MUNX vs. VTEB
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 0.81 suggests significant overlap in exposure. MUNX charges 0.29%/yr vs 0.03%/yr for VTEB.
Performance
MUNX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, MUNX achieves a 2.44% return, which is significantly higher than VTEB's 1.96% return.
MUNX
- 1D
- 0.05%
- 1M
- 0.94%
- YTD
- 2.44%
- 6M
- 2.62%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- 0.06%
- 1M
- 0.97%
- YTD
- 1.96%
- 6M
- 2.11%
- 1Y
- 6.82%
- 3Y*
- 3.44%
- 5Y*
- 1.00%
- 10Y*
- 1.99%
MUNX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNX AMG GW&K Muni Income ETF | 2.44% | 0.49% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.96% | 0.38% |
Correlation
The correlation between MUNX and VTEB is 0.81, 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 30, 2025 | 0.81 |
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Return for Risk
MUNX vs. VTEB — Risk / Return Rank
MUNX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTEB
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MUNX | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.56 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.53 | — |
| Martin ratioReturn relative to average drawdown | — | 8.91 | — |
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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.
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Drawdown Indicators
| MUNX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | 0.00% | -0.03% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -2.31% | +1.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.77% | — |
Volatility
MUNX vs. VTEB - Volatility Comparison
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Volatility by Period
| MUNX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.59% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.06% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.41% | 2.68% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.41% | 3.90% | -0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.41% | 5.25% | -1.84% |
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 1.94%, less than VTEB's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNX AMG GW&K Muni Income ETF | 1.94% | 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 | 3.34% | 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
MUNX and VTEB have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.29% for MUNX.
VTEB has the higher dividend yield at 3.34%, compared with 1.94% for MUNX.
They also come from different issuers: AMG and Vanguard. Their fees differ too: 0.29% for MUNX and 0.03% for VTEB.
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