VTEB vs. GLDM
VTEB (Vanguard Tax-Exempt Bond ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, VTEB returned 0.80%/yr vs 17.41%/yr for GLDM. At a 0.25 correlation, their price movements are largely independent. VTEB charges 0.03%/yr vs 0.10%/yr for GLDM.
Performance
VTEB vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 1.44% return, which is significantly higher than GLDM's -2.40% return.
VTEB
- 1D
- -0.08%
- 1M
- 0.78%
- YTD
- 1.44%
- 6M
- 1.95%
- 1Y
- 6.57%
- 3Y*
- 3.44%
- 5Y*
- 0.80%
- 10Y*
- 2.03%
GLDM
- 1D
- 0.11%
- 1M
- -9.52%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
VTEB vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 1.44% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.63% |
GLDM SPDR Gold MiniShares Trust | -2.40% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between VTEB and GLDM is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.25 |
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Return for Risk
VTEB vs. GLDM — Risk / Return Rank
VTEB
GLDM
VTEB vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and SPDR Gold MiniShares Trust (GLDM). 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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.19 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 1.00 | +1.35 |
| Martin ratioReturn relative to average drawdown | 8.30 | 2.87 | +5.43 |
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Drawdowns
VTEB vs. GLDM - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, smaller than the maximum GLDM drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for VTEB and GLDM.
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Drawdown Indicators
| VTEB | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -24.35% | +7.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -24.35% | +21.64% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -24.35% | +18.82% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -24.35% | +11.71% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | — | — |
Current DrawdownCurrent decline from peak | -0.54% | -21.96% | +21.42% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -6.27% | +3.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 8.44% | -7.67% |
Volatility
VTEB vs. GLDM - Volatility Comparison
The current volatility for Vanguard Tax-Exempt Bond ETF (VTEB) is 0.93%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.73%. This indicates that VTEB experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEB | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 7.73% | -6.80% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 23.93% | -21.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 27.15% | -24.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 18.13% | -14.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 16.98% | -11.72% |
VTEB vs. GLDM - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than GLDM's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VTEB vs. GLDM - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.36%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
VTEB and GLDM have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (7.73%) compared to VTEB (0.93%). In terms of maximum drawdown, VTEB dropped -17.00% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 17.41% vs 0.80% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.41% return vs 0.80%. 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 0.10% for GLDM.
VTEB has the higher dividend yield at 3.36%, compared with 0.00% for GLDM.
VTEB is categorized as Municipal Bonds, while GLDM is Gold. VTEB tracks S&P National AMT-Free Municipal Bond Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.03% for VTEB and 0.10% for GLDM.
VTEB currently has the higher Sharpe Ratio (2.38 vs 0.90), 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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