VTEI vs. FMUB

Last updated Aug 6, 2026

VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) and FMUB (Fidelity Municipal Bond Opportunities ETF) are both Municipal Bonds funds. VTEI is passively managed, while FMUB is actively managed. Over the past year, VTEI returned 3.93% vs 5.57% for FMUB. Their 0.79 correlation means they have sometimes moved together and sometimes differently. VTEI charges 0.08%/yr vs 0.30%/yr for FMUB.

Performance

VTEI vs. FMUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Fidelity Municipal Bond Opportunities ETF (FMUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTEI achieves a 0.30% return, which is significantly lower than FMUB's 1.70% return.

VTEI

• 1D: 0.15%
• 1M: -1.26%
• 6M: -0.82%
• YTD: 0.30%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.58%

FMUB

• 1D: 0.31%
• 1M: -0.83%
• 6M: 1.01%
• YTD: 1.70%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMUB Fidelity Municipal Bond Opportunities ETF	$1.88M	$2.46M	$1.66M
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	$8.14M	$9.12M	$9.98M

VTEI vs. FMUB - Yearly Performance Comparison

	2026 (YTD)	2025
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	0.30%	3.49%
FMUB Fidelity Municipal Bond Opportunities ETF	1.70%	4.69%

Correlation

The correlation between VTEI and FMUB is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.79

The correlation between VTEI and FMUB has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

VTEI vs. FMUB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTEI

VTEI Risk / Return Rank: 54
VTEI Sharpe Ratio Rank: 63
VTEI Sortino Ratio Rank: 61
VTEI Omega Ratio Rank: 74
VTEI Calmar Ratio Rank: 38
VTEI Martin Ratio Rank: 37

FMUB

FMUB Risk / Return Rank: 72
FMUB Sharpe Ratio Rank: 80
FMUB Sortino Ratio Rank: 79
FMUB Omega Ratio Rank: 87
FMUB Calmar Ratio Rank: 55
FMUB Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTEI vs. FMUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Fidelity Municipal Bond Opportunities ETF (FMUB). 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.

	VTEI	FMUB	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.06	-0.37
Sortino ratio: Return per unit of downside risk	2.34	2.88	-0.54
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	1.52	2.24	-0.73
Martin ratio: Return relative to average drawdown	4.24	8.13	-3.89

VTEI vs. FMUB - Sharpe Ratio Comparison

The current VTEI Sharpe Ratio is 1.69, which is comparable to the FMUB Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VTEI and FMUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTEI vs. FMUB - Drawdown Comparison

The maximum VTEI drawdown since its inception was -3.64%, which is greater than FMUB's maximum drawdown of -2.74%. Use the drawdown chart below to compare losses from any high point for VTEI and FMUB.

Drawdown Indicators

	VTEI	FMUB	Difference
Max Drawdown Largest peak-to-trough decline	-3.64%	-2.74%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-2.49%	-0.12%
Current Drawdown Current decline from peak	-1.66%	-0.88%	-0.78%
Average Drawdown Average peak-to-trough decline	-0.80%	-0.49%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.69%	+0.24%

Volatility

VTEI vs. FMUB - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) is 0.83%, while Fidelity Municipal Bond Opportunities ETF (FMUB) has a volatility of 1.03%. This indicates that VTEI experiences smaller price fluctuations and is considered to be less risky than FMUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTEI	FMUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.83%	1.03%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	2.23%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	2.72%	-0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.00%	3.59%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.00%	3.59%	-0.59%

VTEI vs. FMUB - Expense Ratio Comparison

VTEI has a 0.08% expense ratio, which is lower than FMUB's 0.30% expense ratio.

Dividends

VTEI vs. FMUB - Dividend Comparison

VTEI's dividend yield for the trailing twelve months is around 3.10%, less than FMUB's 3.52% yield.

Position	TTM	2025	2024
FMUB Fidelity Municipal Bond Opportunities ETF	3.52%	2.63%	0.00%
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF	3.10%	3.00%	2.65%

Frequently Asked Questions

Can I hold both VTEI and FMUB in my portfolio?

VTEI and FMUB have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTEI or FMUB?

FMUB has higher volatility (1.03%) compared to VTEI (0.83%). In terms of maximum drawdown, VTEI dropped -3.64% vs FMUB's -2.74%.

Which ETF is better, VTEI or FMUB?

On 1-year performance, FMUB leads with 5.57% vs 3.93% for VTEI. On fees, VTEI is cheaper at 0.08% per year. On volatility, VTEI has been the lower-risk option at 0.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTEI or FMUB?

Over the 1-year period, FMUB has performed better with a 5.57% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTEI or FMUB?

VTEI is cheaper with a 0.08% expense ratio, compared with 0.30% for FMUB.

Which ETF pays a higher dividend yield, VTEI or FMUB?

FMUB has the higher dividend yield at 3.52%, compared with 3.10% for VTEI.

What is the main difference between VTEI and FMUB?

They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.08% for VTEI and 0.30% for FMUB.

Which has better risk-adjusted returns?

FMUB currently has the higher Sharpe Ratio (2.06 vs 1.69), 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.