MUNY vs. VUG

Last updated Apr 15, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and VUG (Vanguard Growth 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 VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Both are passively managed. At 0.15, their price movements are largely independent. MUNY charges 0.09%/yr vs 0.03%/yr for VUG.

Performance

MUNY vs. VUG - 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 Growth ETF (VUG). 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 higher than VUG's -2.18% return.

MUNY

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

VUG

• 1D: 2.00%
• 1M: 6.01%
• YTD: -2.18%
• 6M: 0.39%
• 1Y: 32.05%
• 3Y*: 24.83%
• 5Y*: 12.13%
• 10Y*: 17.02%

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

MUNY vs. VUG - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	0.88%	5.54%
VUG Vanguard Growth ETF	-2.18%	19.82%

Correlation

The correlation between MUNY and VUG is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 23, 2025	0.15

Return for Risk

MUNY vs. VUG — Risk / Return Rank

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

VUG

VUG Risk / Return Rank: 38
VUG Sharpe Ratio Rank: 42
VUG Sortino Ratio Rank: 39
VUG Omega Ratio Rank: 40
VUG Calmar Ratio Rank: 33
VUG Martin Ratio Rank: 35

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. VUG - 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 Growth ETF (VUG). 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	VUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.87	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	0.59	+1.22

Drawdowns

MUNY vs. VUG - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum VUG drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for MUNY and VUG.

Drawdown Indicators

	MUNY	VUG	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-50.68%	+47.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-16.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.61%	—
Current Drawdown Current decline from peak	-1.10%	-5.26%	+4.16%
Average Drawdown Average peak-to-trough decline	-0.59%	-7.13%	+6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.72%	—

Volatility

Volatility by Period

	MUNY	VUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	17.31%	-13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	22.25%	-18.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	21.41%	-17.35%

MUNY vs. VUG - Expense Ratio Comparison

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

MUNY's dividend yield for the trailing twelve months is around 2.58%, more than VUG's 0.42% 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%
VUG Vanguard Growth ETF	0.42%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%