MUNI vs. VTES
Compare and contrast key facts about PIMCO Intermediate Municipal Bond Active ETF (MUNI) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).
MUNI and VTES 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. 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.
Performance
MUNI vs. VTES - Performance Comparison
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MUNI vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 0.11% | 4.72% | 1.43% | 5.48% |
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, MUNI achieves a 0.11% return, which is significantly higher than VTES's 0.02% return.
MUNI
- 1D
- 0.16%
- 1M
- -1.90%
- YTD
- 0.11%
- 6M
- 1.47%
- 1Y
- 4.63%
- 3Y*
- 3.33%
- 5Y*
- 1.30%
- 10Y*
- 2.17%
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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MUNI vs. VTES - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is higher than VTES's 0.07% expense ratio.
Return for Risk
MUNI vs. VTES — Risk / Return Rank
MUNI
VTES
MUNI vs. VTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) 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.
| MUNI | VTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.21 | 1.91 | -0.70 |
Sortino ratioReturn per unit of downside risk | 1.62 | 2.43 | -0.80 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.49 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | 1.65 | 2.30 | -0.65 |
Martin ratioReturn relative to average drawdown | 5.54 | 7.44 | -1.90 |
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
| MUNI | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 1.91 | -0.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.77 | 1.76 | -0.99 |
Correlation
The correlation between MUNI and VTES is 0.74, 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. VTES - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, more than VTES's 2.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.28% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
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
MUNI vs. VTES - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for MUNI and VTES.
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Drawdown Indicators
| MUNI | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -2.42% | -8.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -1.59% | -1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -1.90% | -1.24% | -0.66% |
Average DrawdownAverage peak-to-trough decline | -1.74% | -0.48% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.87% | 0.49% | +0.38% |
Volatility
MUNI vs. VTES - Volatility Comparison
PIMCO Intermediate Municipal Bond Active ETF (MUNI) has a higher volatility of 1.10% compared to Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) at 0.69%. This indicates that MUNI'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
| MUNI | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.69% | +0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.51% | 0.96% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.86% | 1.83% | +2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 1.75% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 1.75% | +2.10% |