VTEI vs. MUNI
Compare and contrast key facts about Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and PIMCO Intermediate Municipal Bond Active ETF (MUNI).
VTEI and MUNI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VTEI is a passively managed fund by Vanguard that tracks the performance of the S&P Intermediate Term National AMT-Free Municipal Bond Index. It was launched on Jan 29, 2024. MUNI is an actively managed fund by PIMCO. It was launched on Nov 30, 2009.
Performance
VTEI vs. MUNI - Performance Comparison
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VTEI vs. MUNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.10% | 4.59% | 1.55% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 0.26% | 4.72% | 1.93% |
Returns By Period
In the year-to-date period, VTEI achieves a -0.10% return, which is significantly lower than MUNI's 0.26% return.
VTEI
- 1D
- 0.28%
- 1M
- -1.86%
- YTD
- -0.10%
- 6M
- 1.30%
- 1Y
- 4.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUNI
- 1D
- 0.15%
- 1M
- -1.53%
- YTD
- 0.26%
- 6M
- 1.49%
- 1Y
- 4.51%
- 3Y*
- 3.39%
- 5Y*
- 1.33%
- 10Y*
- 2.18%
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VTEI vs. MUNI - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is lower than MUNI's 0.35% expense ratio.
Return for Risk
VTEI vs. MUNI — Risk / Return Rank
VTEI
MUNI
VTEI vs. MUNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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 | MUNI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.24 | 1.18 | +0.06 |
Sortino ratioReturn per unit of downside risk | 1.56 | 1.58 | -0.02 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.63 | -0.27 |
Martin ratioReturn relative to average drawdown | 4.52 | 5.45 | -0.93 |
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 | MUNI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.18 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.40 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.77 | +0.13 |
Correlation
The correlation between VTEI and MUNI is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VTEI vs. MUNI - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, less than MUNI's 3.30% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.30% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Drawdowns
VTEI vs. MUNI - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum MUNI drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for VTEI and MUNI.
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Drawdown Indicators
| VTEI | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -11.15% | +7.51% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -2.93% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.15% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.15% | — |
Current DrawdownCurrent decline from peak | -2.05% | -1.75% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -1.74% | +1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 0.88% | +0.13% |
Volatility
VTEI vs. MUNI - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) has a higher volatility of 1.14% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 1.07%. This indicates that VTEI's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEI | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.07% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.55% | 1.52% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 3.86% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.09% | 3.30% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.09% | 3.85% | -0.76% |