VTEL vs. DCMT

Last updated Jun 5, 2026

VTEL (Vanguard Long-Term Tax-Exempt Bond ETF) and DCMT (DoubleLine Commodity Strategy ETF) are both exchange-traded funds - VTEL is a Municipal Bonds fund tracking the S&P 10+ Year National AMT-Free Municipal Bond Index, while DCMT is a Commodities fund actively managed by DoubleLine. VTEL is passively managed, while DCMT is actively managed. Over the past year, VTEL returned 8.46% vs 39.57% for DCMT. At a correlation of -0.21, they often move in opposite directions. VTEL charges 0.09%/yr vs 0.66%/yr for DCMT.

Performance

VTEL vs. DCMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and DoubleLine Commodity Strategy ETF (DCMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTEL achieves a 1.94% return, which is significantly lower than DCMT's 32.24% return.

VTEL

• 1D: 0.14%
• 1M: 0.96%
• YTD: 1.94%
• 6M: 2.21%
• 1Y: 8.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DCMT

• 1D: -1.67%
• 1M: -3.79%
• YTD: 32.24%
• 6M: 30.67%
• 1Y: 39.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VTEL vs. DCMT - Yearly Performance Comparison

	2026 (YTD)	2025
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	1.94%	6.66%
DCMT DoubleLine Commodity Strategy ETF	32.24%	5.72%

Correlation

The correlation between VTEL and DCMT is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (All Time) Calculated using the full available price history since May 23, 2025	-0.21

Return for Risk

VTEL vs. DCMT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VTEL

VTEL Risk / Return Rank: 68
VTEL Sharpe Ratio Rank: 71
VTEL Sortino Ratio Rank: 78
VTEL Omega Ratio Rank: 81
VTEL Calmar Ratio Rank: 54
VTEL Martin Ratio Rank: 55

DCMT

DCMT Risk / Return Rank: 73
DCMT Sharpe Ratio Rank: 67
DCMT Sortino Ratio Rank: 62
DCMT Omega Ratio Rank: 64
DCMT Calmar Ratio Rank: 93
DCMT Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VTEL vs. DCMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and DoubleLine Commodity Strategy ETF (DCMT). 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.

	VTEL	DCMT	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.17	+0.11
Sortino ratio: Return per unit of downside risk	3.42	2.84	+0.59
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.09
Calmar ratio: Return relative to maximum drawdown	2.63	6.41	-3.77
Martin ratio: Return relative to average drawdown	9.40	15.18	-5.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTEL vs. DCMT - Sharpe Ratio Comparison

The current VTEL Sharpe Ratio is 2.28, which is comparable to the DCMT Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of VTEL and DCMT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VTEL	DCMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.17	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	2.26	1.15	+1.11

Drawdowns

VTEL vs. DCMT - Drawdown Comparison

The maximum VTEL drawdown since its inception was -3.22%, smaller than the maximum DCMT drawdown of -11.95%. Use the drawdown chart below to compare losses from any high point for VTEL and DCMT.

Drawdown Indicators

	VTEL	DCMT	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-11.95%	+8.73%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-6.21%	+2.99%
Current Drawdown Current decline from peak	-0.13%	-5.08%	+4.95%
Average Drawdown Average peak-to-trough decline	-0.59%	-3.14%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.61%	-1.71%

Volatility

VTEL vs. DCMT - Volatility Comparison

The current volatility for Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) is 1.25%, while DoubleLine Commodity Strategy ETF (DCMT) has a volatility of 6.86%. This indicates that VTEL experiences smaller price fluctuations and is considered to be less risky than DCMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTEL	DCMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	6.86%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	15.96%	-13.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.74%	18.36%	-14.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	15.79%	-12.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	15.79%	-12.03%

VTEL vs. DCMT - Expense Ratio Comparison

VTEL has a 0.09% expense ratio, which is lower than DCMT's 0.66% expense ratio.

Dividends

VTEL vs. DCMT - Dividend Comparison

VTEL's dividend yield for the trailing twelve months is around 3.81%, more than DCMT's 2.78% yield.

Position	TTM	2025	2024
DCMT DoubleLine Commodity Strategy ETF	2.78%	3.67%	1.59%
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	3.81%	2.23%	0.00%

Frequently Asked Questions

Can I hold both VTEL and DCMT in my portfolio?

VTEL and DCMT have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTEL or DCMT?

DCMT has higher volatility (6.86%) compared to VTEL (1.25%). In terms of maximum drawdown, VTEL dropped -3.22% vs DCMT's -11.95%.

Which ETF is better, VTEL or DCMT?

On 1-year performance, DCMT leads with 39.57% vs 8.46% for VTEL. On fees, VTEL is cheaper at 0.09% per year. On volatility, VTEL has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTEL or DCMT?

Over the 1-year period, DCMT has performed better with a 39.57% return vs 8.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTEL or DCMT?

VTEL is cheaper with a 0.09% expense ratio, compared with 0.66% for DCMT.

Which ETF pays a higher dividend yield, VTEL or DCMT?

VTEL has the higher dividend yield at 3.81%, compared with 2.78% for DCMT.

What is the main difference between VTEL and DCMT?

VTEL is categorized as Municipal Bonds, while DCMT is Commodities. They also come from different issuers: Vanguard and DoubleLine. Their fees differ too: 0.09% for VTEL and 0.66% for DCMT.

Which has better risk-adjusted returns?

VTEL currently has the higher Sharpe Ratio (2.28 vs 2.17), 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.