MUB vs. VTES
Compare and contrast key facts about iShares National AMT-Free Muni Bond ETF (MUB) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).
MUB and VTES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023. Both MUB and VTES 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
MUB vs. VTES - Performance Comparison
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MUB vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | -0.37% | 3.78% | 1.26% | 5.02% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.02% | 4.19% | 1.85% | 3.32% |
Returns By Period
In the year-to-date period, MUB achieves a -0.37% return, which is significantly lower than VTES's 0.02% return.
MUB
- 1D
- 0.19%
- 1M
- -2.28%
- YTD
- -0.37%
- 6M
- 1.28%
- 1Y
- 3.94%
- 3Y*
- 2.53%
- 5Y*
- 0.79%
- 10Y*
- 1.96%
VTES
- 1D
- 0.11%
- 1M
- -1.24%
- YTD
- 0.02%
- 6M
- 0.60%
- 1Y
- 3.45%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
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MUB vs. VTES - Expense Ratio Comparison
Both MUB and VTES have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
MUB vs. VTES — Risk / Return Rank
MUB
VTES
MUB vs. VTES - 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 Short-Term Tax-Exempt Bond ETF Shares (VTES). 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 | VTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 1.91 | -0.95 |
Sortino ratioReturn per unit of downside risk | 1.25 | 2.43 | -1.18 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.49 | -0.28 |
Calmar ratioReturn relative to maximum drawdown | 1.27 | 2.30 | -1.03 |
Martin ratioReturn relative to average drawdown | 4.07 | 7.44 | -3.37 |
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 | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 1.91 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 1.76 | -1.19 |
Correlation
The correlation between MUB and VTES is 0.75, 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
MUB vs. VTES - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.19%, more than VTES's 2.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.19% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.77% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MUB vs. VTES - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for MUB and VTES.
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Drawdown Indicators
| MUB | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -2.42% | -11.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -1.59% | -1.71% |
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 | -2.28% | -1.24% | -1.04% |
Average DrawdownAverage peak-to-trough decline | -2.24% | -0.48% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.49% | +0.54% |
Volatility
MUB vs. VTES - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 1.53% compared to Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) at 0.69%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 0.69% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 0.96% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 1.83% | +2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.04% | 1.75% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.91% | 1.75% | +3.16% |