VTEL vs. MEAR

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and iShares Short Maturity Municipal Bond ETF (MEAR).

VTEL and MEAR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VTEL is a passively managed fund by Vanguard that tracks the performance of the S&P 10+ Year National AMT-Free Municipal Bond Index. It was launched on May 20, 2025. MEAR is an actively managed fund by iShares. It was launched on Mar 3, 2015.

Performance

VTEL vs. MEAR - Performance Comparison

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

VTEL vs. MEAR - Yearly Performance Comparison

	2026 (YTD)	2025
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	-0.47%	6.66%
MEAR iShares Short Maturity Municipal Bond ETF	0.47%	2.47%

Returns By Period

In the year-to-date period, VTEL achieves a -0.47% return, which is significantly lower than MEAR's 0.47% return.

VTEL

• 1D: 0.40%
• 1M: -2.49%
• YTD: -0.47%
• 6M: 1.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MEAR

• 1D: 0.12%
• 1M: -0.31%
• YTD: 0.47%
• 6M: 1.07%
• 1Y: 3.12%
• 3Y*: 3.50%
• 5Y*: 2.30%
• 10Y*: 1.74%

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

VTEL vs. MEAR - Expense Ratio Comparison

VTEL has a 0.09% expense ratio, which is lower than MEAR's 0.25% 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%.

MEAR

iShares Short Maturity Municipal Bond ETF

VTEL

Vanguard Long-Term Tax-Exempt Bond ETF

Return for Risk

VTEL vs. MEAR — Risk / Return Rank

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

MEAR

MEAR Risk / Return Rank: 97
MEAR Sharpe Ratio Rank: 97
MEAR Sortino Ratio Rank: 97
MEAR Omega Ratio Rank: 98
MEAR Calmar Ratio Rank: 94
MEAR Martin Ratio Rank: 97

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. MEAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and iShares Short Maturity Municipal Bond ETF (MEAR). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	VTEL	MEAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.71	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	1.09	+0.85

Correlation

The correlation between VTEL and MEAR is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VTEL vs. MEAR - Dividend Comparison

VTEL's dividend yield for the trailing twelve months is around 2.88%, which matches MEAR's 2.87% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	2.88%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MEAR iShares Short Maturity Municipal Bond ETF	2.64%	2.95%	3.44%	3.30%	0.88%	0.30%	0.90%	1.57%	1.36%	1.01%	0.81%	0.53%

Drawdowns

VTEL vs. MEAR - Drawdown Comparison

The maximum VTEL drawdown since its inception was -3.22%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for VTEL and MEAR.

Drawdown Indicators

	VTEL	MEAR	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-2.68%	-0.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.86%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-2.68%	—
Current Drawdown Current decline from peak	-2.49%	-0.35%	-2.14%
Average Drawdown Average peak-to-trough decline	-0.49%	-0.19%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.15%	—

Volatility

Volatility by Period

	VTEL	MEAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.78%	1.16%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.78%	0.98%	+2.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.78%	1.52%	+2.26%