ITM vs. VTEB
ITM (VanEck Intermediate Muni ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, ITM returned 1.95%/yr vs 2.09%/yr for VTEB. A 0.79 correlation means they provide meaningful diversification when combined. ITM charges 0.24%/yr vs 0.03%/yr for VTEB.
Performance
ITM vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a 0.61% return, which is significantly lower than VTEB's 1.46% return. Over the past 10 years, ITM has underperformed VTEB with an annualized return of 1.95%, while VTEB has yielded a comparatively higher 2.09% annualized return.
ITM
- 1D
- -0.09%
- 1M
- 0.79%
- YTD
- 0.61%
- 6M
- 1.22%
- 1Y
- 7.29%
- 3Y*
- 3.70%
- 5Y*
- 0.44%
- 10Y*
- 1.95%
VTEB
- 1D
- -0.06%
- 1M
- 0.66%
- YTD
- 1.46%
- 6M
- 1.89%
- 1Y
- 7.14%
- 3Y*
- 3.57%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
ITM vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 0.61% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.46% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between ITM and VTEB is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2015 | 0.79 |
The correlation between ITM and VTEB has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
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Return for Risk
ITM vs. VTEB — Risk / Return Rank
ITM
VTEB
ITM vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) 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.
| ITM | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.58 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.65 | -0.51 |
| Martin ratioReturn relative to average drawdown | 6.84 | 9.41 | -2.56 |
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
| ITM | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 2.64 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.23 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.40 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.47 | -0.04 |
Drawdowns
ITM vs. VTEB - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for ITM and VTEB.
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Drawdown Indicators
| ITM | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -17.00% | -7.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -2.71% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -5.53% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | -12.64% | -2.47% |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | -17.00% | -7.75% |
Current DrawdownCurrent decline from peak | -1.33% | -0.52% | -0.81% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -2.33% | -0.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.76% | +0.31% |
Volatility
ITM vs. VTEB - Volatility Comparison
VanEck Intermediate Muni ETF (ITM) has a higher volatility of 1.01% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.89%. This indicates that ITM'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.
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Volatility by Period
| ITM | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 0.89% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 2.01% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 2.72% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 3.90% | +0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 5.26% | +1.84% |
ITM vs. VTEB - Expense Ratio Comparison
ITM has a 0.24% 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
ITM vs. VTEB - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.93%, less than VTEB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.93% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 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
ITM and VTEB have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ITM has higher volatility (1.01%) compared to VTEB (0.89%). In terms of maximum drawdown, ITM dropped -24.75% vs VTEB's -17.00%.
On 10-year performance, VTEB leads with 2.09% vs 1.95% for ITM. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTEB has performed better with a 2.09% return vs 1.95%. 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 0.24% for ITM.
VTEB has the higher dividend yield at 3.35%, compared with 2.93% for ITM.
ITM tracks Bloomberg AMT-Free Intermediate Continuous, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.24% for ITM and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.64 vs 2.58), 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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