VWITX vs. VTEI
VWITX (Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares) and VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds from Vanguard. VWITX is actively managed, while VTEI is passively managed. Over the past year, VWITX returned 3.98% vs 3.41% for VTEI. Their 0.72 correlation means they have sometimes moved together and sometimes differently. VWITX charges 0.17%/yr vs 0.08%/yr for VTEI.
Performance
VWITX vs. VTEI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VWITX achieves a -0.19% return, which is significantly lower than VTEI's -0.04% return.
VWITX
- 1D
- -0.07%
- 1M
- -1.88%
- 6M
- -1.10%
- YTD
- -0.19%
- 1Y
- 3.98%
- 3Y*
- 3.79%
- 5Y*
- 1.18%
- 10Y*
- 2.13%
- ALL TIME*
- 3.46%
VTEI
- 1D
- 0.07%
- 1M
- -1.63%
- 6M
- -0.99%
- YTD
- -0.04%
- 1Y
- 3.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.21M | $8.91M | $10.04M | |
| $0.00 | $0.00 | $0.00 |
VWITX vs. VTEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | -0.19% | 5.89% | 3.06% |
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | -0.04% | 4.59% | 1.65% |
Correlation
The correlation between VWITX and VTEI is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024 | 0.72 |
The correlation between VWITX and VTEI has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VWITX vs. VTEI — Risk / Return Rank
VWITX
VTEI
VWITX vs. VTEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VWITX | VTEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.30 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 1.31 | +0.12 |
| Martin ratioReturn relative to average drawdown | 4.17 | 3.73 | +0.44 |
Loading charts...
Drawdowns
VWITX vs. VTEI - Drawdown Comparison
The maximum VWITX drawdown since its inception was -29.13%, which is greater than VTEI's maximum drawdown of -3.64%. Use the drawdown chart below to compare losses from any high point for VWITX and VTEI.
Loading charts...
Drawdown Indicators
| VWITX | VTEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.13% | -3.64% | -25.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.99% | -2.61% | -0.38% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -11.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -11.46% | — | — |
Current DrawdownCurrent decline from peak | -2.35% | -1.99% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -0.79% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 0.92% | +0.11% |
Volatility
VWITX vs. VTEI - Volatility Comparison
Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares (VWITX) and Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) have volatilities of 0.79% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VWITX | VTEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 0.76% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 1.93% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.44% | 2.35% | +0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.28% | 3.00% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 3.00% | +0.42% |
VWITX vs. VTEI - Expense Ratio Comparison
VWITX has a 0.17% expense ratio, which is higher than VTEI's 0.08% 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%.
Dividends
VWITX vs. VTEI - Dividend Comparison
VWITX's dividend yield for the trailing twelve months is around 3.05%, less than VTEI's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF | 3.11% | 3.00% | 2.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VWITX Vanguard Intermediate-Term Tax-Exempt Fund Investor Shares | 3.05% | 3.96% | 3.53% | 2.70% | 2.43% | 1.83% | 2.32% | 2.80% | 2.80% | 2.72% | 2.80% | 2.88% |
Frequently Asked Questions
VWITX and VTEI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VWITX has higher volatility (0.79%) compared to VTEI (0.76%). In terms of maximum drawdown, VWITX dropped -29.13% vs VTEI's -3.64%.
VWITX currently has the higher Sharpe Ratio (1.79 vs 1.46), 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.
Find the right allocation for VWITX and VTEI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer