VFMV vs. TAXE

Last updated Jun 13, 2026

VFMV (Vanguard U.S. Minimum Volatility ETF) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both exchange-traded funds - VFMV is a Mid Cap Blend Equities fund actively managed by Vanguard, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. Both are actively managed. Over the past year, VFMV returned 12.36% vs 6.92% for TAXE. At a 0.21 correlation, their price movements are largely independent. VFMV charges 0.13%/yr vs 0.24%/yr for TAXE.

Performance

VFMV vs. TAXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard U.S. Minimum Volatility ETF (VFMV) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFMV achieves a 8.57% return, which is significantly higher than TAXE's 1.77% return.

VFMV

• 1D: 0.40%
• 1M: 1.39%
• YTD: 8.57%
• 6M: 7.81%
• 1Y: 12.36%
• 3Y*: 14.22%
• 5Y*: 9.55%
• 10Y*: —

TAXE

• 1D: -0.04%
• 1M: 0.66%
• YTD: 1.77%
• 6M: 2.05%
• 1Y: 6.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VFMV vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VFMV Vanguard U.S. Minimum Volatility ETF	8.57%	10.52%	7.23%
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.77%	5.78%	1.56%

Correlation

The correlation between VFMV and TAXE is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.21

Return for Risk

VFMV vs. TAXE — Risk / Return Rank

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

VFMV

VFMV Risk / Return Rank: 47
VFMV Sharpe Ratio Rank: 46
VFMV Sortino Ratio Rank: 46
VFMV Omega Ratio Rank: 43
VFMV Calmar Ratio Rank: 47
VFMV Martin Ratio Rank: 53

TAXE

TAXE Risk / Return Rank: 81
TAXE Sharpe Ratio Rank: 94
TAXE Sortino Ratio Rank: 95
TAXE Omega Ratio Rank: 96
TAXE Calmar Ratio Rank: 62
TAXE Martin Ratio Rank: 59

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.

VFMV vs. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Minimum Volatility ETF (VFMV) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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.

	VFMV	TAXE	Difference
Sharpe ratio: Return per unit of total volatility	1.41	3.13	-1.72
Sortino ratio: Return per unit of downside risk	2.05	4.76	-2.71
Omega ratio: Gain probability vs. loss probability	1.25	1.74	-0.49
Calmar ratio: Return relative to maximum drawdown	2.07	2.75	-0.68
Martin ratio: Return relative to average drawdown	8.03	9.31	-1.28

VFMV vs. TAXE - Sharpe Ratio Comparison

The current VFMV Sharpe Ratio is 1.41, which is lower than the TAXE Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of VFMV and TAXE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VFMV vs. TAXE - Drawdown Comparison

The maximum VFMV drawdown since its inception was -33.64%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for VFMV and TAXE.

Drawdown Indicators

	VFMV	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-33.64%	-3.72%	-29.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.00%	-2.53%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-10.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.41%	—	—
Current Drawdown Current decline from peak	-0.98%	-0.60%	-0.38%
Average Drawdown Average peak-to-trough decline	-3.63%	-0.71%	-2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	0.75%	+0.80%

Volatility

VFMV vs. TAXE - Volatility Comparison

Vanguard U.S. Minimum Volatility ETF (VFMV) has a higher volatility of 2.30% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.76%. This indicates that VFMV's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFMV	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	0.76%	+1.54%
Volatility (6M) Calculated over the trailing 6-month period	6.32%	1.66%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	2.23%	+6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	3.13%	+8.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.23%	3.13%	+11.10%

VFMV vs. TAXE - Expense Ratio Comparison

VFMV has a 0.13% expense ratio, which is lower than TAXE's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VFMV vs. TAXE - Dividend Comparison

VFMV's dividend yield for the trailing twelve months is around 1.93%, less than TAXE's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	3.46%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VFMV Vanguard U.S. Minimum Volatility ETF	1.93%	2.12%	1.46%	2.20%	2.08%	1.31%	2.14%	2.43%	2.29%

Frequently Asked Questions

Can I hold both VFMV and TAXE in my portfolio?

VFMV and TAXE have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFMV or TAXE?

VFMV has higher volatility (2.30%) compared to TAXE (0.76%). In terms of maximum drawdown, VFMV dropped -33.64% vs TAXE's -3.72%.

Which ETF is better, VFMV or TAXE?

On 1-year performance, VFMV leads with 12.36% vs 6.92% for TAXE. On fees, VFMV is cheaper at 0.13% per year. On volatility, TAXE has been the lower-risk option at 0.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFMV or TAXE?

Over the 1-year period, VFMV has performed better with a 12.36% return vs 6.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFMV or TAXE?

VFMV is cheaper with a 0.13% expense ratio, compared with 0.24% for TAXE.

Which ETF pays a higher dividend yield, VFMV or TAXE?

TAXE has the higher dividend yield at 3.56%, compared with 1.93% for VFMV.

What is the main difference between VFMV and TAXE?

VFMV is categorized as Mid Cap Blend Equities, while TAXE is Municipal Bonds. They also come from different issuers: Vanguard and T. Rowe Price. Their fees differ too: 0.13% for VFMV and 0.24% for TAXE.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.13 vs 1.41), 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.