 25d | 1y 1moJul 2016 - Aug 2017 | — |
-4.76%Apr 2025 | 4mo 3d | 5mo 3d | 9mo 6dDec 2024 - Sep 2025 | 2025 selloff2025 |
-2.71%Mar 2026 | 22d | 3mo 7d | 3mo 29dMar 2026 - Jun 2026 | — |
Drawdown Indicators
| VTEB | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -56.78% | +39.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -9.10% | +6.39% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -18.90% | +14.14% |
Max Drawdown (5Y)Largest decline over 5 years | -12.43% | -25.43% | +13.00% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -33.92% | +16.92% |
Current DrawdownCurrent decline from peak | -1.46% | 0.00% | -1.46% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -10.70% | +8.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 2.14% | -1.31% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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