VTEAX vs. VTEB
Compare and contrast key facts about Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) and Vanguard Tax-Exempt Bond ETF (VTEB).
VTEAX is managed by Vanguard. It was launched on Aug 25, 2015. 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
VTEAX vs. VTEB - Performance Comparison
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VTEAX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | -0.24% | 3.67% | 1.63% | 6.39% | -8.21% | 1.43% | 4.97% | 7.45% | 0.99% | 4.94% |
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, VTEAX achieves a -0.24% return, which is significantly lower than VTEB's 0.09% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: VTEAX at 2.09% and VTEB at 2.09%.
VTEAX
- 1D
- 0.25%
- 1M
- -1.97%
- YTD
- -0.24%
- 6M
- 1.20%
- 1Y
- 3.73%
- 3Y*
- 2.86%
- 5Y*
- 0.89%
- 10Y*
- 2.09%
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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VTEAX vs. VTEB - Expense Ratio Comparison
VTEAX has a 0.09% 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
VTEAX vs. VTEB — Risk / Return Rank
VTEAX
VTEB
VTEAX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) 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.
| VTEAX | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.95 | 0.99 | -0.04 |
Sortino ratioReturn per unit of downside risk | 1.24 | 1.25 | -0.01 |
Omega ratioGain probability vs. loss probability | 1.27 | 1.23 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.25 | -0.28 |
Martin ratioReturn relative to average drawdown | 3.22 | 3.69 | -0.47 |
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
| VTEAX | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 0.99 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.23 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.40 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.45 | +0.21 |
Correlation
The correlation between VTEAX and VTEB is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VTEAX vs. VTEB - Dividend Comparison
VTEAX's dividend yield for the trailing twelve months is around 3.05%, less than VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEAX Vanguard Tax-Exempt Bond Index Fund Admiral Shares | 3.05% | 3.26% | 3.36% | 2.98% | 2.05% | 1.60% | 1.97% | 2.27% | 2.24% | 1.95% | 1.67% | 0.59% |
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
VTEAX vs. VTEB - Drawdown Comparison
The maximum VTEAX drawdown since its inception was -12.75%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VTEAX and VTEB.
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Drawdown Indicators
| VTEAX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.75% | -17.00% | +4.25% |
Max Drawdown (1Y)Largest decline over 1 year | -4.50% | -3.45% | -1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -12.75% | -12.64% | -0.11% |
Max Drawdown (10Y)Largest decline over 10 years | -12.75% | -17.00% | +4.25% |
Current DrawdownCurrent decline from peak | -2.21% | -1.86% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -2.28% | -2.35% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 1.17% | +0.19% |
Volatility
VTEAX vs. VTEB - Volatility Comparison
The current volatility for Vanguard Tax-Exempt Bond Index Fund Admiral Shares (VTEAX) is 1.15%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.37%. This indicates that VTEAX experiences smaller price fluctuations and is considered to be less risky 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
| VTEAX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 1.37% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.48% | 1.87% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.36% | 4.00% | +0.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.57% | 3.88% | -0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.65% | 5.25% | -1.60% |