VTES vs. GUMI

Last updated Jun 4, 2026

VTES (Vanguard Short-Term Tax-Exempt Bond ETF Shares) and GUMI (Goldman Sachs Ultra Short Municipal Income ETF) are both Municipal Bonds funds. VTES is passively managed, while GUMI is actively managed. Over the past year, VTES returned 3.63% vs 3.18% for GUMI. At a 0.27 correlation, their price movements are largely independent. VTES charges 0.07%/yr vs 0.16%/yr for GUMI.

Performance

VTES vs. GUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTES achieves a 0.66% return, which is significantly lower than GUMI's 1.06% return.

VTES

• 1D: 0.01%
• 1M: 0.29%
• YTD: 0.66%
• 6M: 1.02%
• 1Y: 3.63%
• 3Y*: 3.23%
• 5Y*: —
• 10Y*: —

GUMI

• 1D: -0.04%
• 1M: 0.23%
• YTD: 1.06%
• 6M: 1.20%
• 1Y: 3.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VTES vs. GUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	0.66%	4.19%	1.29%
GUMI Goldman Sachs Ultra Short Municipal Income ETF	1.06%	3.39%	1.52%

Correlation

The correlation between VTES and GUMI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jul 26, 2024	0.27

The correlation between VTES and GUMI shifts across timeframes, from 0.13 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VTES vs. GUMI — Risk / Return Rank

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

VTES

VTES Risk / Return Rank: 73
VTES Sharpe Ratio Rank: 87
VTES Sortino Ratio Rank: 90
VTES Omega Ratio Rank: 94
VTES Calmar Ratio Rank: 49
VTES Martin Ratio Rank: 44

GUMI

GUMI Risk / Return Rank: 93
GUMI Sharpe Ratio Rank: 87
GUMI Sortino Ratio Rank: 93
GUMI Omega Ratio Rank: 93
GUMI Calmar Ratio Rank: 96
GUMI Martin Ratio Rank: 96

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.

VTES vs. GUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). 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.

	VTES	GUMI	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.92	+0.03
Sortino ratio: Return per unit of downside risk	4.26	4.70	-0.44
Omega ratio: Gain probability vs. loss probability	1.70	1.64	+0.06
Calmar ratio: Return relative to maximum drawdown	2.48	8.93	-6.45
Martin ratio: Return relative to average drawdown	7.36	37.83	-30.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTES vs. GUMI - Sharpe Ratio Comparison

The current VTES Sharpe Ratio is 2.94, which is comparable to the GUMI Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of VTES and GUMI, 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

	VTES	GUMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.94	2.92	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	3.29	-1.48

Drawdowns

VTES vs. GUMI - Drawdown Comparison

The maximum VTES drawdown since its inception was -2.42%, which is greater than GUMI's maximum drawdown of -0.48%. Use the drawdown chart below to compare losses from any high point for VTES and GUMI.

Drawdown Indicators

	VTES	GUMI	Difference
Max Drawdown Largest peak-to-trough decline	-2.42%	-0.48%	-1.94%
Max Drawdown (1Y) Largest decline over 1 year	-1.47%	-0.36%	-1.11%
Max Drawdown (3Y) Largest decline over 3 years	-1.80%	—	—
Current Drawdown Current decline from peak	-0.62%	-0.04%	-0.58%
Average Drawdown Average peak-to-trough decline	-0.50%	-0.05%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.08%	+0.41%

Volatility

VTES vs. GUMI - Volatility Comparison

Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) has a higher volatility of 0.35% compared to Goldman Sachs Ultra Short Municipal Income ETF (GUMI) at 0.25%. This indicates that VTES's price experiences larger fluctuations and is considered to be riskier than GUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTES	GUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.35%	0.25%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	0.97%	0.55%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	1.24%	1.09%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.72%	0.99%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.72%	0.99%	+0.73%

VTES vs. GUMI - Expense Ratio Comparison

VTES has a 0.07% expense ratio, which is lower than GUMI's 0.16% 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

VTES vs. GUMI - Dividend Comparison

VTES's dividend yield for the trailing twelve months is around 2.75%, which matches GUMI's 2.77% yield.

Position	TTM	2025	2024	2023
GUMI Goldman Sachs Ultra Short Municipal Income ETF	2.77%	2.95%	1.37%	0.00%
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares	2.75%	2.77%	2.99%	2.03%

Frequently Asked Questions

Can I hold both VTES and GUMI in my portfolio?

VTES and GUMI have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTES or GUMI?

VTES has higher volatility (0.35%) compared to GUMI (0.25%). In terms of maximum drawdown, VTES dropped -2.42% vs GUMI's -0.48%.

Which ETF is better, VTES or GUMI?

On 1-year performance, VTES leads with 3.63% vs 3.18% for GUMI. On fees, VTES is cheaper at 0.07% per year. On volatility, GUMI has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VTES or GUMI?

Over the 1-year period, VTES has performed better with a 3.63% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VTES or GUMI?

VTES is cheaper with a 0.07% expense ratio, compared with 0.16% for GUMI.

Which ETF pays a higher dividend yield, VTES or GUMI?

GUMI has the higher dividend yield at 2.77%, compared with 2.75% for VTES.

What is the main difference between VTES and GUMI?

They also come from different issuers: Vanguard and Goldman Sachs. Their fees differ too: 0.07% for VTES and 0.16% for GUMI.

Which has better risk-adjusted returns?

VTES currently has the higher Sharpe Ratio (2.94 vs 2.92), 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.