MUB vs. VTEI
MUB (iShares National AMT-Free Muni Bond ETF) and VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - MUB tracks the S&P National AMT-Free Municipal Bond Index while VTEI tracks the S&P Intermediate Term National AMT-Free Municipal Bond Index. Both are passively managed. Over the past year, MUB returned 6.87% vs 6.21% for VTEI. A 0.80 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.08%/yr for VTEI.
Performance
MUB vs. VTEI - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.41% return, which is significantly higher than VTEI's 1.21% return.
MUB
- 1D
- 0.17%
- 1M
- 0.66%
- YTD
- 1.41%
- 6M
- 1.92%
- 1Y
- 6.87%
- 3Y*
- 3.41%
- 5Y*
- 0.89%
- 10Y*
- 2.01%
VTEI
- 1D
- 0.09%
- 1M
- 0.59%
- YTD
- 1.21%
- 6M
- 1.65%
- 1Y
- 6.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUB vs. VTEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.41% | 3.78% | 1.50% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 1.21% | 4.59% | 1.55% |
Correlation
The correlation between MUB and VTEI is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024 | 0.80 |
The correlation between MUB and VTEI has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.
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Return for Risk
MUB vs. VTEI — Risk / Return Rank
MUB
VTEI
MUB vs. VTEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). 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.
| MUB | VTEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.62 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.39 | +0.08 |
| Martin ratioReturn relative to average drawdown | 8.74 | 7.83 | +0.90 |
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
| MUB | VTEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.63 | -0.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 1.04 | -0.45 |
Drawdowns
MUB vs. VTEI - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than VTEI's maximum drawdown of -3.64%. Use the drawdown chart below to compare losses from any high point for MUB and VTEI.
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Drawdown Indicators
| MUB | VTEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -3.64% | -10.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.61% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.76% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -0.78% | -1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.79% | 0.00% |
Volatility
MUB vs. VTEI - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.98% compared to Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) at 0.78%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than VTEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | VTEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.78% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 1.71% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 2.37% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 3.04% | +1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 3.04% | +1.88% |
MUB vs. VTEI - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than VTEI's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MUB vs. VTEI - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, more than VTEI's 3.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MUB and VTEI have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.98%) compared to VTEI (0.78%). In terms of maximum drawdown, MUB dropped -13.68% vs VTEI's -3.64%.
On 1-year performance, MUB leads with 6.87% vs 6.21% for VTEI. On fees, MUB is cheaper at 0.07% per year. On volatility, VTEI has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUB has performed better with a 6.87% return vs 6.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.08% for VTEI.
MUB has the higher dividend yield at 3.17%, compared with 3.05% for VTEI.
MUB tracks S&P National AMT-Free Municipal Bond Index, while VTEI tracks S&P Intermediate Term National AMT-Free Municipal Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.07% for MUB and 0.08% for VTEI.
VTEI currently has the higher Sharpe Ratio (2.63 vs 2.37), 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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