SUB vs. VTES
Compare and contrast key facts about iShares Short-Term National Muni Bond ETF (SUB) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).
SUB and VTES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SUB is a passively managed fund by iShares that tracks the performance of the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. It was launched on Nov 5, 2008. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023. Both SUB and VTES are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SUB vs. VTES - Performance Comparison
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SUB vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SUB iShares Short-Term National Muni Bond ETF | 0.23% | 3.64% | 2.17% | 3.12% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.02% | 4.19% | 1.85% | 3.32% |
Returns By Period
In the year-to-date period, SUB achieves a 0.23% return, which is significantly higher than VTES's 0.02% return.
SUB
- 1D
- 0.04%
- 1M
- -0.66%
- YTD
- 0.23%
- 6M
- 1.01%
- 1Y
- 3.37%
- 3Y*
- 2.75%
- 5Y*
- 1.39%
- 10Y*
- 1.46%
VTES
- 1D
- 0.11%
- 1M
- -1.24%
- YTD
- 0.02%
- 6M
- 0.60%
- 1Y
- 3.45%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
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SUB vs. VTES - Expense Ratio Comparison
Both SUB and VTES have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
SUB vs. VTES — Risk / Return Rank
SUB
VTES
SUB vs. VTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). 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.
| SUB | VTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.25 | 1.91 | +0.34 |
Sortino ratioReturn per unit of downside risk | 2.71 | 2.43 | +0.28 |
Omega ratioGain probability vs. loss probability | 1.61 | 1.49 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 2.82 | 2.30 | +0.52 |
Martin ratioReturn relative to average drawdown | 10.30 | 7.44 | +2.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SUB | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.25 | 1.91 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 1.76 | -1.34 |
Correlation
The correlation between SUB and VTES is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
SUB vs. VTES - Dividend Comparison
SUB's dividend yield for the trailing twelve months is around 2.47%, less than VTES's 2.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SUB iShares Short-Term National Muni Bond ETF | 2.47% | 2.42% | 2.10% | 1.73% | 0.86% | 0.72% | 1.23% | 1.58% | 1.32% | 0.95% | 0.75% | 0.77% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.77% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SUB vs. VTES - Drawdown Comparison
The maximum SUB drawdown since its inception was -9.46%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for SUB and VTES.
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Drawdown Indicators
| SUB | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.46% | -2.42% | -7.04% |
Max Drawdown (1Y)Largest decline over 1 year | -1.23% | -1.59% | +0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -4.35% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -9.46% | — | — |
Current DrawdownCurrent decline from peak | -0.66% | -1.24% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -0.48% | -0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.34% | 0.49% | -0.15% |
Volatility
SUB vs. VTES - Volatility Comparison
The current volatility for iShares Short-Term National Muni Bond ETF (SUB) is 0.53%, while Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) has a volatility of 0.69%. This indicates that SUB experiences smaller price fluctuations and is considered to be less risky than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SUB | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 0.69% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 0.80% | 0.96% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 1.83% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.64% | 1.75% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.59% | 1.75% | +0.84% |