GMUB vs. VTEB
Compare and contrast key facts about Goldman Sachs Municipal Income ETF (GMUB) and Vanguard Tax-Exempt Bond ETF (VTEB).
GMUB and VTEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GMUB is an actively managed fund by Goldman Sachs. It was launched on Jul 23, 2024. 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
GMUB vs. VTEB - Performance Comparison
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GMUB vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GMUB Goldman Sachs Municipal Income ETF | 0.32% | 5.99% | 1.08% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 3.72% | 1.12% |
Returns By Period
In the year-to-date period, GMUB achieves a 0.32% return, which is significantly higher than VTEB's 0.09% return.
GMUB
- 1D
- 0.24%
- 1M
- -1.52%
- YTD
- 0.32%
- 6M
- 2.04%
- 1Y
- 5.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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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GMUB vs. VTEB - Expense Ratio Comparison
GMUB has a 0.18% expense ratio, which is higher than VTEB's 0.05% 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%.
Return for Risk
GMUB vs. VTEB — Risk / Return Rank
GMUB
VTEB
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.
| GMUB | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.61 | 0.99 | +0.63 |
Sortino ratioReturn per unit of downside risk | 2.14 | 1.25 | +0.90 |
Omega ratioGain probability vs. loss probability | 1.34 | 1.23 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 2.16 | 1.25 | +0.90 |
Martin ratioReturn relative to average drawdown | 7.71 | 3.69 | +4.02 |
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
| GMUB | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.61 | 0.99 | +0.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | 0.45 | +0.85 |
Correlation
The correlation between GMUB and VTEB is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
GMUB vs. VTEB - Dividend Comparison
GMUB's dividend yield for the trailing twelve months is around 3.20%, less than VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMUB Goldman Sachs Municipal Income ETF | 3.20% | 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 | 3.37% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
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.
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Drawdown Indicators
| GMUB | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.28% | -17.00% | +13.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -3.45% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -1.67% | -1.86% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -2.35% | +1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.17% | -0.39% |
Volatility
GMUB vs. VTEB - Volatility Comparison
The current volatility for Goldman Sachs Municipal Income ETF (GMUB) is 1.11%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.37%. This indicates that GMUB experiences smaller price fluctuations and is considered to be less risky 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
| GMUB | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 1.37% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 1.87% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.53% | 4.00% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.39% | 3.88% | -0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.39% | 5.25% | -1.86% |