VTEI vs. VWALX
Compare and contrast key facts about Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX).
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. VWALX is managed by Vanguard. It was launched on Nov 12, 2001.
Performance
VTEI vs. VWALX - Performance Comparison
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VTEI vs. VWALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.10% | 4.59% | 1.55% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | -0.26% | 5.06% | 4.76% |
Returns By Period
In the year-to-date period, VTEI achieves a -0.10% return, which is significantly higher than VWALX's -0.26% return.
VTEI
- 1D
- 0.28%
- 1M
- -1.86%
- YTD
- -0.10%
- 6M
- 1.30%
- 1Y
- 4.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VWALX
- 1D
- 0.38%
- 1M
- -2.23%
- YTD
- -0.26%
- 6M
- 1.36%
- 1Y
- 4.06%
- 3Y*
- 4.63%
- 5Y*
- 1.55%
- 10Y*
- 3.08%
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VTEI vs. VWALX - Expense Ratio Comparison
VTEI has a 0.08% expense ratio, which is lower than VWALX's 0.09% expense ratio. Despite the difference, 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. VWALX — Risk / Return Rank
VTEI
VWALX
VTEI vs. VWALX - 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 High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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 | VWALX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.24 | 0.79 | +0.45 |
Sortino ratioReturn per unit of downside risk | 1.56 | 1.08 | +0.48 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.22 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 1.37 | 0.97 | +0.40 |
Martin ratioReturn relative to average drawdown | 4.52 | 3.01 | +1.51 |
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 | VWALX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 0.79 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.33 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 1.07 | -0.17 |
Correlation
The correlation between VTEI and VWALX 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. VWALX - Dividend Comparison
VTEI's dividend yield for the trailing twelve months is around 3.05%, less than VWALX's 4.14% 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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.14% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Drawdowns
VTEI vs. VWALX - Drawdown Comparison
The maximum VTEI drawdown since its inception was -3.64%, smaller than the maximum VWALX drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for VTEI and VWALX.
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Drawdown Indicators
| VTEI | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.64% | -17.24% | +13.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.33% | -5.63% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.24% | — |
Current DrawdownCurrent decline from peak | -2.05% | -2.50% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -0.73% | -2.18% | +1.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 1.81% | -0.80% |
Volatility
VTEI vs. VWALX - Volatility Comparison
The current volatility for Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) is 1.14%, while Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) has a volatility of 1.29%. This indicates that VTEI experiences smaller price fluctuations and is considered to be less risky than VWALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTEI | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.29% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.55% | 2.00% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.43% | 5.71% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.09% | 4.76% | -1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.09% | 4.62% | -1.53% |