VTEB vs. THYM
VTEB (Vanguard Tax-Exempt Bond ETF) and THYM (T. Rowe Price High Income Municipal ETF) are both exchange-traded funds - VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while THYM is a High Yield Muni fund actively managed by T. Rowe Price. VTEB is passively managed, while THYM is actively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. VTEB charges 0.03%/yr vs 0.32%/yr for THYM.
Performance
VTEB vs. THYM - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 0.43% return, which is significantly lower than THYM's 2.17% return.
VTEB
- 1D
- 0.12%
- 1M
- -1.72%
- 6M
- -0.22%
- YTD
- 0.43%
- 1Y
- 4.90%
- 3Y*
- 3.19%
- 5Y*
- 0.54%
- 10Y*
- 1.90%
- ALL TIME*
- 2.29%
THYM
- 1D
- -0.08%
- 1M
- -2.39%
- 6M
- 0.97%
- YTD
- 2.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $185.26K | $140.26K | $136.22K | |
| $388.01M | $356.14M | $359.95M |
VTEB vs. THYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 0.43% | 0.48% |
THYM T. Rowe Price High Income Municipal ETF | 2.17% | 0.25% |
Correlation
The correlation between VTEB and THYM is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025 | 0.72 |
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Return for Risk
VTEB vs. THYM — Risk / Return Rank
VTEB
THYM
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTEB vs. THYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and T. Rowe Price High Income Municipal ETF (THYM). 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 | THYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.37 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | — | — |
| Martin ratioReturn relative to average drawdown | 5.96 | — | — |
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Drawdowns
VTEB vs. THYM - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, which is greater than THYM's maximum drawdown of -2.93%. Use the drawdown chart below to compare losses from any high point for VTEB and THYM.
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Drawdown Indicators
| VTEB | THYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -2.93% | -14.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.56% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | — | — |
Current DrawdownCurrent decline from peak | -1.74% | -2.39% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -0.56% | -1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | — | — |
Volatility
VTEB vs. THYM - Volatility Comparison
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Volatility by Period
| VTEB | THYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.73% | 4.40% | -1.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 4.40% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 4.40% | +0.85% |
VTEB vs. THYM - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than THYM's 0.32% expense ratio.
Dividends
VTEB vs. THYM - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.43%, more than THYM's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
THYM T. Rowe Price High Income Municipal ETF | 2.99% | 0.37% | 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 | 3.43% | 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 THYM have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VTEB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.32% for THYM.
VTEB has the higher dividend yield at 3.43%, compared with 2.99% for THYM.
VTEB is categorized as Municipal Bonds, while THYM is High Yield Muni. They also come from different issuers: Vanguard and T. Rowe Price. Their fees differ too: 0.03% for VTEB and 0.32% for THYM.
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