IAUM vs. VTEB
IAUM (iShares Gold Trust Micro) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 3 years, IAUM returned 29.28%/yr vs 3.44%/yr for VTEB. At a 0.24 correlation, their price movements are largely independent. IAUM charges 0.09%/yr vs 0.03%/yr for VTEB.
Performance
IAUM vs. VTEB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAUM achieves a -2.40% return, which is significantly lower than VTEB's 1.44% return.
IAUM
- 1D
- 0.10%
- 1M
- -9.51%
- YTD
- -2.40%
- 6M
- -2.08%
- 1Y
- 22.55%
- 3Y*
- 29.28%
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- -0.08%
- 1M
- 0.78%
- YTD
- 1.44%
- 6M
- 1.95%
- 1Y
- 6.57%
- 3Y*
- 3.44%
- 5Y*
- 0.80%
- 10Y*
- 2.03%
IAUM vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | -2.40% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.44% | 3.72% | 1.31% | 6.15% | -7.99% | 0.36% |
Correlation
The correlation between IAUM and VTEB is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.24 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IAUM vs. VTEB — Risk / Return Rank
IAUM
VTEB
IAUM vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) 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.
| IAUM | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.51 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 2.35 | -1.35 |
| Martin ratioReturn relative to average drawdown | 2.87 | 8.30 | -5.43 |
Loading charts...
Drawdowns
IAUM vs. VTEB - Drawdown Comparison
The maximum IAUM drawdown since its inception was -24.37%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for IAUM and VTEB.
Loading charts...
Drawdown Indicators
| IAUM | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.37% | -17.00% | -7.37% |
Max Drawdown (1Y)Largest decline over 1 year | -24.37% | -2.71% | -21.66% |
Max Drawdown (3Y)Largest decline over 3 years | -24.37% | -5.53% | -18.84% |
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 | -21.99% | -0.54% | -21.45% |
Average DrawdownAverage peak-to-trough decline | -5.38% | -2.32% | -3.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.46% | 0.77% | +7.69% |
Volatility
IAUM vs. VTEB - Volatility Comparison
iShares Gold Trust Micro (IAUM) has a higher volatility of 7.71% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.93%. This indicates that IAUM's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IAUM | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.71% | 0.93% | +6.78% |
Volatility (6M)Calculated over the trailing 6-month period | 23.82% | 2.04% | +21.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.06% | 2.70% | +24.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.05% | 3.90% | +14.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.05% | 5.26% | +12.79% |
IAUM vs. VTEB - Expense Ratio Comparison
IAUM has a 0.09% 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
IAUM vs. VTEB - Dividend Comparison
IAUM has not paid dividends to shareholders, while VTEB's dividend yield for the trailing twelve months is around 3.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 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
IAUM and VTEB have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAUM has higher volatility (7.71%) compared to VTEB (0.93%). In terms of maximum drawdown, IAUM dropped -24.37% vs VTEB's -17.00%.
On 3-year performance, IAUM leads with 29.28% vs 3.44% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 29.28% return vs 3.44%. 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 0.09% for IAUM.
VTEB has the higher dividend yield at 3.36%, compared with 0.00% for IAUM.
IAUM is categorized as Gold, while VTEB is Municipal Bonds. IAUM tracks LBMA Gold Price PM, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for IAUM and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.38 vs 0.90), 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.
Find the right allocation for IAUM and VTEB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer