MBND vs. VTEB
MBND (SPDR Nuveen Municipal Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. MBND is actively managed, while VTEB is passively managed. Over the past 5 years, MBND returned 0.18%/yr vs 0.53%/yr for VTEB. Their 0.77 correlation means they have sometimes moved together and sometimes differently. MBND charges 0.40%/yr vs 0.03%/yr for VTEB.
Performance
MBND vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, MBND achieves a -0.25% return, which is significantly lower than VTEB's 0.31% return.
MBND
- 1D
- -0.16%
- 1M
- -1.70%
- 6M
- -1.05%
- YTD
- -0.25%
- 1Y
- 3.35%
- 3Y*
- 3.02%
- 5Y*
- 0.18%
- 10Y*
- —
- ALL TIME*
- 0.42%
VTEB
- 1D
- -0.10%
- 1M
- -1.84%
- 6M
- -0.23%
- YTD
- 0.31%
- 1Y
- 4.77%
- 3Y*
- 2.92%
- 5Y*
- 0.53%
- 10Y*
- 1.88%
- ALL TIME*
- 2.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $354.99K | $234.86K | $188.93K | |
| $377.87M | $352.76M | $360.69M |
MBND vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MBND SPDR Nuveen Municipal Bond ETF | -0.25% | 2.90% | 2.75% | 5.62% | -8.61% | 0.49% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.31% | 3.72% | 1.31% | 6.15% | -7.99% | 0.78% |
Correlation
The correlation between MBND and VTEB is 0.66, 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. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | 0.77 |
The correlation between MBND and VTEB shifts across timeframes, from 0.66 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MBND vs. VTEB — Risk / Return Rank
MBND
VTEB
MBND vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) 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.
| MBND | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.41 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 2.00 | -0.56 |
| Martin ratioReturn relative to average drawdown | 4.37 | 6.62 | -2.25 |
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Drawdowns
MBND vs. VTEB - Drawdown Comparison
The maximum MBND drawdown since its inception was -13.18%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MBND and VTEB.
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Drawdown Indicators
| MBND | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.18% | -17.00% | +3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -2.71% | +0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -4.76% | +0.19% |
Max Drawdown (5Y)Largest decline over 5 years | -13.16% | -12.56% | -0.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -1.97% | -1.86% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -2.30% | -1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.82% | -0.02% |
Volatility
MBND vs. VTEB - Volatility Comparison
SPDR Nuveen Municipal Bond ETF (MBND) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.92% and 0.88%, 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.
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Volatility by Period
| MBND | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.88% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 2.22% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 2.79% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.53% | 3.92% | -0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 5.25% | -1.83% |
MBND vs. VTEB - Expense Ratio Comparison
MBND has a 0.40% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
MBND vs. VTEB - Dividend Comparison
MBND's dividend yield for the trailing twelve months is around 3.52%, more than VTEB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MBND SPDR Nuveen Municipal Bond ETF | 3.22% | 3.43% | 2.72% | 2.53% | 1.61% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.14% | 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
MBND and VTEB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MBND has higher volatility (0.92%) compared to VTEB (0.88%). In terms of maximum drawdown, MBND dropped -13.18% vs VTEB's -17.00%.
On 5-year performance, VTEB leads with 0.53% vs 0.18% for MBND. 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, VTEB has performed better with a 0.53% return vs 0.18%. 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 0.40% for MBND.
MBND has the higher dividend yield at 3.22%, compared with 3.14% for VTEB.
They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.40% for MBND and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (1.95 vs 1.27), 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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