BetterThanSPY

Relative Intelligence · National Investment Grade

How Vanguard Tax-Exempt Bond ETF (VTEB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VTEB alone. It places VTEB (Vanguard Tax-Exempt Bond ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where VTEB stands in the market, and of the alternatives worth a closer look.

Period covered: VTEB's full trading record, from August 2015 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against VTEB →Chart VTEB vs. 24 alternatives →

This page answers the following questions about VTEB

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in VTEB have grown?

This chart tracks a hypothetical $10,000 investment in VTEB over the past 11 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VTEB over the same span and VTEB's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: VTEB began trading on August 25, 2015, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 11 years of VTEB's record, starting at the end of September 2015.

Choose a period

From the end of September 2015 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,187 of the 2,594 stocks and funds worth at least $500 million that traded the whole period ended ahead of VTEB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000201520172019202120232025$0$10,000$20,000$30,000$40,000$50,0002015201820212024
  • SPY (S&P 500)$47,605+376% total · +15.2% a year
  • SRLN$16,049+60.5% total · +4.4% a year
  • VTIP$13,519+35.2% total · +2.8% a year
  • LQD$12,983+29.8% total · +2.4% a year
  • HYMB$12,838+28.4% total · +2.3% a year
  • HYD$12,471+24.7% total · +2.0% a year
  • MUNI$12,363+23.6% total · +1.9% a year
  • VTEB$12,258+22.6% total · +1.9% a year
  • SUB$11,543+15.4% total · +1.3% a year
  • SHM$11,171+11.7% total · +1.0% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,534 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of VTEB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,000202120222023202420252026$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • JMST$11,174+11.7% total · +2.2% a year
  • SUB$10,637+6.4% total · +1.2% a year
  • FSMB$10,572+5.7% total · +1.1% a year
  • IBMO$10,420+4.2% total · +0.8% a year
  • MUNI$10,219+2.2% total · +0.4% a year
  • JMUB$10,128+1.3% total · +0.3% a year
  • VTEB$9,964−0.4% total · −0.1% a year
  • HYMB$9,625−3.7% total · −0.8% a year
  • LQD$9,381−6.2% total · −1.3% a year
Change the dates or add tickers to this chart in EasyCompare

VTEB at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: VTEB began trading on August 25, 2015, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The fund

Issuer
Vanguard
Began trading
August 2015
Expense ratio
0.03%per year
Assets
$52B
Category
Bonds

Returns

Past 1 year
−1.0%total return
Past 3 years
+12.5%+4.0% a year
Past 5 years
+2.4%+0.5% a year
Past 10 years
+19.9%+1.8% a year
Best calendar year
+7.3%2019
Worst calendar year
−8.0%2022
Losing years
1 of 10full calendar years

Risk

Volatility
4.1%typical yearly swing, 5 years
Sharpe ratio
0.14return per unit of risk, 5 years
Worst decline ever
−17.0%Mar 2020 to Mar 2020
From its all-time high
−3.4%below the peak

VTEB against the whole market

Where VTEB ranks among every stock and fund, and what across the market has done better.

How does VTEB rank among all ETFs?

This section ranks VTEB on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how VTEB stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureVTEBRankStanding
1-year return−1.0%2,116 of 2,488bottom 16%
3-year return+12.5%1,854 of 1,950bottom 6%
5-year return+2.4%1,343 of 1,563bottom 15%
10-year return+19.9%857 of 958bottom 12%
Volatility, 5 years4.1%95 of 1,563top 6%
Sharpe ratio, 5 years0.141,343 of 1,563bottom 15%
Worst decline, past 10 years−17.0%77 of 951top 8%

