HMOP vs. VTEB
HMOP (Hartford Municipal Opportunities ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. HMOP is actively managed, while VTEB is passively managed. Over the past 5 years, HMOP returned 1.00%/yr vs 0.54%/yr for VTEB. Their 0.65 correlation means they have sometimes moved together and sometimes differently. HMOP charges 0.29%/yr vs 0.03%/yr for VTEB.
Performance
HMOP vs. VTEB - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HMOP having a 0.45% return and VTEB slightly lower at 0.43%.
HMOP
- 1D
- -0.06%
- 1M
- -1.53%
- 6M
- -0.66%
- YTD
- 0.45%
- 1Y
- 4.22%
- 3Y*
- 4.03%
- 5Y*
- 1.00%
- 10Y*
- —
- ALL TIME*
- 2.54%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.82M | $2.90M | $2.81M | |
| $388.01M | $356.14M | $359.95M |
HMOP vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMOP Hartford Municipal Opportunities ETF | 0.45% | 4.70% | 2.52% | 6.83% | -8.37% | 1.80% | 5.52% | 7.77% | 1.59% | 0.05% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.43% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 0.06% |
Correlation
The correlation between HMOP and VTEB is 0.58, 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. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2017 | 0.65 |
The correlation between HMOP and VTEB shifts across timeframes, from 0.58 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HMOP vs. VTEB — Risk / Return Rank
HMOP
VTEB
HMOP vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities ETF (HMOP) 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.
| HMOP | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.82 | -0.25 |
| Martin ratioReturn relative to average drawdown | 4.63 | 5.96 | -1.33 |
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Drawdowns
HMOP vs. VTEB - Drawdown Comparison
The maximum HMOP drawdown since its inception was -13.12%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for HMOP and VTEB.
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Drawdown Indicators
| HMOP | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -17.00% | +3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.71% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -3.94% | -4.76% | +0.82% |
Max Drawdown (5Y)Largest decline over 5 years | -13.04% | -12.56% | -0.48% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -1.83% | -1.74% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -2.44% | -2.30% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.82% | +0.09% |
Volatility
HMOP vs. VTEB - Volatility Comparison
The current volatility for Hartford Municipal Opportunities ETF (HMOP) is 0.80%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 0.88%. This indicates that HMOP 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
| HMOP | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.88% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.05% | 2.22% | -0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 2.73% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.89% | 3.92% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.24% | 5.25% | -1.01% |
HMOP vs. VTEB - Expense Ratio Comparison
HMOP has a 0.29% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
HMOP vs. VTEB - Dividend Comparison
HMOP's dividend yield for the trailing twelve months is around 3.55%, more than VTEB's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMOP Hartford Municipal Opportunities ETF | 3.55% | 3.40% | 3.22% | 2.92% | 2.12% | 1.67% | 5.26% | 2.87% | 2.27% | 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
HMOP and VTEB have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEB has higher volatility (0.88%) compared to HMOP (0.80%). In terms of maximum drawdown, HMOP dropped -13.12% vs VTEB's -17.00%.
On 5-year performance, HMOP leads with 1.00% vs 0.54% 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.
Over the 5-year period, HMOP has performed better with a 1.00% return vs 0.54%. 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 HMOP.
HMOP has the higher dividend yield at 3.55%, compared with 3.43% for VTEB.
They also come from different issuers: Hartford and Vanguard. Their fees differ too: 0.29% for HMOP and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (1.81 vs 1.59), 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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