- ISIN
- US9219358705
- Issuer
- Vanguard
- Inception Date
- Mar 8, 2023
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- S&P 0-7 Year National AMT-Free Municipal Bond Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $2B
Share Price Chart
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Performance
VTES Performance Chart
Vanguard Short-Term Tax-Exempt Bond ETF (VTES) is up 0.8% since the beginning of the year. VTES is currently trading at $101 per share.
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Returns By Period
Vanguard Short-Term Tax-Exempt Bond ETF (VTES) has returned 0.75% so far this year and 3.30% over the past 12 months.
Vanguard Short-Term Tax-Exempt Bond ETF
- 1D
- -0.01%
- 1M
- 0.57%
- YTD
- 0.75%
- 6M
- 0.95%
- 1Y
- 3.30%
- 3Y*
- 3.09%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
VTES Monthly Returns History
Based on dividend-adjusted daily data since Mar 9, 2023, VTES's average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2023 with a return of +2.4%, while the worst month was Mar 2026 at -1.2%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, VTES closed higher 56% of trading days. The best single day was Apr 14, 2025 with a return of +0.5%, while the worst single day was Apr 7, 2025 at -0.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.73% | 0.54% | -1.24% | 0.37% | 0.15% | 0.21% | 0.75% | ||||||
| 2025 | 0.45% | 0.78% | -0.49% | -0.13% | 0.48% | 0.76% | 0.63% | 0.59% | 0.47% | 0.00% | 0.20% | 0.38% | 4.19% |
| 2024 | -0.17% | 0.13% | -0.17% | -0.48% | -0.22% | 0.82% | 0.74% | 0.95% | 0.41% | -0.48% | 0.69% | -0.38% | 1.85% |
| 2023 | 1.52% | -0.64% | -0.55% | 0.49% | 0.12% | -0.19% | -1.06% | 0.00% | 2.41% | 1.24% | 3.32% |
Benchmark Metrics
Vanguard Short-Term Tax-Exempt Bond ETF has an annualized alpha of 2.95%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since March 09, 2023.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (10.86%) than losses (9.05%) - typical of diversified or defensive assets.
- Beta of 0.01 may look defensive, but with R2 of 0.00 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 0.00 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
- 2.95%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 10.86%
- Downside Capture
- 9.05%
Expense Ratio
VTES has an expense ratio of 0.07%, which is considered low.
Return for Risk
Risk / Return Rank
VTES ranks 71 for risk / return — better than 71% 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 Short-Term Tax-Exempt Bond ETF (VTES) 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.
| VTES | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.37 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 2.78 | -0.53 |
| Martin ratioReturn relative to average drawdown | 6.47 | 12.44 | -5.96 |
Dividends
Dividend History
Vanguard Short-Term Tax-Exempt Bond ETF provided a 2.75% dividend yield over the last twelve months, with an annual payout of $2.78 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $2.78 | $2.82 | $3.00 | $2.06 |
Dividend yield | 2.75% | 2.77% | 2.99% | 2.03% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Short-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 | $0.22 | $0.24 | $0.22 | $0.23 | $0.22 | $1.13 | ||||||
| 2025 | $0.00 | $0.23 | $0.25 | $0.23 | $0.23 | $0.23 | $0.24 | $0.23 | $0.24 | $0.24 | $0.24 | $0.47 | $2.82 |
| 2024 | $0.00 | $0.25 | $0.25 | $0.25 | $0.24 | $0.25 | $0.25 | $0.25 | $0.25 | $0.26 | $0.25 | $0.49 | $3.00 |
| 2023 | $0.13 | $0.00 | $0.16 | $0.23 | $0.21 | $0.22 | $0.22 | $0.22 | $0.19 | $0.49 | $2.06 |
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 Short-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 Short-Term Tax-Exempt Bond ETF was 2.42%, occurring on Oct 3, 2023. Recovery took 40 trading sessions.
The current Vanguard Short-Term Tax-Exempt Bond ETF drawdown is 0.53%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 pullback2023 | -2.42%Oct 2023 | 5mo 23d | 1mo 27d | 7mo 20dApr 2023 - Nov 2023 |
2025 selloff2025 | -1.59%Apr 2025 | 4d | 2mo 1d | 2mo 5dApr 2025 - Jun 2025 |
2026 pullback2026 | -1.47%Mar 2026 | 22d | — | 3mo 23dMar 2026 - now |
2024 pullback2024 | -1.04%May 2024 | 2mo 20d | 1mo 9d | 3mo 29dMar 2024 - Jul 2024 |
2024 pullback2024 | -0.82%Dec 2024 | 10d | 1mo 17d | 1mo 27dDec 2024 - Feb 2025 |
Drawdown Indicators
| VTES | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.42% | -56.78% | +54.36% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -9.10% | +7.63% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -18.90% | +17.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.53% | -1.80% | +1.27% |
Average DrawdownAverage peak-to-trough decline | -0.50% | -10.71% | +10.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 2.03% | -1.52% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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