MUNI vs. VTEB
Compare and contrast key facts about PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Vanguard Tax-Exempt Bond ETF (VTEB).
MUNI and VTEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUNI is an actively managed fund by PIMCO. It was launched on Nov 30, 2009. 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.
Performance
MUNI vs. VTEB - Performance Comparison
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MUNI vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 0.26% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
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, MUNI achieves a 0.26% return, which is significantly higher than VTEB's 0.09% return. Both investments have delivered pretty close results over the past 10 years, with MUNI having a 2.18% annualized return and VTEB not far behind at 2.09%.
MUNI
- 1D
- 0.15%
- 1M
- -1.53%
- YTD
- 0.26%
- 6M
- 1.49%
- 1Y
- 4.51%
- 3Y*
- 3.39%
- 5Y*
- 1.33%
- 10Y*
- 2.18%
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%
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MUNI vs. VTEB - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than VTEB's 0.05% expense ratio.
Return for Risk
MUNI vs. VTEB — Risk / Return Rank
MUNI
VTEB
MUNI vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
| MUNI | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.18 | 0.99 | +0.19 |
Sortino ratioReturn per unit of downside risk | 1.58 | 1.25 | +0.34 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.25 | +0.38 |
Martin ratioReturn relative to average drawdown | 5.45 | 3.69 | +1.76 |
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
| MUNI | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.18 | 0.99 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.23 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.40 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 0.45 | +0.32 |
Correlation
The correlation between MUNI and VTEB is 0.70, 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
MUNI vs. VTEB - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.30%, less than VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.30% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
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
MUNI vs. VTEB - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MUNI and VTEB.
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Drawdown Indicators
| MUNI | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -17.00% | +5.85% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -3.45% | +0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -12.64% | +1.49% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -17.00% | +5.85% |
Current DrawdownCurrent decline from peak | -1.75% | -1.86% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -1.74% | -2.35% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.17% | -0.29% |
Volatility
MUNI vs. VTEB - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 1.07%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.37%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky 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
| MUNI | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 1.37% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 1.87% | -0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 4.00% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 3.88% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 5.25% | -1.40% |