VTEI vs. HYMB
VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - VTEI tracks the S&P Intermediate Term National AMT-Free Municipal Bond Index while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past year, VTEI returned 6.21% vs 7.38% for HYMB. A 0.75 correlation means they provide meaningful diversification when combined. VTEI charges 0.08%/yr vs 0.35%/yr for HYMB.
Performance
VTEI vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, VTEI achieves a 1.21% return, which is significantly lower than HYMB's 3.07% return.
VTEI
- 1D
- 0.09%
- 1M
- 0.59%
- YTD
- 1.21%
- 6M
- 1.65%
- 1Y
- 6.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYMB
- 1D
- 0.20%
- 1M
- 1.19%
- YTD
- 3.07%
- 6M
- 3.18%
- 1Y
- 7.38%
- 3Y*
- 5.23%
- 5Y*
- 0.46%
- 10Y*
- 2.47%
VTEI vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 1.21% | 4.59% | 1.55% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.07% | 2.04% | 5.19% |
Correlation
The correlation between VTEI and HYMB is 0.75, 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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024 | 0.75 |
The correlation between VTEI and HYMB has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.
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Return for Risk
VTEI vs. HYMB — Risk / Return Rank
VTEI
HYMB
VTEI vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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.
| VTEI | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.37 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.39 | +0.01 |
| Martin ratioReturn relative to average drawdown | 7.83 | 8.46 | -0.62 |
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
| VTEI | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 1.83 | +0.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.07 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 0.45 | +0.59 |
Drawdowns
VTEI vs. HYMB - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for VTEI and HYMB.
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Drawdown Indicators
| VTEI | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -29.57% | +25.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -3.11% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.44% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.15% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | -0.76% | 0.00% | -0.76% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -3.80% | +3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.88% | -0.09% |
Volatility
VTEI vs. HYMB - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) is 0.78%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that VTEI experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEI | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.35% | -0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 3.14% | -1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 4.06% | -1.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 6.66% | -3.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.04% | 11.35% | -8.31% |
VTEI vs. HYMB - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is lower than HYMB's 0.35% expense ratio.
Dividends
VTEI vs. HYMB - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, less than HYMB's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VTEI and HYMB have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.35%) compared to VTEI (0.78%). In terms of maximum drawdown, VTEI dropped -3.64% vs HYMB's -29.57%.
On 1-year performance, HYMB leads with 7.38% vs 6.21% for VTEI. On fees, VTEI is cheaper at 0.08% per year. On volatility, VTEI has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYMB has performed better with a 7.38% return vs 6.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEI is cheaper with a 0.08% expense ratio, compared with 0.35% for HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 3.05% for VTEI.
VTEI tracks S&P Intermediate Term National AMT-Free Municipal Bond Index, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.08% for VTEI and 0.35% for HYMB.
VTEI currently has the higher Sharpe Ratio (2.63 vs 1.83), 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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