VTEI vs. VCLT
VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both exchange-traded funds - VTEI is a Municipal Bonds fund tracking the S&P Intermediate Term National AMT-Free Municipal Bond Index, while VCLT is a Corporate Bonds fund tracking the Barclays U.S. 10+ Year Corporate Index. Both are passively managed. Over the past year, VTEI returned 6.21% vs 6.83% for VCLT. A 0.64 correlation means they provide meaningful diversification when combined. VTEI charges 0.08%/yr vs 0.04%/yr for VCLT.
Performance
VTEI vs. VCLT - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with VTEI having a 1.21% return and VCLT slightly higher at 1.27%.
VTEI
- 1D
- 0.09%
- 1M
- 0.59%
- YTD
- 1.21%
- 6M
- 1.65%
- 1Y
- 6.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VCLT
- 1D
- 0.28%
- 1M
- 1.13%
- YTD
- 1.27%
- 6M
- 0.48%
- 1Y
- 6.83%
- 3Y*
- 4.56%
- 5Y*
- -1.73%
- 10Y*
- 2.37%
VTEI vs. VCLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 1.21% | 4.59% | 1.55% |
VCLT Vanguard Long-Term Corporate Bond ETF | 1.27% | 7.18% | -0.82% |
Correlation
The correlation between VTEI and VCLT is 0.58, 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 | 0.58 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024 | 0.64 |
The correlation between VTEI and VCLT has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VTEI vs. VCLT — Risk / Return Rank
VTEI
VCLT
VTEI vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard Long-Term Corporate Bond ETF (VCLT). 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 | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.71 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.15 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 1.31 | +1.09 |
| Martin ratioReturn relative to average drawdown | 7.83 | 3.21 | +4.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| VTEI | VCLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 0.87 | +1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.14 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 0.40 | +0.64 |
Drawdowns
VTEI vs. VCLT - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum VCLT drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for VTEI and VCLT.
Loading charts...
Drawdown Indicators
| VTEI | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -34.31% | +30.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -5.25% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -34.31% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.31% | — |
Current DrawdownCurrent decline from peak | -0.76% | -14.12% | +13.36% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -8.16% | +7.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 2.13% | -1.34% |
Volatility
VTEI vs. VCLT - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) is 0.78%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 2.25%. This indicates that VTEI experiences smaller price fluctuations and is considered to be less risky than VCLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VTEI | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 2.25% | -1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 5.75% | -4.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 7.93% | -5.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 12.77% | -9.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.04% | 12.84% | -9.80% |
VTEI vs. VCLT - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is higher than VCLT's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VTEI vs. VCLT - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, less than VCLT's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCLT Vanguard Long-Term Corporate Bond ETF | 5.53% | 5.51% | 5.19% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% |
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 VCLT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCLT has higher volatility (2.25%) compared to VTEI (0.78%). In terms of maximum drawdown, VTEI dropped -3.64% vs VCLT's -34.31%.
On 1-year performance, VCLT leads with 6.83% vs 6.21% for VTEI. On fees, VCLT is cheaper at 0.04% 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, VCLT has performed better with a 6.83% return vs 6.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCLT is cheaper with a 0.04% expense ratio, compared with 0.08% for VTEI.
VCLT has the higher dividend yield at 5.53%, compared with 3.05% for VTEI.
VTEI is categorized as Municipal Bonds, while VCLT is Corporate Bonds. VTEI tracks S&P Intermediate Term National AMT-Free Municipal Bond Index, while VCLT tracks Barclays U.S. 10+ Year Corporate Index. Their fees differ too: 0.08% for VTEI and 0.04% for VCLT.
VTEI currently has the higher Sharpe Ratio (2.63 vs 0.87), 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.
Find the right allocation for VTEI and VCLT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer