VTEB vs. MUNI
Compare and contrast key facts about Vanguard Tax-Exempt Bond ETF (VTEB) and PIMCO Intermediate Municipal Bond Active ETF (MUNI).
VTEB and MUNI 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. MUNI is an actively managed fund by PIMCO. It was launched on Nov 30, 2009.
Performance
VTEB vs. MUNI - Performance Comparison
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VTEB vs. MUNI - 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% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 0.26% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
Returns By Period
In the year-to-date period, VTEB achieves a 0.09% return, which is significantly lower than MUNI's 0.26% return. Both investments have delivered pretty close results over the past 10 years, with VTEB having a 2.09% annualized return and MUNI not far ahead at 2.18%.
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%
MUNI
- 1D
- 0.15%
- 1M
- -1.53%
- YTD
- 0.26%
- 6M
- 1.49%
- 1Y
- 4.51%
- 3Y*
- 3.39%
- 5Y*
- 1.33%
- 10Y*
- 2.18%
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VTEB vs. MUNI - Expense Ratio Comparison
VTEB has a 0.05% expense ratio, which is lower than MUNI's 0.35% expense ratio.
Return for Risk
VTEB vs. MUNI — Risk / Return Rank
VTEB
MUNI
VTEB vs. MUNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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 | MUNI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 1.18 | -0.19 |
Sortino ratioReturn per unit of downside risk | 1.25 | 1.58 | -0.34 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.30 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.25 | 1.63 | -0.38 |
Martin ratioReturn relative to average drawdown | 3.69 | 5.45 | -1.76 |
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 | MUNI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 1.18 | -0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.40 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.57 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.77 | -0.32 |
Correlation
The correlation between VTEB and MUNI is 0.70, 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. MUNI - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.37%, more than MUNI's 3.30% 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% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.30% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Drawdowns
VTEB vs. MUNI - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, which is greater than MUNI's maximum drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for VTEB and MUNI.
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Drawdown Indicators
| VTEB | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -11.15% | -5.85% |
Max Drawdown (1Y)Largest decline over 1 year | -3.45% | -2.93% | -0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -11.15% | -1.49% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -11.15% | -5.85% |
Current DrawdownCurrent decline from peak | -1.86% | -1.75% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -1.74% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.88% | +0.29% |
Volatility
VTEB vs. MUNI - Volatility Comparison
Vanguard Tax-Exempt Bond ETF (VTEB) has a higher volatility of 1.37% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 1.07%. This indicates that VTEB's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEB | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 1.07% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 1.87% | 1.52% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 3.86% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.88% | 3.30% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 3.85% | +1.40% |