CXE vs. VTEB
Compare and contrast key facts about MFS High Income Municipal Trust (CXE) and Vanguard Tax-Exempt Bond ETF (VTEB).
VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
CXE vs. VTEB - Performance Comparison
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CXE vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CXE MFS High Income Municipal Trust | 1.29% | 6.44% | 8.88% | 6.40% | -27.88% | 5.14% | -0.83% | 22.02% | -6.39% | 13.34% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Returns By Period
In the year-to-date period, CXE achieves a 1.29% return, which is significantly higher than VTEB's 0.09% return. Over the past 10 years, CXE has underperformed VTEB with an annualized return of 1.96%, while VTEB has yielded a comparatively higher 2.09% annualized return.
CXE
- 1D
- -0.40%
- 1M
- -3.82%
- YTD
- 1.29%
- 6M
- 3.05%
- 1Y
- 5.70%
- 3Y*
- 5.68%
- 5Y*
- -1.54%
- 10Y*
- 1.96%
VTEB
- 1D
- 0.32%
- 1M
- -1.61%
- YTD
- 0.09%
- 6M
- 1.54%
- 1Y
- 3.92%
- 3Y*
- 2.78%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
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Return for Risk
CXE vs. VTEB — Risk / Return Rank
CXE
VTEB
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.
| CXE | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.54 | 0.99 | -0.45 |
Sortino ratioReturn per unit of downside risk | 0.81 | 1.25 | -0.44 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.23 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 0.76 | 1.25 | -0.50 |
Martin ratioReturn relative to average drawdown | 2.31 | 3.69 | -1.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CXE | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.54 | 0.99 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | 0.23 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.12 | 0.40 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 0.45 | -0.31 |
Correlation
The correlation between CXE and VTEB is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
CXE vs. VTEB - Dividend Comparison
CXE's dividend yield for the trailing twelve months is around 5.76%, more than VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXE MFS High Income Municipal Trust | 5.76% | 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% |
Drawdowns
CXE vs. VTEB - Drawdown Comparison
The maximum CXE drawdown since its inception was -56.78%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for CXE and VTEB.
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Drawdown Indicators
| CXE | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.78% | -17.00% | -39.78% |
Max Drawdown (1Y)Largest decline over 1 year | -8.09% | -3.45% | -4.64% |
Max Drawdown (5Y)Largest decline over 5 years | -39.23% | -12.64% | -26.59% |
Max Drawdown (10Y)Largest decline over 10 years | -39.23% | -17.00% | -22.23% |
Current DrawdownCurrent decline from peak | -14.95% | -1.86% | -13.09% |
Average DrawdownAverage peak-to-trough decline | -12.64% | -2.35% | -10.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 1.17% | +1.49% |
Volatility
CXE vs. VTEB - Volatility Comparison
MFS High Income Municipal Trust (CXE) has a higher volatility of 3.56% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 1.37%. This indicates that CXE'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
| CXE | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 1.37% | +2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 6.90% | 1.87% | +5.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.64% | 4.00% | +6.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.89% | 3.88% | +10.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.34% | 5.25% | +11.09% |