VTEI vs. VTES
Compare and contrast key facts about Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES).
VTEI and VTES 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. VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023. Both VTEI and VTES are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VTEI vs. VTES - Performance Comparison
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VTEI vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.38% | 4.59% | 1.55% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.02% | 4.19% | 2.17% |
Returns By Period
In the year-to-date period, VTEI achieves a -0.38% return, which is significantly lower than VTES's 0.02% return.
VTEI
- 1D
- 0.15%
- 1M
- -2.32%
- YTD
- -0.38%
- 6M
- 1.16%
- 1Y
- 4.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTES
- 1D
- 0.11%
- 1M
- -1.24%
- YTD
- 0.02%
- 6M
- 0.60%
- 1Y
- 3.45%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
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VTEI vs. VTES - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is higher than VTES's 0.07% 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%.
Return for Risk
VTEI vs. VTES — Risk / Return Rank
VTEI
VTES
VTEI vs. VTES - 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 Short-Term Tax-Exempt Bond ETF Shares (VTES). 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 | VTES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.25 | 1.91 | -0.65 |
Sortino ratioReturn per unit of downside risk | 1.58 | 2.43 | -0.85 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.49 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | 1.34 | 2.30 | -0.96 |
Martin ratioReturn relative to average drawdown | 4.44 | 7.44 | -3.00 |
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 | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.91 | -0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 1.76 | -0.90 |
Correlation
The correlation between VTEI and VTES is 0.71, 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. VTES - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, more than VTES's 2.77% yield.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.05% | 3.00% | 2.65% | 0.00% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.77% | 2.77% | 2.99% | 2.03% |
Drawdowns
VTEI vs. VTES - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for VTEI and VTES.
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Drawdown Indicators
| VTEI | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -2.42% | -1.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -1.59% | -1.74% |
Current DrawdownCurrent decline from peak | -2.32% | -1.24% | -1.08% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -0.48% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.49% | +0.51% |
Volatility
VTEI vs. VTES - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) has a higher volatility of 1.17% compared to Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) at 0.69%. This indicates that VTEI's price experiences larger fluctuations and is considered to be riskier than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEI | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.69% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.53% | 0.96% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 1.83% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.09% | 1.75% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.09% | 1.75% | +1.34% |