VBILX vs. VTEB
VBILX (Vanguard Intermediate-Term Bond Index Fund Admiral Shares) and VTEB (Vanguard Tax-Exempt Bond ETF) are both funds - VBILX is a Intermediate Core Bond fund tracking the Bloomberg U.S. 5-10 Year Government/Credit Float Adjusted Index, while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, VBILX returned 1.88%/yr vs 1.97%/yr for VTEB. A 0.67 correlation means they provide meaningful diversification when combined. VBILX charges 0.06%/yr vs 0.03%/yr for VTEB.
Performance
VBILX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, VBILX achieves a -0.24% return, which is significantly lower than VTEB's 1.72% return. Both investments have delivered pretty close results over the past 10 years, with VBILX having a 1.88% annualized return and VTEB not far ahead at 1.97%.
VBILX
- 1D
- 0.29%
- 1M
- 0.76%
- YTD
- -0.24%
- 6M
- 0.11%
- 1Y
- 4.36%
- 3Y*
- 4.48%
- 5Y*
- 0.10%
- 10Y*
- 1.88%
VTEB
- 1D
- -0.02%
- 1M
- 1.40%
- YTD
- 1.72%
- 6M
- 1.95%
- 1Y
- 6.76%
- 3Y*
- 3.39%
- 5Y*
- 0.95%
- 10Y*
- 1.97%
VBILX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBILX Vanguard Intermediate-Term Bond Index Fund Admiral Shares | -0.24% | 8.57% | 1.54% | 6.09% | -13.59% | -2.36% | 9.82% | 10.20% | -0.15% | 3.86% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.72% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between VBILX and VTEB is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.67 |
The correlation between VBILX and VTEB has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.
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Return for Risk
VBILX vs. VTEB — Risk / Return Rank
VBILX
VTEB
VBILX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Bond Index Fund Admiral Shares (VBILX) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VBILX | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.55 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.51 | -1.20 |
| Martin ratioReturn relative to average drawdown | 3.66 | 8.83 | -5.17 |
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Drawdowns
VBILX vs. VTEB - Drawdown Comparison
The maximum VBILX drawdown since its inception was -19.26%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VBILX and VTEB.
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Drawdown Indicators
| VBILX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.26% | -17.00% | -2.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -2.71% | -0.72% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -5.53% | -0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -19.15% | -12.64% | -6.51% |
Max Drawdown (10Y)Largest decline over 10 years | -19.26% | -17.00% | -2.26% |
Current DrawdownCurrent decline from peak | -2.03% | -0.26% | -1.77% |
Average DrawdownAverage peak-to-trough decline | -3.15% | -2.32% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 0.77% | +0.45% |
Volatility
VBILX vs. VTEB - Volatility Comparison
Vanguard Intermediate-Term Bond Index Fund Admiral Shares (VBILX) has a higher volatility of 1.40% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.71%. This indicates that VBILX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBILX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 0.71% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 2.06% | +1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.13% | 2.68% | +1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.39% | 3.90% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.37% | 5.26% | +0.11% |
VBILX vs. VTEB - Expense Ratio Comparison
VBILX has a 0.06% 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
VBILX vs. VTEB - Dividend Comparison
VBILX's dividend yield for the trailing twelve months is around 4.22%, more than VTEB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBILX Vanguard Intermediate-Term Bond Index Fund Admiral Shares | 4.22% | 4.01% | 3.80% | 3.09% | 1.99% | 3.39% | 2.94% | 2.73% | 2.87% | 2.73% | 3.06% | 3.09% |
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
VBILX and VTEB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VBILX has higher volatility (1.40%) compared to VTEB (0.71%). In terms of maximum drawdown, VBILX dropped -19.26% vs VTEB's -17.00%.
VTEB currently has the higher Sharpe Ratio (2.53 vs 1.08), 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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