VTEB vs. VNLA
VTEB (Vanguard Tax-Exempt Bond ETF) and VNLA (Janus Henderson Short Duration Income ETF) are both exchange-traded funds - VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while VNLA is a Ultrashort Bond fund tracking the FTSE 3-Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, VTEB returned 0.80%/yr vs 3.83%/yr for VNLA. At a 0.32 correlation, their price movements are largely independent. VTEB charges 0.03%/yr vs 0.23%/yr for VNLA.
Performance
VTEB vs. VNLA - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 1.44% return, which is significantly lower than VNLA's 1.59% 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%
VNLA
- 1D
- 0.02%
- 1M
- 0.39%
- YTD
- 1.59%
- 6M
- 1.85%
- 1Y
- 4.77%
- 3Y*
- 5.79%
- 5Y*
- 3.83%
- 10Y*
- —
VTEB vs. VNLA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 1.44% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
VNLA Janus Henderson Short Duration Income ETF | 1.59% | 5.45% | 6.41% | 6.09% | -0.17% | -0.18% | 3.01% | 4.43% | 0.02% | 2.11% |
Correlation
The correlation between VTEB and VNLA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2016 | 0.32 |
The correlation between VTEB and VNLA shifts across timeframes, from 0.32 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VTEB vs. VNLA — Risk / Return Rank
VTEB
VNLA
VTEB vs. VNLA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and Janus Henderson Short Duration Income ETF (VNLA). 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 | VNLA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.16 | ||
| Sortino ratioReturn per unit of downside risk | -11.99 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 3.56 | -2.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 11.10 | -8.75 |
| Martin ratioReturn relative to average drawdown | 8.30 | 57.09 | -48.79 |
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Drawdowns
VTEB vs. VNLA - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, which is greater than VNLA's maximum drawdown of -4.49%. Use the drawdown chart below to compare losses from any high point for VTEB and VNLA.
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Drawdown Indicators
| VTEB | VNLA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -4.49% | -12.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -0.43% | -2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -0.49% | -5.04% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -1.76% | -10.88% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | — | — |
Current DrawdownCurrent decline from peak | -0.54% | 0.00% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -0.23% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.08% | +0.69% |
Volatility
VTEB vs. VNLA - Volatility Comparison
Vanguard Tax-Exempt Bond ETF (VTEB) has a higher volatility of 0.93% compared to Janus Henderson Short Duration Income ETF (VNLA) at 0.15%. This indicates that VTEB's price experiences larger fluctuations and is considered to be riskier than VNLA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEB | VNLA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.15% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 2.04% | 0.46% | +1.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.70% | 0.63% | +2.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 1.04% | +2.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 1.42% | +3.84% |
VTEB vs. VNLA - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than VNLA's 0.23% 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. VNLA - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.36%, less than VNLA's 4.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VNLA Janus Henderson Short Duration Income ETF | 4.77% | 4.84% | 4.97% | 3.95% | 4.35% | 1.67% | 1.21% | 3.13% | 2.43% | 1.79% | 0.08% | 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 VNLA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEB has higher volatility (0.93%) compared to VNLA (0.15%). In terms of maximum drawdown, VTEB dropped -17.00% vs VNLA's -4.49%.
On 5-year performance, VNLA leads with 3.83% vs 0.80% for VTEB. On fees, VTEB is cheaper at 0.03% per year. On volatility, VNLA has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VNLA has performed better with a 3.83% 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 0.23% for VNLA.
VNLA has the higher dividend yield at 4.77%, compared with 3.36% for VTEB.
VTEB is categorized as Municipal Bonds, while VNLA is Ultrashort Bond. VTEB tracks S&P National AMT-Free Municipal Bond Index, while VNLA tracks FTSE 3-Month U.S. Treasury Bill Index. They also come from different issuers: Vanguard and Janus Henderson. Their fees differ too: 0.03% for VTEB and 0.23% for VNLA.
VNLA currently has the higher Sharpe Ratio (7.54 vs 2.38), 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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