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TFI vs. VTEB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TFI vs. VTEB

Last updated Jun 4, 2026

TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - TFI tracks the Bloomberg US Municipal Managed Money (1-25 Y) while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, TFI returned 1.51%/yr vs 2.09%/yr for VTEB. A 0.80 correlation means they provide meaningful diversification when combined. TFI charges 0.23%/yr vs 0.03%/yr for VTEB.

Performance

TFI vs. VTEB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Vanguard Tax-Exempt Bond ETF (VTEB). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, TFI achieves a 1.19% return, which is significantly lower than VTEB's 1.46% return. Over the past 10 years, TFI has underperformed VTEB with an annualized return of 1.51%, while VTEB has yielded a comparatively higher 2.09% annualized return.

TFI

1D
-0.02%
1M
0.63%
YTD
1.19%
6M
1.64%
1Y
6.67%
3Y*
2.99%
5Y*
-0.07%
10Y*
1.51%

VTEB

1D
-0.06%
1M
0.66%
YTD
1.46%
6M
1.89%
1Y
7.14%
3Y*
3.57%
5Y*
0.88%
10Y*
2.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TFI vs. VTEB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TFI
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		1.19%3.62%-0.01%5.62%-10.17%0.25%5.82%7.41%0.52%5.50%
VTEB
Vanguard Tax-Exempt Bond ETF		1.46%3.72%1.31%6.15%-7.99%1.14%5.19%7.35%1.04%4.87%

Correlation

The correlation between TFI and VTEB is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.89

Correlation (3Y)
Calculated over the trailing 3-year period

0.89

Correlation (5Y)
Calculated over the trailing 5-year period

0.88

Correlation (10Y)
Calculated over the trailing 10-year period

0.81

Correlation (All Time)
Calculated using the full available price history since Aug 26, 2015

0.80

The correlation between TFI and VTEB has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF

Vanguard Tax-Exempt Bond ETF

Often compared with TFI:
TFI vs. MUBTFI vs. ACTHXTFI vs. HYMUTFI vs. GNMATFI vs. SPYTFI vs. TLTTFI vs. BND
Often compared with VTEB:
VTEB vs. MUBVTEB vs. VTESVTEB vs. BNDVTEB vs. VWIUXVTEB vs. VTEIVTEB vs. VWAHXVTEB vs. VTEAX

Return for Risk

TFI vs. VTEB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TFI
TFI Risk / Return Rank: 6565
Overall Rank
TFI Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
TFI Sortino Ratio Rank: 7676
Sortino Ratio Rank
TFI Omega Ratio Rank: 8383
Omega Ratio Rank
TFI Calmar Ratio Rank: 4848
Calmar Ratio Rank
TFI Martin Ratio Rank: 4848
Martin Ratio Rank
VTEB
VTEB Risk / Return Rank: 7272
Overall Rank
VTEB Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
VTEB Sortino Ratio Rank: 8585
Sortino Ratio Rank
VTEB Omega Ratio Rank: 8989
Omega Ratio Rank
VTEB Calmar Ratio Rank: 5252
Calmar Ratio Rank
VTEB Martin Ratio Rank: 5454
Martin Ratio Rank
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.

TFI vs. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.

TFIVTEBDifference
Sharpe ratioReturn per unit of total volatility
2.38
2.64

-0.26

Sortino ratioReturn per unit of downside risk
3.45
3.92

-0.47

Omega ratioGain probability vs. loss probability

1.50

1.58

-0.08

Calmar ratioReturn relative to maximum drawdown

2.40

2.65

-0.25

Martin ratioReturn relative to average drawdown

7.91

9.41

-1.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFI vs. VTEB - Sharpe Ratio Comparison

The current TFI Sharpe Ratio is 2.38, which is comparable to the VTEB Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of TFI and VTEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TFIVTEBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.38

2.64

-0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.02

0.23

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.30

0.40

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.51

0.47

+0.04

Drawdowns

TFI vs. VTEB - Drawdown Comparison

The maximum TFI drawdown since its inception was -15.49%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for TFI and VTEB.

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Drawdown Indicators

TFIVTEBDifference

Max Drawdown

Largest peak-to-trough decline

-15.49%

-17.00%

+1.51%

Max Drawdown (1Y)

Largest decline over 1 year

-2.79%

-2.71%

-0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-6.81%

-5.53%

-1.28%

Max Drawdown (5Y)

Largest decline over 5 years

-15.41%

-12.64%

-2.77%

Max Drawdown (10Y)

Largest decline over 10 years

-15.49%

-17.00%

+1.51%

Current Drawdown

Current decline from peak

-1.21%

-0.52%

-0.69%

Average Drawdown

Average peak-to-trough decline

-2.97%

-2.33%

-0.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.85%

0.76%

+0.09%

Volatility

TFI vs. VTEB - Volatility Comparison

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.90% and 0.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TFIVTEBDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.90%

0.89%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

2.10%

2.01%

+0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

2.82%

2.72%

+0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.31%

3.90%

+0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.00%

5.26%

-0.26%

TFI vs. VTEB - Expense Ratio Comparison

TFI has a 0.23% expense ratio, which is higher than VTEB'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

TFI vs. VTEB - Dividend Comparison

TFI's dividend yield for the trailing twelve months is around 3.48%, more than VTEB's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
TFI
SPDR Nuveen Bloomberg Barclays Municipal Bond ETF		3.48%3.32%3.01%2.41%1.87%1.71%1.91%2.14%2.26%2.16%2.39%2.40%
VTEB
Vanguard Tax-Exempt Bond ETF		3.35%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

TFI and VTEB have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TFI has higher volatility (0.90%) compared to VTEB (0.89%). In terms of maximum drawdown, TFI dropped -15.49% vs VTEB's -17.00%.

On 10-year performance, VTEB leads with 2.09% vs 1.51% for TFI. On fees, VTEB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VTEB has performed better with a 2.09% return vs 1.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VTEB is cheaper with a 0.03% expense ratio, compared with 0.23% for TFI.

TFI has the higher dividend yield at 3.48%, compared with 3.35% for VTEB.

TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.23% for TFI and 0.03% for VTEB.

VTEB currently has the higher Sharpe Ratio (2.64 vs 2.38), 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.

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