APMU vs. VTES

Last updated Apr 1, 2026

Compare and contrast key facts about ActivePassive Intermediate Municipal Bond ETF (APMU) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).

APMU and VTES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. APMU is an actively managed fund by ActivePassive. It was launched on May 2, 2023. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023.

Performance

APMU vs. VTES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Intermediate Municipal Bond ETF (APMU) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). The values are adjusted to include any dividend payments, if applicable.

APMU vs. VTES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	-0.44%	4.50%	0.86%	1.24%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	0.02%	4.19%	1.85%	2.28%

Returns By Period

In the year-to-date period, APMU achieves a -0.44% return, which is significantly lower than VTES's 0.02% return.

APMU

• 1D: 0.32%
• 1M: -2.04%
• YTD: -0.44%
• 6M: 0.28%
• 1Y: 3.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTES

• 1D: 0.11%
• 1M: -1.24%
• YTD: 0.02%
• 6M: 0.60%
• 1Y: 3.45%
• 3Y*: 2.61%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APMU vs. VTES - Expense Ratio Comparison

APMU has a 0.36% expense ratio, which is higher than VTES's 0.07% expense ratio.

APMU

ActivePassive Intermediate Municipal Bond ETF

VTES

Vanguard Short-Term Tax-Exempt Bond ETF Shares

Return for Risk

APMU vs. VTES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APMU

APMU Risk / Return Rank: 61
APMU Sharpe Ratio Rank: 66
APMU Sortino Ratio Rank: 59
APMU Omega Ratio Rank: 71
APMU Calmar Ratio Rank: 59
APMU Martin Ratio Rank: 51

VTES

VTES Risk / Return Rank: 87
VTES Sharpe Ratio Rank: 90
VTES Sortino Ratio Rank: 89
VTES Omega Ratio Rank: 96
VTES Calmar Ratio Rank: 83
VTES Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APMU vs. VTES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). 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.

	APMU	VTES	Difference
Sharpe ratio Return per unit of total volatility	1.18	1.91	-0.72
Sortino ratio Return per unit of downside risk	1.55	2.43	-0.87
Omega ratio Gain probability vs. loss probability	1.27	1.49	-0.22
Calmar ratio Return relative to maximum drawdown	1.55	2.30	-0.75
Martin ratio Return relative to average drawdown	4.99	7.44	-2.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APMU vs. VTES - Sharpe Ratio Comparison

The current APMU Sharpe Ratio is 1.18, which is lower than the VTES Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of APMU and VTES, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APMU	VTES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.91	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	1.76	-1.01

Correlation

The correlation between APMU and VTES is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

APMU vs. VTES - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.62%, less than VTES's 2.77% yield.

	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.62%	2.63%	2.42%	1.31%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	2.77%	2.77%	2.99%	2.03%

Drawdowns

APMU vs. VTES - Drawdown Comparison

The maximum APMU drawdown since its inception was -4.39%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for APMU and VTES.

Drawdown Indicators

	APMU	VTES	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-2.42%	-1.97%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-1.59%	-0.81%
Current Drawdown Current decline from peak	-2.04%	-1.24%	-0.80%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.48%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.49%	+0.25%

Volatility

APMU vs. VTES - Volatility Comparison

ActivePassive Intermediate Municipal Bond ETF (APMU) has a higher volatility of 1.06% compared to Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) at 0.69%. This indicates that APMU's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APMU	VTES	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.69%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	0.96%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	1.83%	+1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.83%	1.75%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.83%	1.75%	+1.08%