GMUB vs. VTEB

Last updated Aug 4, 2026

GMUB (Goldman Sachs Municipal Income ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. GMUB is actively managed, while VTEB is passively managed. Over the past year, GMUB returned 5.07% vs 4.90% for VTEB. Their 0.72 correlation means they have sometimes moved together and sometimes differently. GMUB charges 0.18%/yr vs 0.03%/yr for VTEB.

Performance

GMUB vs. VTEB - Performance Comparison

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

Returns By Period

In the year-to-date period, GMUB achieves a 0.92% return, which is significantly higher than VTEB's 0.43% return.

GMUB

• 1D: 0.08%
• 1M: -1.17%
• 6M: 0.11%
• YTD: 0.92%
• 1Y: 5.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.95%

VTEB

• 1D: 0.12%
• 1M: -1.72%
• 6M: -0.22%
• YTD: 0.43%
• 1Y: 4.90%
• 3Y*: 3.19%
• 5Y*: 0.54%
• 10Y*: 1.90%
• ALL TIME*: 2.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GMUB Goldman Sachs Municipal Income ETF	$3.85M	$2.59M	$2.10M
VTEB Vanguard Tax-Exempt Bond ETF	$388.01M	$356.14M	$359.95M

GMUB vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMUB Goldman Sachs Municipal Income ETF	0.92%	5.99%	1.11%
VTEB Vanguard Tax-Exempt Bond ETF	0.43%	3.72%	1.16%

Correlation

The correlation between GMUB and VTEB is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	0.72

The correlation between GMUB and VTEB has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

GMUB vs. VTEB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GMUB

GMUB Risk / Return Rank: 70
GMUB Sharpe Ratio Rank: 76
GMUB Sortino Ratio Rank: 79
GMUB Omega Ratio Rank: 81
GMUB Calmar Ratio Rank: 58
GMUB Martin Ratio Rank: 58

VTEB

VTEB Risk / Return Rank: 68
VTEB Sharpe Ratio Rank: 78
VTEB Sortino Ratio Rank: 78
VTEB Omega Ratio Rank: 84
VTEB Calmar Ratio Rank: 49
VTEB Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GMUB vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Municipal Income ETF (GMUB) 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.

	GMUB	VTEB	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.81	+0.11
Sortino ratio: Return per unit of downside risk	2.77	2.54	+0.23
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	2.22	1.82	+0.41
Martin ratio: Return relative to average drawdown	7.48	5.96	+1.52

GMUB vs. VTEB - Sharpe Ratio Comparison

The current GMUB Sharpe Ratio is 1.91, which is comparable to the VTEB Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of GMUB and VTEB, 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

GMUB vs. VTEB - Drawdown Comparison

The maximum GMUB drawdown since its inception was -3.28%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for GMUB and VTEB.

Drawdown Indicators

	GMUB	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-3.28%	-17.00%	+13.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.29%	-2.71%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	-1.19%	-1.74%	+0.55%
Average Drawdown Average peak-to-trough decline	-0.62%	-2.30%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.82%	-0.14%

Volatility

GMUB vs. VTEB - Volatility Comparison

Goldman Sachs Municipal Income ETF (GMUB) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.89% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUB	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	0.88%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	2.22%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	2.73%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	3.92%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.25%	5.25%	-2.00%

GMUB vs. VTEB - Expense Ratio Comparison

GMUB has a 0.18% expense ratio, which is higher than VTEB's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GMUB vs. VTEB - Dividend Comparison

GMUB's dividend yield for the trailing twelve months is around 3.48%, more than VTEB's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMUB Goldman Sachs Municipal Income ETF	3.48%	3.14%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTEB Vanguard Tax-Exempt Bond ETF	3.43%	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 GMUB and VTEB in my portfolio?

GMUB and VTEB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMUB or VTEB?

GMUB has higher volatility (0.89%) compared to VTEB (0.88%). In terms of maximum drawdown, GMUB dropped -3.28% vs VTEB's -17.00%.

Which ETF is better, GMUB or VTEB?

On 1-year performance, GMUB leads with 5.07% vs 4.90% for VTEB. On fees, VTEB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMUB or VTEB?

Over the 1-year period, GMUB has performed better with a 5.07% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMUB or VTEB?

VTEB is cheaper with a 0.03% expense ratio, compared with 0.18% for GMUB.

Which ETF pays a higher dividend yield, GMUB or VTEB?

GMUB has the higher dividend yield at 3.48%, compared with 3.43% for VTEB.

What is the main difference between GMUB and VTEB?

They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.18% for GMUB and 0.03% for VTEB.

Which has better risk-adjusted returns?

GMUB currently has the higher Sharpe Ratio (1.91 vs 1.81), 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.