VSS vs. VTES
Compare and contrast key facts about Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).
VSS and VTES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VSS is a passively managed fund by Vanguard that tracks the performance of the FTSE Global Small Cap ex US Index. It was launched on Apr 2, 2009. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023. Both VSS and VTES are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VSS vs. VTES - Performance Comparison
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VSS vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 1.72% | 29.61% | 2.94% | 10.31% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.02% | 4.19% | 1.85% | 3.32% |
Returns By Period
In the year-to-date period, VSS achieves a 1.72% return, which is significantly higher than VTES's 0.02% return.
VSS
- 1D
- 3.06%
- 1M
- -8.91%
- YTD
- 1.72%
- 6M
- 4.71%
- 1Y
- 30.55%
- 3Y*
- 13.84%
- 5Y*
- 5.38%
- 10Y*
- 7.63%
VTES
- 1D
- 0.11%
- 1M
- -1.24%
- YTD
- 0.02%
- 6M
- 0.60%
- 1Y
- 3.45%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
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VSS vs. VTES - Expense Ratio Comparison
Both VSS and VTES have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
VSS vs. VTES — Risk / Return Rank
VSS
VTES
VSS vs. VTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). 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.
| VSS | VTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.88 | 1.91 | -0.03 |
Sortino ratioReturn per unit of downside risk | 2.50 | 2.43 | +0.07 |
Omega ratioGain probability vs. loss probability | 1.38 | 1.49 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.30 | +0.24 |
Martin ratioReturn relative to average drawdown | 10.09 | 7.44 | +2.65 |
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
| VSS | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.88 | 1.91 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 1.76 | -1.24 |
Correlation
The correlation between VSS and VTES is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VSS vs. VTES - Dividend Comparison
VSS's dividend yield for the trailing twelve months is around 3.33%, more than VTES's 2.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSS Vanguard FTSE All-World ex-US Small-Cap ETF | 3.33% | 3.39% | 3.44% | 3.14% | 2.30% | 2.74% | 1.90% | 3.25% | 2.80% | 2.83% | 2.93% | 2.66% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.77% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VSS vs. VTES - Drawdown Comparison
The maximum VSS drawdown since its inception was -43.51%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for VSS and VTES.
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Drawdown Indicators
| VSS | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.51% | -2.42% | -41.09% |
Max Drawdown (1Y)Largest decline over 1 year | -11.62% | -1.59% | -10.03% |
Max Drawdown (5Y)Largest decline over 5 years | -33.93% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.51% | — | — |
Current DrawdownCurrent decline from peak | -8.91% | -1.24% | -7.67% |
Average DrawdownAverage peak-to-trough decline | -9.72% | -0.48% | -9.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 0.49% | +2.44% |
Volatility
VSS vs. VTES - Volatility Comparison
Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) has a higher volatility of 7.61% compared to Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) at 0.69%. This indicates that VSS's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSS | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.61% | 0.69% | +6.92% |
Volatility (6M)Calculated over the trailing 6-month period | 11.00% | 0.96% | +10.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 1.83% | +14.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.26% | 1.75% | +14.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.17% | 1.75% | +15.42% |