CXE vs. VTEB

Last updated Jul 14, 2026

CXE (MFS High Income Municipal Trust) is a stock, while VTEB (Vanguard Tax-Exempt Bond ETF) is Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. At a 0.29 correlation, their price movements are largely independent.

Performance

CXE vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS High Income Municipal Trust (CXE) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CXE

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTEB

• 1D: -0.14%
• 1M: 0.22%
• 6M: 1.12%
• YTD: 1.66%
• 1Y: 6.51%
• 3Y*: 3.33%
• 5Y*: 0.80%
• 10Y*: 2.02%

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

CXE vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CXE MFS High Income Municipal Trust	1.94%	6.44%	8.88%	6.40%	-27.88%	5.14%	-0.83%	22.02%	-6.39%	13.34%
VTEB Vanguard Tax-Exempt Bond ETF	1.66%	3.72%	1.31%	6.15%	-7.99%	1.14%	5.19%	7.35%	1.04%	4.87%

Correlation

The correlation between CXE and VTEB is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015	0.29

The correlation between CXE and VTEB shifts across timeframes, from 0.27 (1 year) to 0.42 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CXE vs. VTEB — Risk / Return Rank

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

CXE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VTEB

VTEB Risk / Return Rank: 80
VTEB Sharpe Ratio Rank: 90
VTEB Sortino Ratio Rank: 92
VTEB Omega Ratio Rank: 93
VTEB Calmar Ratio Rank: 61
VTEB Martin Ratio Rank: 62

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.

CXE vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS High Income Municipal Trust (CXE) 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.

	CXE	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	—	2.42	—
Sortino ratio: Return per unit of downside risk	—	3.57	—
Omega ratio: Gain probability vs. loss probability	—	1.52	—
Calmar ratio: Return relative to maximum drawdown	—	2.41	—
Martin ratio: Return relative to average drawdown	—	8.68	—

Drawdowns

Drawdown Indicators

	CXE	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	—	-17.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.71%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	—	-0.53%	—
Average Drawdown Average peak-to-trough decline	—	-2.31%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.75%	—

Volatility

Volatility by Period

	CXE	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.71%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.91%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	5.25%	—

Dividends

CXE vs. VTEB - Dividend Comparison

CXE has not paid dividends to shareholders, while VTEB's dividend yield for the trailing twelve months is around 3.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CXE MFS High Income Municipal Trust	6.32%	5.59%	4.97%	4.39%	5.70%	4.74%	4.86%	4.73%	6.17%	5.72%	6.04%	6.27%
VTEB Vanguard Tax-Exempt Bond ETF	3.37%	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

Can I hold both CXE and VTEB in my portfolio?

CXE and VTEB have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.