FXIEX vs. VTEAX

Last updated Jun 23, 2026

FXIEX (PIMCO Fixed Income SHares: Series TE) and VTEAX (Vanguard Tax-Exempt Bond Index Fund Admiral Shares) are both Municipal Bonds funds. Over the past 10 years, FXIEX returned 2.83%/yr vs 2.09%/yr for VTEAX. A 0.77 correlation means they provide meaningful diversification when combined. FXIEX charges 0.07%/yr vs 0.09%/yr for VTEAX.

Performance

FXIEX vs. VTEAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Fixed Income SHares: Series TE (FXIEX) and Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXIEX achieves a 1.92% return, which is significantly higher than VTEAX's 1.76% return. Over the past 10 years, FXIEX has outperformed VTEAX with an annualized return of 2.83%, while VTEAX has yielded a comparatively lower 2.09% annualized return.

FXIEX

• 1D: 0.10%
• 1M: 1.85%
• YTD: 1.92%
• 6M: 2.44%
• 1Y: 6.56%
• 3Y*: 5.16%
• 5Y*: 1.65%
• 10Y*: 2.83%

VTEAX

• 1D: 0.10%
• 1M: 1.63%
• YTD: 1.76%
• 6M: 1.96%
• 1Y: 6.78%
• 3Y*: 3.62%
• 5Y*: 0.98%
• 10Y*: 2.09%

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

FXIEX vs. VTEAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXIEX PIMCO Fixed Income SHares: Series TE	1.92%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares	1.76%	3.67%	1.63%	6.39%	-8.21%	1.43%	4.97%	7.45%	0.99%	4.94%

Correlation

The correlation between FXIEX and VTEAX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Aug 31, 2015	0.77

The correlation between FXIEX and VTEAX has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

FXIEX vs. VTEAX — Risk / Return Rank

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

FXIEX

FXIEX Risk / Return Rank: 79
FXIEX Sharpe Ratio Rank: 78
FXIEX Sortino Ratio Rank: 91
FXIEX Omega Ratio Rank: 88
FXIEX Calmar Ratio Rank: 79
FXIEX Martin Ratio Rank: 60

VTEAX

VTEAX Risk / Return Rank: 75
VTEAX Sharpe Ratio Rank: 93
VTEAX Sortino Ratio Rank: 92
VTEAX Omega Ratio Rank: 95
VTEAX Calmar Ratio Rank: 49
VTEAX Martin Ratio Rank: 44

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.

FXIEX vs. VTEAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Fixed Income SHares: Series TE (FXIEX) and Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX). 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.

	FXIEX	VTEAX	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.89	-0.52
Sortino ratio: Return per unit of downside risk	4.14	4.26	-0.12
Omega ratio: Gain probability vs. loss probability	1.58	1.73	-0.15
Calmar ratio: Return relative to maximum drawdown	3.40	2.57	+0.83
Martin ratio: Return relative to average drawdown	11.23	8.85	+2.38

FXIEX vs. VTEAX - Sharpe Ratio Comparison

The current FXIEX Sharpe Ratio is 2.37, which is comparable to the VTEAX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of FXIEX and VTEAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXIEX vs. VTEAX - Drawdown Comparison

The maximum FXIEX drawdown since its inception was -15.25%, which is greater than VTEAX's maximum drawdown of -12.75%. Use the drawdown chart below to compare losses from any high point for FXIEX and VTEAX.

Drawdown Indicators

	FXIEX	VTEAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.25%	-12.75%	-2.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-2.65%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-5.46%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-15.25%	-12.75%	-2.50%
Max Drawdown (10Y) Largest decline over 10 years	-15.25%	-12.75%	-2.50%
Current Drawdown Current decline from peak	0.00%	-0.26%	+0.26%
Average Drawdown Average peak-to-trough decline	-2.89%	-2.25%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.77%	+0.88%

Volatility

FXIEX vs. VTEAX - Volatility Comparison

PIMCO Fixed Income SHares: Series TE (FXIEX) has a higher volatility of 0.92% compared to Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) at 0.64%. This indicates that FXIEX's price experiences larger fluctuations and is considered to be riskier than VTEAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXIEX	VTEAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	0.64%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	1.85%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.46%	2.35%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	3.61%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.10%	3.66%	+0.44%

FXIEX vs. VTEAX - Expense Ratio Comparison

FXIEX has a 0.07% expense ratio, which is lower than VTEAX's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FXIEX vs. VTEAX - Dividend Comparison

FXIEX's dividend yield for the trailing twelve months is around 2.78%, less than VTEAX's 3.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXIEX PIMCO Fixed Income SHares: Series TE	2.78%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	0.00%	0.00%
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares	3.31%	3.26%	3.36%	2.98%	2.05%	1.60%	1.97%	2.27%	2.24%	1.95%	1.67%	0.59%

Frequently Asked Questions

Can I hold both FXIEX and VTEAX in my portfolio?

FXIEX and VTEAX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXIEX or VTEAX?

FXIEX has higher volatility (0.92%) compared to VTEAX (0.64%). In terms of maximum drawdown, FXIEX dropped -15.25% vs VTEAX's -12.75%.

Which has better risk-adjusted returns?

VTEAX currently has the higher Sharpe Ratio (2.89 vs 2.37), 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.