VTEL vs. MUB

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) and iShares National AMT-Free Muni Bond ETF (MUB).

VTEL and MUB 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. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007. Both VTEL and MUB 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

VTEL vs. MUB - 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 National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

VTEL vs. MUB - Yearly Performance Comparison

	2026 (YTD)	2025
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	-0.00%	6.66%
MUB iShares National AMT-Free Muni Bond ETF	0.04%	5.51%

Returns By Period

VTEL

• 1D: 0.47%
• 1M: -1.73%
• YTD: -0.00%
• 6M: 1.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MUB

• 1D: 0.42%
• 1M: -1.55%
• YTD: 0.04%
• 6M: 1.52%
• 1Y: 4.03%
• 3Y*: 2.67%
• 5Y*: 0.88%
• 10Y*: 2.00%

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

VTEL vs. MUB - Expense Ratio Comparison

VTEL has a 0.09% expense ratio, which is higher than MUB'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%.

VTEL

Vanguard Long-Term Tax-Exempt Bond ETF

MUB

iShares National AMT-Free Muni Bond ETF

Return for Risk

VTEL vs. MUB — Risk / Return Rank

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

MUB

MUB Risk / Return Rank: 49
MUB Sharpe Ratio Rank: 52
MUB Sortino Ratio Rank: 44
MUB Omega Ratio Rank: 55
MUB Calmar Ratio Rank: 49
MUB Martin Ratio Rank: 43

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. MUB - 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 National AMT-Free Muni Bond ETF (MUB). 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	MUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.98	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.07	0.58	+1.49

Correlation

The correlation between VTEL and MUB is 0.83, 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

VTEL vs. MUB - Dividend Comparison

VTEL's dividend yield for the trailing twelve months is around 3.21%, which matches MUB's 3.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTEL Vanguard Long-Term Tax-Exempt Bond ETF	3.21%	2.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MUB iShares National AMT-Free Muni Bond ETF	3.19%	3.14%	3.01%	2.65%	2.11%	1.81%	2.11%	2.42%	2.46%	2.26%	2.21%	2.51%

Drawdowns

VTEL vs. MUB - Drawdown Comparison

The maximum VTEL drawdown since its inception was -3.22%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for VTEL and MUB.

Drawdown Indicators

	VTEL	MUB	Difference
Max Drawdown Largest peak-to-trough decline	-3.22%	-13.68%	+10.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.68%	—
Current Drawdown Current decline from peak	-2.03%	-1.87%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.49%	-2.24%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.04%	—

Volatility

Volatility by Period

	VTEL	MUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	4.15%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	4.04%	-0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	4.91%	-1.11%