VTEB vs. ZMUN
VTEB (Vanguard Tax-Exempt Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - VTEB tracks the S&P National AMT-Free Municipal Bond Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. Their 0.16 correlation means their historical movements had little consistent relationship. VTEB charges 0.03%/yr vs 0.30%/yr for ZMUN.
Performance
VTEB vs. ZMUN - 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 ZMUN's 2.05% 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%
ZMUN
- 1D
- -0.04%
- 1M
- 0.16%
- 6M
- 1.78%
- YTD
- 2.05%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $388.01M | $356.14M | $359.95M | |
| $248.73K | $278.36K | $387.17K |
VTEB vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 0.43% | 1.62% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.05% | 0.67% |
Correlation
The correlation between VTEB and ZMUN is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.16 |
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Return for Risk
VTEB vs. ZMUN — Risk / Return Rank
VTEB
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTEB vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 | ZMUN | 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. ZMUN - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, which is greater than ZMUN's maximum drawdown of -0.13%. Use the drawdown chart below to compare losses from any high point for VTEB and ZMUN.
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Drawdown Indicators
| VTEB | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -0.13% | -16.87% |
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% | -0.04% | -1.70% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -0.02% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | — | — |
Volatility
VTEB vs. ZMUN - Volatility Comparison
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Volatility by Period
| VTEB | ZMUN | 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% | 0.54% | +2.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 0.54% | +3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 0.54% | +4.71% |
VTEB vs. ZMUN - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than ZMUN's 0.30% expense ratio.
Dividends
VTEB vs. ZMUN - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.43%, more than ZMUN's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.92% | 0.70% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VTEB and ZMUN have a correlation of 0.16, 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 0.30% for ZMUN.
VTEB has the higher dividend yield at 3.43%, compared with 2.92% for ZMUN.
VTEB tracks S&P National AMT-Free Municipal Bond Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: Vanguard and F/m. Their fees differ too: 0.03% for VTEB and 0.30% for ZMUN.
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