VTEB vs. MEAR
Compare and contrast key facts about Vanguard Tax-Exempt Bond ETF (VTEB) and iShares Short Maturity Municipal Bond ETF (MEAR).
VTEB and MEAR 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. MEAR is an actively managed fund by iShares. It was launched on Mar 3, 2015.
Performance
VTEB vs. MEAR - Performance Comparison
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VTEB vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
MEAR iShares Short Maturity Municipal Bond ETF | 0.58% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Returns By Period
In the year-to-date period, VTEB achieves a 0.09% return, which is significantly lower than MEAR's 0.58% return. Over the past 10 years, VTEB has outperformed MEAR with an annualized return of 2.09%, while MEAR has yielded a comparatively lower 1.75% annualized return.
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%
MEAR
- 1D
- 0.11%
- 1M
- -0.23%
- YTD
- 0.58%
- 6M
- 1.27%
- 1Y
- 3.25%
- 3Y*
- 3.54%
- 5Y*
- 2.32%
- 10Y*
- 1.75%
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VTEB vs. MEAR - Expense Ratio Comparison
VTEB has a 0.05% expense ratio, which is lower than MEAR's 0.25% 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%.
Return for Risk
VTEB vs. MEAR — Risk / Return Rank
VTEB
MEAR
VTEB vs. MEAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and iShares Short Maturity Municipal Bond ETF (MEAR). 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 | MEAR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 2.81 | -1.82 |
Sortino ratioReturn per unit of downside risk | 1.25 | 3.78 | -2.54 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.73 | -0.50 |
Calmar ratioReturn relative to maximum drawdown | 1.25 | 3.77 | -2.51 |
Martin ratioReturn relative to average drawdown | 3.69 | 21.16 | -17.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTEB | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 2.81 | -1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 2.38 | -2.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 1.16 | -0.76 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.09 | -0.64 |
Correlation
The correlation between VTEB and MEAR is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VTEB vs. MEAR - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.37%, more than MEAR's 2.87% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MEAR iShares Short Maturity Municipal Bond ETF | 2.87% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
Drawdowns
VTEB vs. MEAR - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for VTEB and MEAR.
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Drawdown Indicators
| VTEB | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -2.68% | -14.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.45% | -0.86% | -2.59% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -1.12% | -11.52% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -2.68% | -14.32% |
Current DrawdownCurrent decline from peak | -1.86% | -0.24% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -0.19% | -2.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.15% | +1.02% |
Volatility
VTEB vs. MEAR - Volatility Comparison
Vanguard Tax-Exempt Bond ETF (VTEB) has a higher volatility of 1.37% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.37%. This indicates that VTEB's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEB | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 0.37% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 0.60% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 1.16% | +2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.88% | 0.98% | +2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 1.52% | +3.73% |