ITM vs. VTEB

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Intermediate Muni ETF (ITM) and Vanguard Tax-Exempt Bond ETF (VTEB).

ITM and VTEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ITM is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Intermediate Continuous. It was launched on Dec 4, 2007. 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. Both ITM and VTEB 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

ITM vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Intermediate Muni ETF (ITM) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

ITM vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITM VanEck Intermediate Muni ETF	-0.78%	5.34%	0.73%	5.69%	-9.33%	0.21%	5.87%	8.46%	0.96%	6.13%
VTEB Vanguard Tax-Exempt Bond ETF	0.09%	3.72%	1.31%	6.15%	-7.99%	1.14%	5.19%	7.35%	1.04%	4.87%

Returns By Period

In the year-to-date period, ITM achieves a -0.78% return, which is significantly lower than VTEB's 0.09% 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: 0.31%
• 1M: -2.46%
• YTD: -0.78%
• 6M: 1.21%
• 1Y: 5.00%
• 3Y*: 2.85%
• 5Y*: 0.46%
• 10Y*: 1.95%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ITM vs. VTEB - Expense Ratio Comparison

ITM has a 0.24% 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%.

ITM

VanEck Intermediate Muni ETF

VTEB

Vanguard Tax-Exempt Bond ETF

Return for Risk

ITM vs. VTEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ITM

ITM Risk / Return Rank: 60
ITM Sharpe Ratio Rank: 65
ITM Sortino Ratio Rank: 54
ITM Omega Ratio Rank: 72
ITM Calmar Ratio Rank: 58
ITM Martin Ratio Rank: 52

VTEB

VTEB Risk / Return Rank: 48
VTEB Sharpe Ratio Rank: 53
VTEB Sortino Ratio Rank: 43
VTEB Omega Ratio Rank: 59
VTEB Calmar Ratio Rank: 46
VTEB Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio Return per unit of total volatility	1.20	0.99	+0.21
Sortino ratio Return per unit of downside risk	1.49	1.25	+0.24
Omega ratio Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio Return relative to maximum drawdown	1.57	1.25	+0.32
Martin ratio Return relative to average drawdown	5.30	3.69	+1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITM vs. VTEB - Sharpe Ratio Comparison

The current ITM Sharpe Ratio is 1.20, which is comparable to the VTEB Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ITM and VTEB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ITM	VTEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	0.99	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	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	0.43	0.45	-0.03

Correlation

The correlation between ITM and VTEB is 0.79, 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

ITM vs. VTEB - Dividend Comparison

ITM's dividend yield for the trailing twelve months is around 2.95%, less than VTEB's 3.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITM VanEck Intermediate Muni ETF	2.95%	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	3.37%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

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.

Drawdown Indicators

	ITM	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-17.00%	-7.75%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-3.45%	+0.02%
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 Drawdown Current decline from peak	-2.69%	-1.86%	-0.83%
Average Drawdown Average peak-to-trough decline	-2.99%	-2.35%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.17%	-0.15%

Volatility

ITM vs. VTEB - Volatility Comparison

VanEck Intermediate Muni ETF (ITM) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 1.34% and 1.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITM	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.37%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.01%	1.87%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	4.00%	+0.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	3.88%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	5.25%	+1.84%