MUNY vs. VTEB

Last updated Apr 15, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds from Vanguard — MUNY tracks the S&P New York AMT-Free Municipal USD10 Million Par Bond Index while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. MUNY charges 0.09%/yr vs 0.05%/yr for VTEB.

Performance

MUNY vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New York Tax-Exempt Bond ETF (MUNY) 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, MUNY achieves a 0.88% return, which is significantly lower than VTEB's 0.96% return.

MUNY

• 1D: -0.05%
• 1M: 0.34%
• YTD: 0.88%
• 6M: 1.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTEB

• 1D: 0.08%
• 1M: 0.24%
• YTD: 0.96%
• 6M: 1.85%
• 1Y: 7.36%
• 3Y*: 2.90%
• 5Y*: 0.87%
• 10Y*: 2.12%

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

MUNY vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	0.88%	5.54%
VTEB Vanguard Tax-Exempt Bond ETF	0.96%	5.61%

Correlation

The correlation between MUNY 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 May 23, 2025	0.81

Return for Risk

MUNY 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: 66
VTEB Sharpe Ratio Rank: 72
VTEB Sortino Ratio Rank: 76
VTEB Omega Ratio Rank: 81
VTEB Calmar Ratio Rank: 45
VTEB Martin Ratio Rank: 54

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.

MUNY vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) 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

	MUNY	VTEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.56	—
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	1.81	0.47	+1.34

Drawdowns

MUNY vs. VTEB - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MUNY and VTEB.

Drawdown Indicators

	MUNY	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-17.00%	+14.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.71%	—
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	-1.10%	-1.02%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.59%	-2.34%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.65%	—

Volatility

Volatility by Period

	MUNY	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	2.99%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	3.88%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	5.26%	-1.20%

MUNY vs. VTEB - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is higher than VTEB's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MUNY vs. VTEB - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 2.58%, less than VTEB's 3.34% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUNY Vanguard New York Tax-Exempt Bond ETF	2.58%	1.80%	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%