VTES vs. VGSH
Compare and contrast key facts about Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) and Vanguard Short-Term Treasury ETF (VGSH).
VTES and VGSH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. VGSH is a passively managed fund by Vanguard that tracks the performance of the Barclays U.S. 1-3 Year Government Float Adjusted Index. It was launched on Nov 19, 2009. Both VTES and VGSH are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: VTES or VGSH.
Key characteristics
| VTES | VGSH | |
|---|---|---|
| YTD Return | 1.79% | 3.33% |
| 1Y Return | 4.40% | 5.40% |
| Sharpe Ratio | 2.89 | 2.84 |
| Sortino Ratio | 4.48 | 4.61 |
| Omega Ratio | 1.66 | 1.61 |
| Calmar Ratio | 4.05 | 2.21 |
| Martin Ratio | 12.07 | 15.68 |
| Ulcer Index | 0.37% | 0.34% |
| Daily Std Dev | 1.55% | 1.91% |
| Max Drawdown | -2.42% | -5.70% |
| Current Drawdown | -0.32% | -0.87% |
Correlation
The correlation between VTES and VGSH is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
VTES vs. VGSH - Performance Comparison
In the year-to-date period, VTES achieves a 1.79% return, which is significantly lower than VGSH's 3.33% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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VTES vs. VGSH - Expense Ratio Comparison
VTES has a 0.07% expense ratio, which is higher than VGSH's 0.04% 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%.
Risk-Adjusted Performance
VTES vs. VGSH - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) and Vanguard Short-Term Treasury ETF (VGSH). 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.
Dividends
VTES vs. VGSH - Dividend Comparison
VTES's dividend yield for the trailing twelve months is around 2.98%, less than VGSH's 4.15% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.98% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGSH Vanguard Short-Term Treasury ETF | 4.15% | 3.32% | 1.15% | 0.66% | 1.75% | 2.28% | 1.79% | 1.10% | 0.84% | 0.71% | 0.46% | 0.34% |
Drawdowns
VTES vs. VGSH - Drawdown Comparison
The maximum VTES drawdown since its inception was -2.42%, smaller than the maximum VGSH drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for VTES and VGSH. For additional features, visit the drawdowns tool.
Volatility
VTES vs. VGSH - Volatility Comparison
Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) has a higher volatility of 0.75% compared to Vanguard Short-Term Treasury ETF (VGSH) at 0.37%. This indicates that VTES's price experiences larger fluctuations and is considered to be riskier than VGSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.