MUNX vs. VTEB

Last updated Jun 7, 2026

MUNX (AMG GW&K Muni Income ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. MUNX is actively managed, while VTEB is passively managed. Their correlation of 0.82 suggests significant overlap in exposure. MUNX charges 0.29%/yr vs 0.03%/yr for VTEB.

Performance

MUNX vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Muni Income ETF (MUNX) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNX achieves a 1.74% return, which is significantly higher than VTEB's 1.44% return.

MUNX

• 1D: -0.25%
• 1M: 0.36%
• YTD: 1.74%
• 6M: 1.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTEB

• 1D: -0.16%
• 1M: 0.47%
• YTD: 1.44%
• 6M: 1.85%
• 1Y: 7.03%
• 3Y*: 3.45%
• 5Y*: 0.87%
• 10Y*: 2.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MUNX vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025
MUNX AMG GW&K Muni Income ETF	1.74%	0.52%
VTEB Vanguard Tax-Exempt Bond ETF	1.44%	0.42%

Correlation

The correlation between MUNX and VTEB is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 31, 2025	0.82

Return for Risk

MUNX vs. VTEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VTEB

VTEB Risk / Return Rank: 71
VTEB Sharpe Ratio Rank: 79
VTEB Sortino Ratio Rank: 84
VTEB Omega Ratio Rank: 88
VTEB Calmar Ratio Rank: 52
VTEB Martin Ratio Rank: 53

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MUNX vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Muni Income ETF (MUNX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MUNX	VTEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.50	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.47	+0.64

Drawdowns

MUNX vs. VTEB - Drawdown Comparison

The maximum MUNX drawdown since its inception was -2.95%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MUNX and VTEB.

Drawdown Indicators

	MUNX	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-17.00%	+14.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.71%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.64%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.00%	—
Current Drawdown Current decline from peak	-0.50%	-0.54%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.64%	-2.32%	+1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.76%	—

Volatility

Volatility by Period

	MUNX	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	2.71%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	3.90%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	5.26%	-1.79%

MUNX vs. VTEB - Expense Ratio Comparison

MUNX has a 0.29% expense ratio, which is higher than VTEB's 0.03% expense ratio.

Dividends

MUNX vs. VTEB - Dividend Comparison

MUNX's dividend yield for the trailing twelve months is around 1.95%, less than VTEB's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUNX AMG GW&K Muni Income ETF	1.95%	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTEB Vanguard Tax-Exempt Bond ETF	3.36%	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

Can I hold both MUNX and VTEB in my portfolio?

MUNX and VTEB have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNX or VTEB?

On fees, VTEB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNX or VTEB?

VTEB is cheaper with a 0.03% expense ratio, compared with 0.29% for MUNX.

Which ETF pays a higher dividend yield, MUNX or VTEB?

VTEB has the higher dividend yield at 3.36%, compared with 1.95% for MUNX.

What is the main difference between MUNX and VTEB?

They also come from different issuers: AMG and Vanguard. Their fees differ too: 0.29% for MUNX and 0.03% for VTEB.