VNYUX vs. VTEB
VNYUX (Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VNYUX returned 2.25%/yr vs 1.88%/yr for VTEB. Their 0.69 correlation means they have sometimes moved together and sometimes differently. VNYUX charges 0.09%/yr vs 0.03%/yr for VTEB.
Performance
VNYUX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, VNYUX achieves a 0.77% return, which is significantly higher than VTEB's 0.31% return. Over the past 10 years, VNYUX has outperformed VTEB with an annualized return of 2.25%, while VTEB has yielded a comparatively lower 1.88% annualized return.
VNYUX
- 1D
- -0.19%
- 1M
- -2.19%
- 6M
- 0.19%
- YTD
- 0.77%
- 1Y
- 6.38%
- 3Y*
- 3.98%
- 5Y*
- 0.80%
- 10Y*
- 2.25%
- ALL TIME*
- 3.74%
VTEB
- 1D
- -0.10%
- 1M
- -1.84%
- 6M
- -0.23%
- YTD
- 0.31%
- 1Y
- 4.77%
- 3Y*
- 2.92%
- 5Y*
- 0.53%
- 10Y*
- 1.88%
- ALL TIME*
- 2.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $377.87M | $352.76M | $360.69M |
VNYUX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNYUX Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares | 0.77% | 4.79% | 2.58% | 8.05% | -10.92% | 2.09% | 5.60% | 8.71% | 0.59% | 5.89% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.31% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between VNYUX and VTEB is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.69 |
The correlation between VNYUX and VTEB has been stable across timeframes, ranging from 0.69 to 0.75 - a consistent structural relationship.
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Return for Risk
VNYUX vs. VTEB — Risk / Return Rank
VNYUX
VTEB
VNYUX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares (VNYUX) 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.
| VNYUX | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.41 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.00 | +0.39 |
| Martin ratioReturn relative to average drawdown | 8.02 | 6.62 | +1.40 |
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Drawdowns
VNYUX vs. VTEB - Drawdown Comparison
The maximum VNYUX drawdown since its inception was -16.59%, roughly equal to the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VNYUX and VTEB.
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Drawdown Indicators
| VNYUX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.59% | -17.00% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.71% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -6.11% | -4.76% | -1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -16.59% | -12.56% | -4.03% |
Max Drawdown (10Y)Largest decline over 10 years | -16.59% | -17.00% | +0.41% |
Current DrawdownCurrent decline from peak | -2.19% | -1.86% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -2.30% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.82% | +0.10% |
Volatility
VNYUX vs. VTEB - Volatility Comparison
Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares (VNYUX) has a higher volatility of 1.02% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.88%. This indicates that VNYUX'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
| VNYUX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | 0.88% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.64% | 2.22% | +0.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 2.79% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.80% | 3.92% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 5.25% | -0.64% |
VNYUX vs. VTEB - Expense Ratio Comparison
VNYUX has a 0.09% 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
VNYUX vs. VTEB - Dividend Comparison
VNYUX's dividend yield for the trailing twelve months is around 3.47%, more than VTEB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VNYUX Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares | 3.47% | 4.50% | 4.02% | 2.89% | 2.94% | 2.82% | 3.51% | 3.61% | 3.52% | 3.73% | 3.93% | 3.44% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.14% | 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
VNYUX and VTEB have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNYUX has higher volatility (1.02%) compared to VTEB (0.88%). In terms of maximum drawdown, VNYUX dropped -16.59% vs VTEB's -17.00%.
VNYUX currently has the higher Sharpe Ratio (2.22 vs 1.95), 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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