VTEB vs. VWITX
VTEB (Vanguard Tax-Exempt Bond ETF) and VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds from Vanguard. Over the past 10 years, VTEB returned 2.09%/yr vs 2.39%/yr for VWITX. A 0.68 correlation means they provide meaningful diversification when combined. VTEB charges 0.05%/yr vs 0.17%/yr for VWITX.
Performance
VTEB vs. VWITX - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 1.46% return, which is significantly higher than VWITX's 1.30% return. Over the past 10 years, VTEB has underperformed VWITX with an annualized return of 2.09%, while VWITX has yielded a comparatively higher 2.39% annualized return.
VTEB
- 1D
- -0.06%
- 1M
- 0.66%
- YTD
- 1.46%
- 6M
- 1.89%
- 1Y
- 7.14%
- 3Y*
- 3.57%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
VWITX
- 1D
- 0.15%
- 1M
- 0.64%
- YTD
- 1.30%
- 6M
- 1.72%
- 1Y
- 6.90%
- 3Y*
- 4.46%
- 5Y*
- 1.63%
- 10Y*
- 2.39%
VTEB vs. VWITX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 1.46% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 1.30% | 5.89% | 2.23% | 5.82% | -6.90% | 0.74% | 5.14% | 7.01% | 1.26% | 4.54% |
Correlation
The correlation between VTEB and VWITX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Aug 26, 2015 | 0.68 |
The correlation between VTEB and VWITX has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.
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Return for Risk
VTEB vs. VWITX — Risk / Return Rank
VTEB
VWITX
VTEB vs. VWITX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX). 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 | VWITX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.58 | 1.80 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 2.31 | +0.33 |
| Martin ratioReturn relative to average drawdown | 9.41 | 7.69 | +1.72 |
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 | VWITX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.64 | 2.97 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.50 | -0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.70 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.77 | -0.29 |
Drawdowns
VTEB vs. VWITX - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, smaller than the maximum VWITX drawdown of -29.13%. Use the drawdown chart below to compare losses from any high point for VTEB and VWITX.
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Drawdown Indicators
| VTEB | VWITX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -29.13% | +12.13% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.99% | +0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | -4.42% | -1.11% |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | -11.46% | -1.18% |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | -11.46% | -5.54% |
Current DrawdownCurrent decline from peak | -0.52% | -0.89% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -3.58% | +1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.90% | -0.14% |
Volatility
VTEB vs. VWITX - Volatility Comparison
Vanguard Tax-Exempt Bond ETF (VTEB) and Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) have volatilities of 0.89% and 0.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEB | VWITX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 0.88% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 1.86% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 2.34% | +0.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 3.26% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.26% | 3.42% | +1.84% |
VTEB vs. VWITX - Expense Ratio Comparison
VTEB has a 0.05% expense ratio, which is lower than VWITX's 0.17% 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. VWITX - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.35%, more than VWITX's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 3.25% | 3.96% | 3.53% | 2.70% | 2.43% | 1.83% | 2.32% | 2.80% | 2.80% | 2.72% | 2.80% | 2.88% |
Frequently Asked Questions
VTEB and VWITX 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.
VTEB has higher volatility (0.89%) compared to VWITX (0.88%). In terms of maximum drawdown, VTEB dropped -17.00% vs VWITX's -29.13%.
VWITX currently has the higher Sharpe Ratio (2.97 vs 2.64), 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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