VTES vs. PRMDX
Compare and contrast key facts about Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX).
VTES is a passively managed fund by Vanguard that tracks the performance of the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. It was launched on Mar 8, 2023. PRMDX is managed by T. Rowe Price. It was launched on Jan 28, 1993.
Performance
VTES vs. PRMDX - Performance Comparison
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VTES vs. PRMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.02% | 4.19% | 1.85% | 3.32% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 0.43% | 5.65% | 2.22% | 3.14% |
Returns By Period
In the year-to-date period, VTES achieves a 0.02% return, which is significantly lower than PRMDX's 0.43% return.
VTES
- 1D
- 0.11%
- 1M
- -1.24%
- YTD
- 0.02%
- 6M
- 0.60%
- 1Y
- 3.45%
- 3Y*
- 2.61%
- 5Y*
- —
- 10Y*
- —
PRMDX
- 1D
- 0.00%
- 1M
- -0.77%
- YTD
- 0.43%
- 6M
- 1.57%
- 1Y
- 5.25%
- 3Y*
- 3.49%
- 5Y*
- 1.86%
- 10Y*
- 1.44%
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VTES vs. PRMDX - Expense Ratio Comparison
VTES has a 0.07% expense ratio, which is lower than PRMDX's 0.53% expense ratio.
Return for Risk
VTES vs. PRMDX — Risk / Return Rank
VTES
PRMDX
VTES vs. PRMDX - 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 T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). 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 | PRMDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.91 | 3.00 | -1.10 |
Sortino ratioReturn per unit of downside risk | 2.43 | 5.01 | -2.58 |
Omega ratioGain probability vs. loss probability | 1.49 | 2.37 | -0.88 |
Calmar ratioReturn relative to maximum drawdown | 2.30 | 4.16 | -1.86 |
Martin ratioReturn relative to average drawdown | 7.44 | 19.18 | -11.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTES | PRMDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.91 | 3.00 | -1.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.09 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.76 | 1.45 | +0.31 |
Correlation
The correlation between VTES and PRMDX is 0.38, 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
VTES vs. PRMDX - Dividend Comparison
VTES's dividend yield for the trailing twelve months is around 2.77%, less than PRMDX's 4.73% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.77% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 4.73% | 4.50% | 2.58% | 1.71% | 0.61% | 0.69% | 1.14% | 1.33% | 1.16% | 0.89% | 0.74% | 0.67% |
Drawdowns
VTES vs. PRMDX - Drawdown Comparison
The maximum VTES drawdown since its inception was -2.42%, smaller than the maximum PRMDX drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for VTES and PRMDX.
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Drawdown Indicators
| VTES | PRMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.42% | -4.31% | +1.89% |
Max Drawdown (1Y)Largest decline over 1 year | -1.59% | -1.36% | -0.23% |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.31% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -4.31% | — |
Current DrawdownCurrent decline from peak | -1.24% | -0.77% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -0.48% | -0.38% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.30% | +0.19% |
Volatility
VTES vs. PRMDX - Volatility Comparison
Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) has a higher volatility of 0.69% compared to T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) at 0.46%. This indicates that VTES's price experiences larger fluctuations and is considered to be riskier than PRMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTES | PRMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.46% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 0.96% | 1.04% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.83% | 1.83% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.75% | 1.71% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.75% | 1.62% | +0.13% |