VTEB vs. ENFR
VTEB (Vanguard Tax-Exempt Bond ETF) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while ENFR is a Energy Equities fund tracking the Alerian Midstream Energy Select Index. Both are passively managed. Over the past 10 years, VTEB returned 1.97%/yr vs 11.98%/yr for ENFR. At a correlation of -0.01, they often move in opposite directions. VTEB charges 0.03%/yr vs 0.35%/yr for ENFR.
Performance
VTEB vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 1.70% return, which is significantly lower than ENFR's 24.93% return. Over the past 10 years, VTEB has underperformed ENFR with an annualized return of 1.97%, while ENFR has yielded a comparatively higher 11.98% annualized return.
VTEB
- 1D
- -0.02%
- 1M
- 1.38%
- YTD
- 1.70%
- 6M
- 1.88%
- 1Y
- 6.65%
- 3Y*
- 3.38%
- 5Y*
- 0.95%
- 10Y*
- 1.97%
ENFR
- 1D
- 1.51%
- 1M
- -4.52%
- YTD
- 24.93%
- 6M
- 25.03%
- 1Y
- 27.76%
- 3Y*
- 28.90%
- 5Y*
- 20.07%
- 10Y*
- 11.98%
VTEB vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 1.70% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
ENFR Alerian Energy Infrastructure ETF | 24.93% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | -24.14% | 21.60% | -18.67% | -0.19% |
Correlation
The correlation between VTEB and ENFR is -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | -0.01 |
Over the past year, the inverse relationship between VTEB and ENFR has strengthened: their correlation has moved from -0.01 to -0.22, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
VTEB vs. ENFR — Risk / Return Rank
VTEB
ENFR
VTEB vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and Alerian Energy Infrastructure ETF (ENFR). 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 | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.10 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.32 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.47 | 3.23 | -0.76 |
| Martin ratioReturn relative to average drawdown | 8.69 | 8.24 | +0.45 |
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Drawdowns
VTEB vs. ENFR - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for VTEB and ENFR.
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Drawdown Indicators
| VTEB | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -68.28% | +51.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -8.64% | +5.93% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -15.58% | +10.05% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -20.29% | +7.65% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -62.64% | +45.64% |
Current DrawdownCurrent decline from peak | -0.28% | -4.71% | +4.43% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -15.94% | +13.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 3.38% | -2.61% |
Volatility
VTEB vs. ENFR - Volatility Comparison
The current volatility for Vanguard Tax-Exempt Bond ETF (VTEB) is 0.72%, while Alerian Energy Infrastructure ETF (ENFR) has a volatility of 5.69%. This indicates that VTEB experiences smaller price fluctuations and is considered to be less risky than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEB | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 5.69% | -4.97% |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | 11.60% | -9.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 14.86% | -12.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 19.25% | -15.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 24.68% | -19.43% |
VTEB vs. ENFR - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than ENFR's 0.35% expense ratio.
Dividends
VTEB vs. ENFR - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.35%, less than ENFR's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 4.02% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
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 ENFR have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENFR has higher volatility (5.69%) compared to VTEB (0.72%). In terms of maximum drawdown, VTEB dropped -17.00% vs ENFR's -68.28%.
On 10-year performance, ENFR leads with 11.98% vs 1.97% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ENFR has performed better with a 11.98% return vs 1.97%. 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 0.35% for ENFR.
ENFR has the higher dividend yield at 4.02%, compared with 3.35% for VTEB.
VTEB is categorized as Municipal Bonds, while ENFR is Energy Equities. VTEB tracks S&P National AMT-Free Municipal Bond Index, while ENFR tracks Alerian Midstream Energy Select Index. They also come from different issuers: Vanguard and SS&C. Their fees differ too: 0.03% for VTEB and 0.35% for ENFR.
VTEB currently has the higher Sharpe Ratio (2.49 vs 1.88), 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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