VTEL vs. MLN

Last updated Jun 25, 2026

VTEL (Vanguard Long-Term Tax-Exempt Bond ETF) and MLN (VanEck Long Muni ETF) are both Municipal Bonds funds - VTEL tracks the S&P 10+ Year National AMT-Free Municipal Bond Index while MLN tracks the Bloomberg AMT-Free Long Continuous. Both are passively managed. Over the past year, VTEL returned 8.43% vs 8.80% for MLN. A 0.73 correlation means they provide meaningful diversification when combined. VTEL charges 0.09%/yr vs 0.24%/yr for MLN.

Performance

VTEL vs. MLN - Performance Comparison

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

Returns By Period

In the year-to-date period, VTEL achieves a 2.36% return, which is significantly lower than MLN's 2.64% return.

VTEL

• 1D: 0.22%
• 1M: 2.05%
• YTD: 2.36%
• 6M: 2.43%
• 1Y: 8.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MLN

• 1D: 0.11%
• 1M: 2.52%
• YTD: 2.64%
• 6M: 2.23%
• 1Y: 8.80%
• 3Y*: 3.49%
• 5Y*: -0.93%
• 10Y*: 1.38%

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

VTEL vs. MLN - Yearly Performance Comparison

	2026 (YTD)	2025
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	2.36%	6.61%
MLN VanEck Long Muni ETF	2.64%	6.86%

Correlation

The correlation between VTEL and MLN is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.73

The correlation between VTEL and MLN has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

VTEL vs. MLN — Risk / Return Rank

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

VTEL

VTEL Risk / Return Rank: 75
VTEL Sharpe Ratio Rank: 81
VTEL Sortino Ratio Rank: 87
VTEL Omega Ratio Rank: 88
VTEL Calmar Ratio Rank: 60
VTEL Martin Ratio Rank: 60

MLN

MLN Risk / Return Rank: 75
MLN Sharpe Ratio Rank: 71
MLN Sortino Ratio Rank: 76
MLN Omega Ratio Rank: 80
MLN Calmar Ratio Rank: 76
MLN Martin Ratio Rank: 70

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. MLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and VanEck Long Muni ETF (MLN). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VTEL	MLN	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.00	+0.28
Sortino ratio: Return per unit of downside risk	3.44	2.98	+0.46
Omega ratio: Gain probability vs. loss probability	1.47	1.42	+0.05
Calmar ratio: Return relative to maximum drawdown	2.63	3.46	-0.83
Martin ratio: Return relative to average drawdown	9.37	11.43	-2.06

VTEL vs. MLN - Sharpe Ratio Comparison

The current VTEL Sharpe Ratio is 2.28, which is comparable to the MLN Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of VTEL and MLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTEL vs. MLN - Drawdown Comparison

The maximum VTEL drawdown since its inception was -3.22%, smaller than the maximum MLN drawdown of -28.36%. Use the drawdown chart below to compare losses from any high point for VTEL and MLN.

Drawdown Indicators

	VTEL	MLN	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-28.36%	+25.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-2.56%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.84%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.46%	—
Current Drawdown Current decline from peak	0.00%	-5.92%	+5.92%
Average Drawdown Average peak-to-trough decline	-0.57%	-5.73%	+5.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.78%	+0.12%

Volatility

VTEL vs. MLN - Volatility Comparison

The current volatility for Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) is 0.98%, while VanEck Long Muni ETF (MLN) has a volatility of 1.29%. This indicates that VTEL experiences smaller price fluctuations and is considered to be less risky than MLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTEL	MLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	1.29%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	3.23%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.72%	4.42%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.73%	7.32%	-3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.73%	8.88%	-5.15%

VTEL vs. MLN - Expense Ratio Comparison

VTEL has a 0.09% expense ratio, which is lower than MLN's 0.24% 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%.

Dividends

VTEL vs. MLN - Dividend Comparison

VTEL's dividend yield for the trailing twelve months is around 3.79%, more than MLN's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLN VanEck Long Muni ETF	3.68%	3.73%	3.59%	3.19%	2.67%	2.52%	2.69%	2.98%	3.09%	2.91%	3.16%	3.38%
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	3.79%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VTEL and MLN in my portfolio?

VTEL and MLN have a correlation of 0.72, 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 MLN?

MLN has higher volatility (1.29%) compared to VTEL (0.98%). In terms of maximum drawdown, VTEL dropped -3.22% vs MLN's -28.36%.

Which ETF is better, VTEL or MLN?

On 1-year performance, MLN leads with 8.80% vs 8.43% for VTEL. On fees, VTEL is cheaper at 0.09% per year. On volatility, VTEL has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTEL or MLN?

Over the 1-year period, MLN has performed better with a 8.80% return vs 8.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTEL or MLN?

VTEL is cheaper with a 0.09% expense ratio, compared with 0.24% for MLN.

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

VTEL has the higher dividend yield at 3.79%, compared with 3.68% for MLN.

What is the main difference between VTEL and MLN?

VTEL tracks S&P 10+ Year National AMT-Free Municipal Bond Index, while MLN tracks Bloomberg AMT-Free Long Continuous. They also come from different issuers: Vanguard and VanEck. Their fees differ too: 0.09% for VTEL and 0.24% for MLN.

Which has better risk-adjusted returns?

VTEL currently has the higher Sharpe Ratio (2.28 vs 2.00), 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.