FDVV vs. VTEB
FDVV (Fidelity High Dividend ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend 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 5 years, FDVV returned 13.83%/yr vs 0.88%/yr for VTEB. At a 0.06 correlation, their price movements are largely independent. FDVV charges 0.29%/yr vs 0.03%/yr for VTEB.
Performance
FDVV vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, FDVV achieves a 9.83% return, which is significantly higher than VTEB's 1.54% return.
FDVV
- 1D
- 0.49%
- 1M
- 4.24%
- YTD
- 9.83%
- 6M
- 10.02%
- 1Y
- 24.53%
- 3Y*
- 19.43%
- 5Y*
- 13.83%
- 10Y*
- —
VTEB
- 1D
- 0.10%
- 1M
- 1.32%
- YTD
- 1.54%
- 6M
- 1.95%
- 1Y
- 6.68%
- 3Y*
- 3.38%
- 5Y*
- 0.88%
- 10Y*
- 2.02%
FDVV vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FDVV Fidelity High Dividend ETF | 9.83% | 17.08% | 21.81% | 18.00% | -4.21% | 29.24% | 2.80% | 24.07% | -1.26% | 14.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.54% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between FDVV and VTEB is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.06 |
Over the past year, FDVV and VTEB have become more correlated (0.29) than their long-term average of 0.06, meaning their price movements have been converging.
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Return for Risk
FDVV vs. VTEB — Risk / Return Rank
FDVV
VTEB
FDVV vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity High Dividend ETF (FDVV) 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.
| FDVV | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.55 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 2.48 | +0.17 |
| Martin ratioReturn relative to average drawdown | 10.98 | 8.75 | +2.23 |
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Drawdowns
FDVV vs. VTEB - Drawdown Comparison
The maximum FDVV drawdown since its inception was -40.25%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for FDVV and VTEB.
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Drawdown Indicators
| FDVV | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.25% | -17.00% | -23.25% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -2.71% | -6.59% |
Max Drawdown (3Y)Largest decline over 3 years | -15.90% | -5.53% | -10.37% |
Max Drawdown (5Y)Largest decline over 5 years | -20.18% | -12.64% | -7.54% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.44% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -3.80% | -2.32% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 0.77% | +1.47% |
Volatility
FDVV vs. VTEB - Volatility Comparison
Fidelity High Dividend ETF (FDVV) has a higher volatility of 3.08% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.92%. This indicates that FDVV'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
| FDVV | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.08% | 0.92% | +2.16% |
Volatility (6M)Calculated over the trailing 6-month period | 8.17% | 2.04% | +6.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.07% | 2.67% | +7.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.77% | 3.90% | +10.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.98% | 5.26% | +11.72% |
FDVV vs. VTEB - Expense Ratio Comparison
FDVV has a 0.29% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
FDVV vs. VTEB - Dividend Comparison
FDVV's dividend yield for the trailing twelve months is around 2.68%, less than VTEB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FDVV Fidelity High Dividend ETF | 2.68% | 2.89% | 2.94% | 3.77% | 3.44% | 2.70% | 3.19% | 3.93% | 4.05% | 3.66% | 1.04% | 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
FDVV and VTEB have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FDVV has higher volatility (3.08%) compared to VTEB (0.92%). In terms of maximum drawdown, FDVV dropped -40.25% vs VTEB's -17.00%.
On 5-year performance, FDVV leads with 13.83% vs 0.88% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FDVV has performed better with a 13.83% return vs 0.88%. 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 0.29% for FDVV.
VTEB has the higher dividend yield at 3.35%, compared with 2.68% for FDVV.
FDVV is categorized as Large Cap Blend Equities, while VTEB is Municipal Bonds. FDVV tracks Fidelity Core Dividend Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.29% for FDVV and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.52 vs 2.45), 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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