VMATX vs. VTEB
Compare and contrast key facts about Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Vanguard Tax-Exempt Bond ETF (VTEB).
VMATX is managed by Vanguard. It was launched on Dec 9, 1998. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
VMATX vs. VTEB - Performance Comparison
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VMATX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | -0.50% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Returns By Period
In the year-to-date period, VMATX achieves a -0.50% return, which is significantly lower than VTEB's 0.09% return. Over the past 10 years, VMATX has outperformed VTEB with an annualized return of 2.36%, while VTEB has yielded a comparatively lower 2.09% annualized return.
VMATX
- 1D
- 0.40%
- 1M
- -2.43%
- YTD
- -0.50%
- 6M
- 1.21%
- 1Y
- 4.36%
- 3Y*
- 3.67%
- 5Y*
- 0.98%
- 10Y*
- 2.36%
VTEB
- 1D
- 0.32%
- 1M
- -1.61%
- YTD
- 0.09%
- 6M
- 1.54%
- 1Y
- 3.92%
- 3Y*
- 2.78%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
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VMATX vs. VTEB - Expense Ratio Comparison
VMATX has a 0.13% expense ratio, which is higher than VTEB's 0.05% 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%.
Return for Risk
VMATX vs. VTEB — Risk / Return Rank
VMATX
VTEB
VMATX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Massachusetts Tax-Exempt Fund (VMATX) 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.
| VMATX | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.86 | 0.99 | -0.13 |
Sortino ratioReturn per unit of downside risk | 1.17 | 1.25 | -0.07 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.23 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 1.25 | -0.18 |
Martin ratioReturn relative to average drawdown | 3.52 | 3.69 | -0.16 |
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
| VMATX | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.86 | 0.99 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.23 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.40 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.45 | +0.53 |
Correlation
The correlation between VMATX and VTEB 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
VMATX vs. VTEB - Dividend Comparison
VMATX's dividend yield for the trailing twelve months is around 3.64%, more than VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.64% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.37% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
VMATX vs. VTEB - Drawdown Comparison
The maximum VMATX drawdown since its inception was -15.91%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VMATX and VTEB.
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Drawdown Indicators
| VMATX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.91% | -17.00% | +1.09% |
Max Drawdown (1Y)Largest decline over 1 year | -5.36% | -3.45% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -15.91% | -12.64% | -3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -15.91% | -17.00% | +1.09% |
Current DrawdownCurrent decline from peak | -2.72% | -1.86% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -2.35% | +0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 1.17% | +0.46% |
Volatility
VMATX vs. VTEB - Volatility Comparison
Vanguard Massachusetts Tax-Exempt Fund (VMATX) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 1.39% and 1.37%, 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
| VMATX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 1.37% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 1.87% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.66% | 4.00% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 3.88% | +0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 5.25% | -0.62% |