VTEB vs. FMUN

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard Tax-Exempt Bond ETF (VTEB) and Fidelity Systematic Municipal Bond Index ETF (FMUN).

VTEB and FMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019.

Performance

VTEB vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Exempt Bond ETF (VTEB) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

VTEB vs. FMUN - Yearly Performance Comparison

	2026 (YTD)	2025
VTEB Vanguard Tax-Exempt Bond ETF	0.27%	5.58%
FMUN Fidelity Systematic Municipal Bond Index ETF	0.01%	4.25%

Returns By Period

In the year-to-date period, VTEB achieves a 0.27% return, which is significantly higher than FMUN's 0.01% return.

VTEB

• 1D: 0.18%
• 1M: -0.90%
• YTD: 0.27%
• 6M: 1.73%
• 1Y: 4.40%
• 3Y*: 2.82%
• 5Y*: 0.92%
• 10Y*: 2.11%

FMUN

• 1D: 0.18%
• 1M: -1.50%
• YTD: 0.01%
• 6M: 1.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VTEB vs. FMUN - Expense Ratio Comparison

Both VTEB and FMUN have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

VTEB

Vanguard Tax-Exempt Bond ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

VTEB vs. FMUN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VTEB

VTEB Risk / Return Rank: 48
VTEB Sharpe Ratio Rank: 58
VTEB Sortino Ratio Rank: 48
VTEB Omega Ratio Rank: 65
VTEB Calmar Ratio Rank: 37
VTEB Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VTEB vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.

	VTEB	FMUN	Difference
Sharpe ratio Return per unit of total volatility	1.11	—	—
Sortino ratio Return per unit of downside risk	1.40	—	—
Omega ratio Gain probability vs. loss probability	1.26	—	—
Calmar ratio Return relative to maximum drawdown	1.19	—	—
Martin ratio Return relative to average drawdown	3.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VTEB	FMUN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.05	-0.59

Correlation

The correlation between VTEB and FMUN is 0.80, 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

VTEB vs. FMUN - Dividend Comparison

VTEB's dividend yield for the trailing twelve months is around 3.36%, more than FMUN's 3.24% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTEB Vanguard Tax-Exempt Bond ETF	3.36%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.24%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VTEB vs. FMUN - Drawdown Comparison

The maximum VTEB drawdown since its inception was -17.00%, which is greater than FMUN's maximum drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for VTEB and FMUN.

Drawdown Indicators

	VTEB	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	-17.00%	-3.21%	-13.79%
Max Drawdown (1Y) Largest decline over 1 year	-3.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.64%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-17.00%	—	—
Current Drawdown Current decline from peak	-1.68%	-2.31%	+0.63%
Average Drawdown Average peak-to-trough decline	-2.34%	-0.68%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	—	—

Volatility

Volatility by Period

	VTEB	FMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.99%	4.16%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	4.16%	-0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.25%	4.16%	+1.09%