VTEB vs. AMLP
VTEB (Vanguard Tax-Exempt Bond ETF) and AMLP (Alerian MLP ETF) are both exchange-traded funds - VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index. Both are passively managed. Over the past 10 years, VTEB returned 2.06%/yr vs 6.85%/yr for AMLP. At a correlation of -0.04, they often move in opposite directions. VTEB charges 0.03%/yr vs 0.90%/yr for AMLP.
Performance
VTEB vs. AMLP - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 1.52% return, which is significantly lower than AMLP's 15.69% return. Over the past 10 years, VTEB has underperformed AMLP with an annualized return of 2.06%, while AMLP has yielded a comparatively higher 6.85% annualized return.
VTEB
- 1D
- 0.16%
- 1M
- 0.72%
- YTD
- 1.52%
- 6M
- 1.89%
- 1Y
- 6.79%
- 3Y*
- 3.47%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
AMLP
- 1D
- -0.87%
- 1M
- -1.38%
- YTD
- 15.69%
- 6M
- 14.93%
- 1Y
- 15.89%
- 3Y*
- 20.21%
- 5Y*
- 15.34%
- 10Y*
- 6.85%
VTEB vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 1.52% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
AMLP Alerian MLP ETF | 15.69% | 5.78% | 22.76% | 21.40% | 25.47% | 39.09% | -32.26% | 5.99% | -12.67% | -7.89% |
Correlation
The correlation between VTEB and AMLP is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | -0.04 |
The correlation between VTEB and AMLP shifts across timeframes, from -0.18 (1 year) to 0.03 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VTEB vs. AMLP — Risk / Return Rank
VTEB
AMLP
VTEB vs. AMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and Alerian MLP ETF (AMLP). 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.
| VTEB | AMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.23 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.78 | +0.73 |
| Martin ratioReturn relative to average drawdown | 8.90 | 5.78 | +3.12 |
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Drawdowns
VTEB vs. AMLP - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for VTEB and AMLP.
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Drawdown Indicators
| VTEB | AMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -77.19% | +60.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -8.94% | +6.23% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -14.27% | +8.74% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -20.92% | +8.28% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -72.62% | +55.62% |
Current DrawdownCurrent decline from peak | -0.46% | -4.61% | +4.15% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -17.38% | +15.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 2.75% | -1.99% |
Volatility
VTEB vs. AMLP - Volatility Comparison
The current volatility for Vanguard Tax-Exempt Bond ETF (VTEB) is 0.92%, while Alerian MLP ETF (AMLP) has a volatility of 4.71%. This indicates that VTEB experiences smaller price fluctuations and is considered to be less risky than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEB | AMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 4.71% | -3.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 8.76% | -6.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 11.84% | -9.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 19.95% | -16.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 27.67% | -22.41% |
VTEB vs. AMLP - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than AMLP's 0.90% expense ratio.
Dividends
VTEB vs. AMLP - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.35%, less than AMLP's 7.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.68% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 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
VTEB and AMLP have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMLP has higher volatility (4.71%) compared to VTEB (0.92%). In terms of maximum drawdown, VTEB dropped -17.00% vs AMLP's -77.19%.
On 10-year performance, AMLP leads with 6.85% vs 2.06% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, AMLP has performed better with a 6.85% return vs 2.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.90% for AMLP.
AMLP has the higher dividend yield at 7.68%, compared with 3.35% for VTEB.
VTEB is categorized as Municipal Bonds, while AMLP is MLPs. VTEB tracks S&P National AMT-Free Municipal Bond Index, while AMLP tracks Alerian MLP Infrastructure Index. They also come from different issuers: Vanguard and SS&C. Their fees differ too: 0.03% for VTEB and 0.90% for AMLP.
VTEB currently has the higher Sharpe Ratio (2.53 vs 1.35), 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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