UTEN vs. VNJUX

Last updated Jun 4, 2026

UTEN (US Treasury 10 Year Note ETF) and VNJUX (Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares) are both funds - UTEN is a Government Bonds fund tracking the ICE BofA Current 10 Year US Treasury Index - Benchmark TR Gross, while VNJUX is a Municipal Bonds fund managed by Vanguard. Over the past 3 years, UTEN returned 1.86%/yr vs 4.72%/yr for VNJUX. A 0.57 correlation means they provide meaningful diversification when combined. UTEN charges 0.15%/yr vs 0.09%/yr for VNJUX.

Performance

UTEN vs. VNJUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 10 Year Note ETF (UTEN) and Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares (VNJUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UTEN achieves a -0.69% return, which is significantly lower than VNJUX's 1.96% return.

UTEN

• 1D: -0.26%
• 1M: 0.01%
• YTD: -0.69%
• 6M: -1.30%
• 1Y: 4.26%
• 3Y*: 1.86%
• 5Y*: —
• 10Y*: —

VNJUX

• 1D: 0.18%
• 1M: 0.74%
• YTD: 1.96%
• 6M: 2.37%
• 1Y: 8.80%
• 3Y*: 4.72%
• 5Y*: 1.46%
• 10Y*: 3.12%

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

UTEN vs. VNJUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UTEN US Treasury 10 Year Note ETF	-0.69%	7.82%	-1.67%	3.18%	-7.79%
VNJUX Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares	1.96%	4.96%	2.79%	7.76%	-2.32%

Correlation

The correlation between UTEN and VNJUX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022	0.57

The correlation between UTEN and VNJUX has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.

Return for Risk

UTEN vs. VNJUX — Risk / Return Rank

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

UTEN

UTEN Risk / Return Rank: 22
UTEN Sharpe Ratio Rank: 23
UTEN Sortino Ratio Rank: 22
UTEN Omega Ratio Rank: 21
UTEN Calmar Ratio Rank: 21
UTEN Martin Ratio Rank: 23

VNJUX

VNJUX Risk / Return Rank: 76
VNJUX Sharpe Ratio Rank: 87
VNJUX Sortino Ratio Rank: 91
VNJUX Omega Ratio Rank: 93
VNJUX Calmar Ratio Rank: 59
VNJUX Martin Ratio Rank: 52

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.

UTEN vs. VNJUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 10 Year Note ETF (UTEN) and Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares (VNJUX). 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.

	UTEN	VNJUX	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.83	-2.02
Sortino ratio: Return per unit of downside risk	1.23	4.50	-3.28
Omega ratio: Gain probability vs. loss probability	1.14	1.69	-0.55
Calmar ratio: Return relative to maximum drawdown	0.94	2.94	-2.00
Martin ratio: Return relative to average drawdown	2.82	10.59	-7.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTEN vs. VNJUX - Sharpe Ratio Comparison

The current UTEN Sharpe Ratio is 0.82, which is lower than the VNJUX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of UTEN and VNJUX, 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

	UTEN	VNJUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	2.83	-2.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.32	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	1.04	-1.03

Drawdowns

UTEN vs. VNJUX - Drawdown Comparison

The maximum UTEN drawdown since its inception was -13.36%, smaller than the maximum VNJUX drawdown of -15.62%. Use the drawdown chart below to compare losses from any high point for UTEN and VNJUX.

Drawdown Indicators

	UTEN	VNJUX	Difference
Max Drawdown Largest peak-to-trough decline	-13.36%	-15.62%	+2.26%
Max Drawdown (1Y) Largest decline over 1 year	-4.57%	-2.94%	-1.63%
Max Drawdown (3Y) Largest decline over 3 years	-8.60%	-6.87%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.62%	—
Current Drawdown Current decline from peak	-3.05%	-0.22%	-2.83%
Average Drawdown Average peak-to-trough decline	-4.82%	-2.05%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	0.81%	+0.70%

Volatility

UTEN vs. VNJUX - Volatility Comparison

US Treasury 10 Year Note ETF (UTEN) has a higher volatility of 1.71% compared to Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares (VNJUX) at 1.15%. This indicates that UTEN's price experiences larger fluctuations and is considered to be riskier than VNJUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTEN	VNJUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	1.15%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	2.26%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	5.24%	3.05%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.05%	4.55%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.05%	4.57%	+3.48%

UTEN vs. VNJUX - Expense Ratio Comparison

UTEN has a 0.15% expense ratio, which is higher than VNJUX's 0.09% 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

UTEN vs. VNJUX - Dividend Comparison

UTEN's dividend yield for the trailing twelve months is around 4.05%, more than VNJUX's 3.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UTEN US Treasury 10 Year Note ETF	4.05%	4.11%	4.13%	3.62%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNJUX Vanguard New Jersey Long-Term Tax-Exempt Fund Admiral Shares	3.63%	4.49%	4.07%	3.03%	3.22%	2.91%	3.79%	4.15%	4.01%	4.13%	4.62%	3.78%

Frequently Asked Questions

Can I hold both UTEN and VNJUX in my portfolio?

UTEN and VNJUX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTEN or VNJUX?

UTEN has higher volatility (1.71%) compared to VNJUX (1.15%). In terms of maximum drawdown, UTEN dropped -13.36% vs VNJUX's -15.62%.

Which has better risk-adjusted returns?

VNJUX currently has the higher Sharpe Ratio (2.83 vs 0.82), 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.