- Issuer
- Vanguard
- Inception Date
- Jan 29, 2024
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- S&P Intermediate Term National AMT-Free Municipal Bond Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
VTEI Performance Chart
Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) is up 1.1% since the beginning of the year. VTEI is currently trading at $101 per share.
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Returns By Period
Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) has returned 1.05% so far this year and 6.02% over the past 12 months.
Vanguard Intermediate-Term Tax-Exempt Bond ETF
- 1D
- -0.16%
- 1M
- 0.23%
- YTD
- 1.05%
- 6M
- 1.49%
- 1Y
- 6.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTEI Monthly Returns History
Based on dividend-adjusted daily data since Jan 30, 2024, VTEI's average daily return is +0.01%, while the average monthly return is +0.24%. At this rate, an investment would double in approximately 24.1 years.
Historically, 67% of months were positive and 33% were negative. The best month was Sep 2025 with a return of +1.8%, while the worst month was Mar 2026 at -2.3%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 4 months.
On a daily basis, VTEI closed higher 56% of trading days. The best single day was Aug 1, 2025 with a return of +0.8%, while the worst single day was Apr 7, 2025 at -1.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.88% | 1.10% | -2.32% | 1.00% | 0.37% | 0.06% | 1.05% | ||||||
| 2025 | 0.40% | 0.95% | -1.42% | -0.45% | 0.13% | 0.82% | -0.13% | 0.92% | 1.77% | 0.96% | 0.29% | 0.29% | 4.59% |
| 2024 | 0.42% | -0.24% | -0.23% | -0.96% | -0.43% | 1.22% | 0.90% | 0.74% | 0.93% | -1.18% | 1.25% | -0.84% | 1.55% |
Benchmark Metrics
Vanguard Intermediate-Term Tax-Exempt Bond ETF has an annualized alpha of 5.25%, beta of 0.05, and R2 of 0.06 versus S&P 500 Index. Calculated based on daily prices since January 31, 2024.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (20.16%) than losses (11.66%) - typical of diversified or defensive assets.
- Beta of 0.05 may look defensive, but with R2 of 0.06 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 0.06 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
- 5.25%
- Beta
- 0.05
- R²
- 0.06
- Upside Capture
- 20.16%
- Downside Capture
- 11.66%
Expense Ratio
VTEI has an expense ratio of 0.08%, which is considered low.
Return for Risk
Risk / Return Rank
VTEI ranks 74 for risk / return — better than 74% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and compare them to S&P 500 Index.
| VTEI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.59 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | — | — |
| Martin ratioReturn relative to average drawdown | 7.57 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Vanguard Intermediate-Term Tax-Exempt Bond ETF provided a 3.05% dividend yield over the last twelve months, with an annual payout of $3.07 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $3.07 | $3.03 | $2.63 |
Dividend yield | 3.05% | 3.00% | 2.65% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Intermediate-Term 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 | $0.25 | $0.26 | $0.26 | $0.26 | $0.25 | $1.29 | ||||||
| 2025 | $0.00 | $0.24 | $0.26 | $0.25 | $0.23 | $0.26 | $0.27 | $0.25 | $0.22 | $0.26 | $0.26 | $0.52 | $3.03 |
| 2024 | $0.22 | $0.26 | $0.13 | $0.24 | $0.26 | $0.26 | $0.26 | $0.25 | $0.25 | $0.51 | $2.63 |
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 Intermediate-Term 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 Intermediate-Term Tax-Exempt Bond ETF was 3.64%, occurring on Apr 10, 2025. Recovery took 100 trading sessions.
The current Vanguard Intermediate-Term Tax-Exempt Bond ETF drawdown is 0.92%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -3.64%Apr 2025 | 1mo 7d | 4mo 27d | 6mo 4dMar 2025 - Sep 2025 |
2026 pullback2026 | -2.61%Mar 2026 | 24d | — | 3mo 6dMar 2026 - now |
2024 pullback2024 | -2.06%May 2024 | 3mo 28d | 1mo 13d | 5mo 11dFeb 2024 - Jul 2024 |
2024 pullback2024 | -1.87%Nov 2024 | 1mo 4d | 28d | 2mo 2dOct 2024 - Dec 2024 |
2025 pullback2025 | -1.80%Jan 2025 | 1mo 10d | 1mo 12d | 2mo 22dDec 2024 - Feb 2025 |
Drawdown Indicators
| VTEI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -9.10% | +5.46% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | — | — |
Current DrawdownCurrent decline from peak | -0.92% | -2.97% | +2.05% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -1.13% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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