GMUN vs. VTES
Compare and contrast key facts about Goldman Sachs Community Municipal Bond ETF (GMUN) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).
GMUN and VTES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GMUN is a passively managed fund by Goldman Sachs that tracks the performance of the Bloomberg Goldman Sachs Community Municipal Index. It was launched on Mar 7, 2023. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023. Both GMUN and VTES are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GMUN vs. VTES - Performance Comparison
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GMUN vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.23% | 5.92% | 0.31% | 3.68% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.18% | 4.19% | 1.85% | 3.32% |
Returns By Period
In the year-to-date period, GMUN achieves a -0.23% return, which is significantly lower than VTES's 0.18% return.
GMUN
- 1D
- 0.24%
- 1M
- -1.90%
- YTD
- -0.23%
- 6M
- 1.15%
- 1Y
- 5.05%
- 3Y*
- 2.59%
- 5Y*
- —
- 10Y*
- —
VTES
- 1D
- 0.16%
- 1M
- -0.97%
- YTD
- 0.18%
- 6M
- 0.74%
- 1Y
- 3.45%
- 3Y*
- 2.66%
- 5Y*
- —
- 10Y*
- —
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GMUN vs. VTES - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is higher than VTES's 0.07% 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
GMUN vs. VTES — Risk / Return Rank
GMUN
VTES
GMUN vs. VTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). 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.
| GMUN | VTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.65 | 1.91 | -0.26 |
Sortino ratioReturn per unit of downside risk | 2.08 | 2.43 | -0.35 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.49 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.91 | 2.28 | -0.36 |
Martin ratioReturn relative to average drawdown | 6.60 | 7.30 | -0.70 |
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
| GMUN | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.65 | 1.91 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.07 | 1.79 | -0.72 |
Correlation
The correlation between GMUN and VTES is 0.80, 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
GMUN vs. VTES - Dividend Comparison
GMUN's dividend yield for the trailing twelve months is around 3.08%, more than VTES's 2.76% yield.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | 3.08% | 2.94% | 3.22% | 2.20% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.76% | 2.77% | 2.99% | 2.03% |
Drawdowns
GMUN vs. VTES - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for GMUN and VTES.
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Drawdown Indicators
| GMUN | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -2.42% | -1.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -1.59% | -1.24% |
Current DrawdownCurrent decline from peak | -2.19% | -1.09% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -0.98% | -0.48% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.49% | +0.33% |
Volatility
GMUN vs. VTES - Volatility Comparison
Goldman Sachs Community Municipal Bond ETF (GMUN) has a higher volatility of 1.22% compared to Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) at 0.68%. This indicates that GMUN's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GMUN | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 0.68% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 0.97% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.09% | 1.82% | +1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.95% | 1.75% | +1.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.95% | 1.75% | +1.20% |