VTEI vs. VONE
VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) and VONE (Vanguard Russell 1000 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 VONE is a Large Cap Blend Equities fund tracking the Russell 1000 Index. Both are passively managed. Over the past year, VTEI returned 6.21% vs 27.69% for VONE. At a 0.19 correlation, their price movements are largely independent. Both charge a 0.08% expense ratio.
Performance
VTEI vs. VONE - 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 VONE's 11.05% return.
VTEI
- 1D
- 0.09%
- 1M
- 0.59%
- YTD
- 1.21%
- 6M
- 1.65%
- 1Y
- 6.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VONE
- 1D
- 0.44%
- 1M
- 4.62%
- YTD
- 11.05%
- 6M
- 10.88%
- 1Y
- 27.69%
- 3Y*
- 22.42%
- 5Y*
- 13.18%
- 10Y*
- 15.24%
VTEI vs. VONE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 1.21% | 4.59% | 1.55% |
VONE Vanguard Russell 1000 ETF | 11.05% | 17.21% | 20.83% |
Correlation
The correlation between VTEI and VONE is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024 | 0.19 |
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Return for Risk
VTEI vs. VONE — Risk / Return Rank
VTEI
VONE
VTEI vs. VONE - 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 Russell 1000 ETF (VONE). 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 | VONE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.42 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 3.14 | -0.75 |
| Martin ratioReturn relative to average drawdown | 7.83 | 14.49 | -6.65 |
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 | VONE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 2.32 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.78 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.84 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 0.85 | +0.18 |
Drawdowns
VTEI vs. VONE - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum VONE drawdown of -34.66%. Use the drawdown chart below to compare losses from any high point for VTEI and VONE.
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Drawdown Indicators
| VTEI | VONE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -34.66% | +31.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.61% | -8.85% | +6.24% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.66% | — |
Current DrawdownCurrent decline from peak | -0.76% | -0.27% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -0.78% | -3.91% | +3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.92% | -1.13% |
Volatility
VTEI vs. VONE - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) is 0.78%, while Vanguard Russell 1000 ETF (VONE) has a volatility of 2.77%. This indicates that VTEI experiences smaller price fluctuations and is considered to be less risky than VONE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEI | VONE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 2.77% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 9.00% | -7.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.37% | 11.97% | -9.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.04% | 17.08% | -14.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.04% | 18.25% | -15.21% |
VTEI vs. VONE - Expense Ratio Comparison
Both VTEI and VONE have an expense ratio of 0.08%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VTEI vs. VONE - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, more than VONE's 0.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VONE Vanguard Russell 1000 ETF | 0.99% | 1.07% | 1.20% | 1.40% | 1.59% | 1.16% | 1.45% | 1.65% | 1.96% | 1.69% | 1.89% | 1.89% |
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 VONE have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VONE has higher volatility (2.77%) compared to VTEI (0.78%). In terms of maximum drawdown, VTEI dropped -3.64% vs VONE's -34.66%.
On 1-year performance, VONE leads with 27.69% vs 6.21% for VTEI. Both ETFs have the same 0.08% expense ratio. 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, VONE has performed better with a 27.69% return vs 6.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEI and VONE have the same expense ratio: 0.08% per year.
VTEI has the higher dividend yield at 3.05%, compared with 0.99% for VONE.
VTEI is categorized as Municipal Bonds, while VONE is Large Cap Blend Equities. VTEI tracks S&P Intermediate Term National AMT-Free Municipal Bond Index, while VONE tracks Russell 1000 Index.
VTEI currently has the higher Sharpe Ratio (2.63 vs 2.32), 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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