VTMFX vs. VTEB
Compare and contrast key facts about Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and Vanguard Tax-Exempt Bond ETF (VTEB).
VTMFX is managed by BlackRock. It was launched on Sep 6, 1994. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
VTMFX vs. VTEB - Performance Comparison
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VTMFX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | -3.56% | 11.28% | 12.17% | 15.55% | -12.69% | 13.10% | 13.31% | 18.01% | -1.40% | 12.61% |
VTEB Vanguard Tax-Exempt Bond ETF | -0.23% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Returns By Period
In the year-to-date period, VTMFX achieves a -3.56% return, which is significantly lower than VTEB's -0.23% return. Over the past 10 years, VTMFX has outperformed VTEB with an annualized return of 7.82%, while VTEB has yielded a comparatively lower 2.06% annualized return.
VTMFX
- 1D
- -0.08%
- 1M
- -5.04%
- YTD
- -3.56%
- 6M
- -1.55%
- 1Y
- 9.77%
- 3Y*
- 9.90%
- 5Y*
- 6.01%
- 10Y*
- 7.82%
VTEB
- 1D
- 0.24%
- 1M
- -2.18%
- YTD
- -0.23%
- 6M
- 1.34%
- 1Y
- 3.99%
- 3Y*
- 2.67%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
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VTMFX vs. VTEB - Expense Ratio Comparison
VTMFX has a 0.09% expense ratio, which is higher than VTEB's 0.05% 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%.
Return for Risk
VTMFX vs. VTEB — Risk / Return Rank
VTMFX
VTEB
VTMFX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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.
| VTMFX | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.21 | 1.00 | +0.21 |
Sortino ratioReturn per unit of downside risk | 1.75 | 1.27 | +0.48 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.20 | +0.16 |
Martin ratioReturn relative to average drawdown | 6.49 | 3.56 | +2.93 |
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
| VTMFX | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 1.00 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.21 | +0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.39 | +0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.45 | +0.37 |
Correlation
The correlation between VTMFX and VTEB is 0.12, 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
VTMFX vs. VTEB - Dividend Comparison
VTMFX's dividend yield for the trailing twelve months is around 2.31%, less than VTEB's 3.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | 2.31% | 2.14% | 2.08% | 1.94% | 1.85% | 1.38% | 1.72% | 2.05% | 2.22% | 2.00% | 2.13% | 2.06% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
VTMFX vs. VTEB - Drawdown Comparison
The maximum VTMFX drawdown since its inception was -28.49%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for VTMFX and VTEB.
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Drawdown Indicators
| VTMFX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.49% | -17.00% | -11.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.82% | -3.45% | -3.37% |
Max Drawdown (5Y)Largest decline over 5 years | -17.40% | -12.64% | -4.76% |
Max Drawdown (10Y)Largest decline over 10 years | -21.87% | -17.00% | -4.87% |
Current DrawdownCurrent decline from peak | -5.38% | -2.18% | -3.20% |
Average DrawdownAverage peak-to-trough decline | -3.56% | -2.35% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 1.17% | +0.26% |
Volatility
VTMFX vs. VTEB - Volatility Comparison
Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has a higher volatility of 2.30% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 1.39%. This indicates that VTMFX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMFX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 1.39% | +0.91% |
Volatility (6M)Calculated over the trailing 6-month period | 4.60% | 1.85% | +2.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.45% | 4.00% | +4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.49% | 3.87% | +4.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.09% | 5.25% | +3.84% |