AMUB vs. VTEB
AMUB (ETRACS Alerian MLP Index ETN Class B) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - AMUB is a MLPs fund tracking the Alerian MLP Index, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, AMUB returned 2.59%/yr vs 1.97%/yr for VTEB. At a correlation of -0.01, they often move in opposite directions. AMUB charges 0.80%/yr vs 0.03%/yr for VTEB.
Performance
AMUB vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, AMUB achieves a 11.87% return, which is significantly higher than VTEB's 1.72% return. Over the past 10 years, AMUB has outperformed VTEB with an annualized return of 2.59%, while VTEB has yielded a comparatively lower 1.97% annualized return.
AMUB
- 1D
- -0.02%
- 1M
- -9.67%
- YTD
- 11.87%
- 6M
- 11.94%
- 1Y
- 10.22%
- 3Y*
- 14.71%
- 5Y*
- 11.11%
- 10Y*
- 2.59%
VTEB
- 1D
- -0.02%
- 1M
- 1.40%
- YTD
- 1.72%
- 6M
- 1.95%
- 1Y
- 6.76%
- 3Y*
- 3.39%
- 5Y*
- 0.95%
- 10Y*
- 1.97%
AMUB vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AMUB ETRACS Alerian MLP Index ETN Class B | 11.87% | 2.05% | 15.68% | 16.89% | 21.91% | 28.83% | -36.47% | -1.78% | -19.25% | -13.07% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.72% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between AMUB and VTEB is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2015 | -0.01 |
The correlation between AMUB and VTEB shifts across timeframes, from -0.18 (1 year) to 0.02 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
AMUB vs. VTEB — Risk / Return Rank
AMUB
VTEB
AMUB vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Alerian MLP Index ETN Class B (AMUB) and Vanguard Tax-Exempt Bond ETF (VTEB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| AMUB | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.55 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 2.51 | -1.54 |
| Martin ratioReturn relative to average drawdown | 2.64 | 8.83 | -6.19 |
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Drawdowns
AMUB vs. VTEB - Drawdown Comparison
The maximum AMUB drawdown since its inception was -79.46%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for AMUB and VTEB.
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Drawdown Indicators
| AMUB | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.46% | -17.00% | -62.46% |
Max Drawdown (1Y)Largest decline over 1 year | -10.69% | -2.71% | -7.98% |
Max Drawdown (3Y)Largest decline over 3 years | -17.22% | -5.53% | -11.69% |
Max Drawdown (5Y)Largest decline over 5 years | -20.58% | -12.64% | -7.94% |
Max Drawdown (10Y)Largest decline over 10 years | -78.86% | -17.00% | -61.86% |
Current DrawdownCurrent decline from peak | -10.25% | -0.26% | -9.99% |
Average DrawdownAverage peak-to-trough decline | -29.12% | -2.32% | -26.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.89% | 0.77% | +3.12% |
Volatility
AMUB vs. VTEB - Volatility Comparison
ETRACS Alerian MLP Index ETN Class B (AMUB) has a higher volatility of 4.72% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.71%. This indicates that AMUB's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AMUB | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 0.71% | +4.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.95% | 2.06% | +7.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 2.68% | +11.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.11% | 3.90% | +16.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.12% | 5.26% | +21.86% |
AMUB vs. VTEB - Expense Ratio Comparison
AMUB has a 0.80% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
AMUB vs. VTEB - Dividend Comparison
AMUB has not paid dividends to shareholders, while VTEB's dividend yield for the trailing twelve months is around 3.35%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMUB ETRACS Alerian MLP Index ETN Class B | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
AMUB and VTEB have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMUB has higher volatility (4.72%) compared to VTEB (0.71%). In terms of maximum drawdown, AMUB dropped -79.46% vs VTEB's -17.00%.
On 10-year performance, AMUB leads with 2.59% vs 1.97% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AMUB has performed better with a 2.59% return vs 1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.80% for AMUB.
VTEB has the higher dividend yield at 3.35%, compared with 0.00% for AMUB.
AMUB is categorized as MLPs, while VTEB is Municipal Bonds. AMUB tracks Alerian MLP Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: UBS and Vanguard. Their fees differ too: 0.80% for AMUB and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.53 vs 0.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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