MUNY vs. VTI

Last updated Jun 5, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and VTI (Vanguard Total Stock Market ETF) are both exchange-traded funds - MUNY is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while VTI is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index. Both are passively managed. Over the past year, MUNY returned 5.02% vs 28.79% for VTI. At a 0.23 correlation, their price movements are largely independent. MUNY charges 0.09%/yr vs 0.03%/yr for VTI.

Performance

MUNY vs. VTI - 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 Total Stock Market ETF (VTI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNY achieves a 1.56% return, which is significantly lower than VTI's 11.72% return.

MUNY

• 1D: 0.06%
• 1M: 0.76%
• YTD: 1.56%
• 6M: 1.98%
• 1Y: 5.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTI

• 1D: 0.47%
• 1M: 4.59%
• YTD: 11.72%
• 6M: 11.43%
• 1Y: 28.79%
• 3Y*: 22.37%
• 5Y*: 12.80%
• 10Y*: 15.04%

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

MUNY vs. VTI - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	1.56%	5.54%
VTI Vanguard Total Stock Market ETF	11.72%	17.95%

Correlation

The correlation between MUNY and VTI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 23, 2025	0.23

Return for Risk

MUNY vs. VTI — Risk / Return Rank

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

MUNY

MUNY Risk / Return Rank: 43
MUNY Sharpe Ratio Rank: 42
MUNY Sortino Ratio Rank: 36
MUNY Omega Ratio Rank: 58
MUNY Calmar Ratio Rank: 39
MUNY Martin Ratio Rank: 41

VTI

VTI Risk / Return Rank: 73
VTI Sharpe Ratio Rank: 74
VTI Sortino Ratio Rank: 73
VTI Omega Ratio Rank: 73
VTI Calmar Ratio Rank: 66
VTI Martin Ratio Rank: 78

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. VTI - 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 Total Stock Market ETF (VTI). 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.

	MUNY	VTI	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.38	-0.91
Sortino ratio: Return per unit of downside risk	1.88	3.24	-1.37
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	1.87	3.24	-1.38
Martin ratio: Return relative to average drawdown	6.31	14.94	-8.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUNY vs. VTI - Sharpe Ratio Comparison

The current MUNY Sharpe Ratio is 1.47, which is lower than the VTI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of MUNY and VTI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MUNY	VTI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.38	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.74	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.51	+1.27

Drawdowns

MUNY vs. VTI - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for MUNY and VTI.

Drawdown Indicators

	MUNY	VTI	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-55.45%	+52.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-8.92%	+6.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.44%	-0.26%	-0.18%
Average Drawdown Average peak-to-trough decline	-0.66%	-8.03%	+7.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.93%	-0.96%

Volatility

MUNY vs. VTI - Volatility Comparison

The current volatility for Vanguard New York Tax-Exempt Bond ETF (MUNY) is 1.04%, while Vanguard Total Stock Market ETF (VTI) has a volatility of 2.90%. This indicates that MUNY experiences smaller price fluctuations and is considered to be less risky than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUNY	VTI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	2.90%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	9.13%	-6.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	12.17%	-8.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	17.40%	-13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	18.30%	-14.38%

MUNY vs. VTI - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is higher than VTI's 0.03% 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. VTI - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 3.11%, more than VTI's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUNY Vanguard New York Tax-Exempt Bond ETF	3.11%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTI Vanguard Total Stock Market ETF	1.01%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both MUNY and VTI in my portfolio?

MUNY and VTI have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUNY or VTI?

VTI has higher volatility (2.90%) compared to MUNY (1.04%). In terms of maximum drawdown, MUNY dropped -2.70% vs VTI's -55.45%.

Which ETF is better, MUNY or VTI?

On 1-year performance, VTI leads with 28.79% vs 5.02% for MUNY. On fees, VTI is cheaper at 0.03% per year. On volatility, MUNY has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUNY or VTI?

Over the 1-year period, VTI has performed better with a 28.79% return vs 5.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUNY or VTI?

VTI is cheaper with a 0.03% expense ratio, compared with 0.09% for MUNY.

Which ETF pays a higher dividend yield, MUNY or VTI?

MUNY has the higher dividend yield at 3.11%, compared with 1.01% for VTI.

What is the main difference between MUNY and VTI?

MUNY is categorized as Municipal Bonds, while VTI is Large Cap Blend Equities. MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while VTI tracks CRSP US Total Market Index. Their fees differ too: 0.09% for MUNY and 0.03% for VTI.

Which has better risk-adjusted returns?

VTI currently has the higher Sharpe Ratio (2.38 vs 1.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.