What has beaten VTEB on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). VTEB sits where the dashed lines cross. Anything in the green box above and to the left earned more than VTEB with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to VTEB; faint dots are 22 more of the 61 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%1.0%2.0%3.0%4.0%5.0%6.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VTEBSGOV: +3.8% a year, volatility 0.3%VNLA: +4.1% a year, volatility 1.1%SPSB: +2.9% a year, volatility 2.0%SCHO: +2.0% a year, volatility 2.1%STIP: +2.7% a year, volatility 2.8%TBUX: +4.2% a year, volatility 1.1%RAVI: +3.8% a year, volatility 1.4%USTB: +3.6% a year, volatility 2.1%LMBS: +3.1% a year, volatility 2.6%FLUD: +3.9% a year, volatility 1.4%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%VRIG: +4.7% a year, volatility 1.3%FLOT: +4.5% a year, volatility 1.8%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%FLDR: +3.9% a year, volatility 1.2%FTSL: +5.0% a year, volatility 3.4%BSCQ: +1.9% a year, volatility 3.3%MEAR: +2.5% a year, volatility 1.0%FLBL: +5.2% a year, volatility 3.9%SMMU: +2.0% a year, volatility 1.7%VTEB: +0.5% a year, volatility 4.1%SUB: +1.5% a year, volatility 1.7%MUNI: +1.0% a year, volatility 3.5%JMST: +2.4% a year, volatility 0.9%FUMB: +2.1% a year, volatility 1.2%FSMB: +1.4% a year, volatility 2.1%SHYD: +1.1% a year, volatility 5.5%IBMO: +0.9% a year, volatility 2.1%BSMR: +0.7% a year, volatility 3.0%JAAA: +5.1% a year, volatility 1.7%BALT: +6.2% a year, volatility 3.3%VTIP: +2.7% a year, volatility 2.9%BSV: +1.8% a year, volatility 2.8%SRLN: +4.6% a year, volatility 3.9%IBTG: +1.3% a year, volatility 3.2%FLRT: +6.0% a year, volatility 2.3%VTEBSUBMUNIJMSTFUMBFSMBSHYDIBMOBSMRJAAABALTVTIPBSVSRLNIBTGFLRT0.0%2.0%4.0%6.0%0.0%2.0%4.0%6.0%8.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VTEBSGOV: +3.8% a year, volatility 0.3%VNLA: +4.1% a year, volatility 1.1%SPSB: +2.9% a year, volatility 2.0%SCHO: +2.0% a year, volatility 2.1%STIP: +2.7% a year, volatility 2.8%TBUX: +4.2% a year, volatility 1.1%RAVI: +3.8% a year, volatility 1.4%USTB: +3.6% a year, volatility 2.1%LMBS: +3.1% a year, volatility 2.6%FLUD: +3.9% a year, volatility 1.4%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%VRIG: +4.7% a year, volatility 1.3%FLOT: +4.5% a year, volatility 1.8%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%FLDR: +3.9% a year, volatility 1.2%FTSL: +5.0% a year, volatility 3.4%BSCQ: +1.9% a year, volatility 3.3%MEAR: +2.5% a year, volatility 1.0%FLBL: +5.2% a year, volatility 3.9%SMMU: +2.0% a year, volatility 1.7%VTEB: +0.5% a year, volatility 4.1%SUB: +1.5% a year, volatility 1.7%MUNI: +1.0% a year, volatility 3.5%JMST: +2.4% a year, volatility 0.9%FUMB: +2.1% a year, volatility 1.2%FSMB: +1.4% a year, volatility 2.1%SHYD: +1.1% a year, volatility 5.5%IBMO: +0.9% a year, volatility 2.1%BSMR: +0.7% a year, volatility 3.0%JAAA: +5.1% a year, volatility 1.7%BALT: +6.2% a year, volatility 3.3%VTIP: +2.7% a year, volatility 2.9%BSV: +1.8% a year, volatility 2.8%SRLN: +4.6% a year, volatility 3.9%IBTG: +1.3% a year, volatility 3.2%FLRT: +6.0% a year, volatility 2.3%VTEBSUBMUNIJMSTSHYDIBMOJAAABALTVTIPBSVSRLNIBTGFLRT
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× VTEB's volatility is in the table only

Is there a better investment than VTEB?

Investments that beat VTEB over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat VTEB over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks VTEB's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than VTEB follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than VTEB's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× VTEB's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than VTEB's.

Screen the whole market against VTEB for any period in BetterThanSPYOpen these 15 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with VTEB?lower diversifies moreExpenseper year
VTEBVanguard Tax-Exempt Bond ETF · this page
+0.5%4.1%0.14−17.0%+19.9%1.000.03%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.640.09%
Popular alternativesbest 2 shownThe investments people most often weigh against VTEB. 3 of 19 passed at least one test.
SUBiShares Short-Term National Muni Bond ETF · Short-Term Municipal Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+1.5%1.7%0.91−9.4%+16.2%0.880.07%
MUNIPIMCO Intermediate Municipal Bond Active Exchange-Traded Fund · Intermediate Municipal Bonds
Higher Sharpe, smaller worst declineHigher return in most periods+1.0%3.5%0.31−11.2%+21.7%0.990.35%
Same and neighboring categories, and shared themesbest 6 shownEverything else in National Investment Grade and Municipal Bonds and the categories next to it (Intermediate Municipal Bonds, Short-Term Municipal Bonds, High Yield Municipal Bonds), plus VTEB's specific themes. 14 of 29 passed at least one test.
JMSTJPMorgan Ultra-Short Municipal Income ETF · Municipal Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+2.4%0.9%2.79−2.4%—0.780.18%
FUMBFirst Trust Ultra Short Duration Municipal ETF · Municipal Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+2.1%1.2%1.73−2.7%—0.730.29%
FSMBFirst Trust Short Duration Managed Municipal ETF · Short-Term Municipal Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+1.4%2.1%0.70−6.3%—0.950.34%
SHYDVanEck Short High Yield Muni ETF · High Yield Municipal Bonds
Higher return in most periods+1.1%5.5%0.22−31.2%+22.6%0.840.32%
IBMOiShares iBonds Dec 2026 Term Muni Bond ETF · Municipal Bonds
Similar return, lower volatility+0.9%2.1%0.44−14.8%—0.830.10%
BSMRInvesco BulletShares 2027 Municipal Bond ETF · Municipal Bonds
Similar return, lower volatility+0.7%3.0%0.24−13.5%—0.930.18%
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 91 of 3,604 passed at least one test.
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%—0.250.20%
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.2%3.3%1.84−4.9%—0.650.69%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.7%2.9%0.95−6.3%+33.2%0.610.03%
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.8%2.8%0.67−8.5%+21.0%0.820.03%
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Higher return, similar volatilityHigher return in most periods+4.6%3.9%1.17−22.3%+53.9%0.310.70%
IBTGiShares iBonds Dec 2026 Term Treasury ETF · Target Maturity Treasuries
Similar return, lower volatilityHigher return in most periods+1.3%3.2%0.42−13.6%—0.740.07%
What these numbers mean for VTEB
Annual return
VTEB returned 0.5% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $10,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
VTEB's volatility over the past 5 years was 4.1%, 24% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VTEB's return lands within 4.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
VTEB's Sharpe ratio over the past 5 years was 0.14, against 0.78 for the S&P 500, so VTEB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
VTEB's worst fall from a peak to a low over the past 10 years was 17.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 17.0% fall takes a 20.5% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, VTEB's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VTEB instead: the lower it is, the more that option would diversify a VTEB holding. Guide: Correlation and diversification →
Show all 61 stocks and funds worth at least $500 million that earned more than VTEB with less volatility

Out of 3,641 tested over 5 years. The strongest 27 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with VTEBExpense
1
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
Whole market+3.8%0.3%13.25−0.3%—0.270.09%
2
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.250.20%
3
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%—0.650.69%
4
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Whole market+2.7%2.9%0.95−6.3%+33.2%0.610.03%
5
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.8%2.8%0.67−8.5%+21.0%0.820.03%
6
VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds
Whole market+4.1%1.1%3.80−4.5%—0.600.25%
7
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Short-Term Corporate Bonds
Whole market+2.9%2.0%1.42−11.8%+29.6%0.830.04%
8
SCHOSchwab Short-Term U.S. Treasury ETF · Short-Term Treasuries
Whole market+2.0%2.1%1.00−5.7%+19.3%0.720.03%
9
STIPiShares 0-5 Year TIPS Bond ETF · Inflation-Protected Bonds
Whole market+2.7%2.8%0.95−6.5%+33.0%0.580.03%
10
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Ultrashort Bonds
Whole market+4.2%1.1%3.88−1.8%—0.600.17%
11
RAVINorthern Trust Ultra-Short Fixed Income ETF · Ultrashort Bonds
Whole market+3.8%1.4%2.62−3.7%+31.1%0.480.26%
12
USTBVictoryShares Short-Term Bond ETF · Short-Term Bonds
Whole market+3.6%2.1%1.77−5.3%—0.800.34%
13
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.1%2.6%1.17−6.5%+25.9%0.800.66%
14
FLUDFranklin Ultra Short Bond ETF · Ultrashort Bonds
Whole market+3.9%1.4%2.77−1.7%—0.420.15%
15
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Short-Term Bonds
Whole market+2.4%2.1%1.16−8.7%+26.7%0.700.54%
16
STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Short-Term Bonds
Whole market+2.9%1.7%1.69−6.1%+25.9%0.720.45%
17
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Whole market+4.7%1.3%3.52−13.1%+40.7%0.230.30%
18
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+58.7%0.370.60%
19
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.49−13.5%+35.9%0.210.15%
20
FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds
Whole market+4.8%2.1%2.21−17.8%+42.1%0.170.14%
21
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Floating Rate Bonds
Whole market+4.5%1.7%2.58−14.7%+35.7%0.260.15%
22
FLDRFidelity Low Duration Bond Factor ETF · Short-Term Bonds
Whole market+3.9%1.2%3.13−12.2%—0.750.15%
23
FTSLFirst Trust Senior Loan Fund · Bank Loans
Whole market+5.0%3.4%1.49−22.7%+52.0%0.290.70%
24
BSCQInvesco BulletShares 2026 Corporate Bond ETF · Defined Maturity Corporate Bonds
Whole market+1.9%3.3%0.60−16.4%+33.4%0.780.10%
25
MEARiShares Short Maturity Municipal Bond Active ETF · Short-Term Municipal Bonds
Same or nearby category+2.5%1.0%2.41−2.7%+20.1%0.770.26%
26
FLBLFranklin Senior Loan ETF · Bank Loans
Whole market+5.2%3.9%1.35−19.5%—0.320.45%
27
SMMUPIMCO Short Term Municipal Bond Active Exchange-Traded Fund · Short-Term Municipal Bonds
Same or nearby category+2.0%1.7%1.16−5.1%+20.5%0.940.35%

VTEB against its popular alternatives

The investments people most often weigh against VTEB, compared period by period and year by year.

How do VTEB's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at VTEB, which divides the map into what did better or worse on each measure.

Green points earned more than VTEB with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVTEB: 0.5% a year, volatility 4.1%SPY (S&P 500): 12.5% a year, volatility 17.2%MUNI: 1.0% a year, volatility 3.5%LQD: −0.7% a year, volatility 8.7%HYMB: −0.3% a year, volatility 6.8%JMUB: 0.9% a year, volatility 3.5%HYD: −0.4% a year, volatility 6.6%SUB: 1.5% a year, volatility 1.7%SHM: 0.9% a year, volatility 2.2%AGG: −0.1% a year, volatility 6.2%ITM: 0.2% a year, volatility 4.5%BND: −0.2% a year, volatility 6.1%SPMB: 0.1% a year, volatility 6.9%IEF: −1.4% a year, volatility 7.7%MUST: 0.3% a year, volatility 5.8%MLN: −1.5% a year, volatility 7.6%PZA: −0.9% a year, volatility 6.2%TFI: −0.4% a year, volatility 4.5%MINO: 1.1% a year, volatility 4.6%TAXF: 0.6% a year, volatility 4.4%MUB: 0.5% a year, volatility 4.2%VTEBSPY (S&P 500)MUNILQDHYMBHYDSUBSHMITMIEFMUSTMLNPZATFIMINO0.0%5.0%10.0%15.0%20.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVTEB: 0.5% a year, volatility 4.1%SPY (S&P 500): 12.5% a year, volatility 17.2%MUNI: 1.0% a year, volatility 3.5%LQD: −0.7% a year, volatility 8.7%HYMB: −0.3% a year, volatility 6.8%JMUB: 0.9% a year, volatility 3.5%HYD: −0.4% a year, volatility 6.6%SUB: 1.5% a year, volatility 1.7%SHM: 0.9% a year, volatility 2.2%AGG: −0.1% a year, volatility 6.2%ITM: 0.2% a year, volatility 4.5%BND: −0.2% a year, volatility 6.1%SPMB: 0.1% a year, volatility 6.9%IEF: −1.4% a year, volatility 7.7%MUST: 0.3% a year, volatility 5.8%MLN: −1.5% a year, volatility 7.6%PZA: −0.9% a year, volatility 6.2%TFI: −0.4% a year, volatility 4.5%MINO: 1.1% a year, volatility 4.6%TAXF: 0.6% a year, volatility 4.4%MUB: 0.5% a year, volatility 4.2%VTEBSPY (S&P 500)MUNILQDHYDITMIEFMLNPZA
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
SUB iShares Short-Term National Muni Bond ETF+1.5%1.7%
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund+1.1%4.6%
MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund+1.0%3.5%
SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF+0.9%2.2%
JMUB JPMorgan Municipal ETF+0.9%3.5%
TAXF American Century Diversified Municipal Bond ETF+0.6%4.4%
MUB iShares National Muni Bond ETF+0.5%4.2%
VTEB This pageVanguard Tax-Exempt Bond ETF+0.5%4.1%
MUST Columbia Multi-Sector Municipal Income ETF+0.3%5.8%
ITM VanEck Intermediate Muni ETF+0.2%4.5%
SPMB State Street SPDR Portfolio Mortgage Backed Bond ETF+0.1%6.9%
AGG iShares Core U.S. Aggregate Bond ETF−0.1%6.2%
BND Vanguard Total Bond Market ETF−0.2%6.1%
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF−0.3%6.8%
HYD VanEck High Yield Muni ETF−0.4%6.6%
TFI State Street SPDR Nuveen ICE Municipal Bond ETF−0.4%4.5%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF−0.7%8.7%
PZA Invesco National AMT-Free Municipal Bond ETF−0.9%6.2%
IEF iShares 7-10 Year Treasury Bond ETF−1.4%7.7%
MLN VanEck Long Muni ETF−1.5%7.6%
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Has VTEB consistently beaten its popular alternatives?

This section compares VTEB with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than VTEB helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than VTEB over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
VTEB Vanguard Tax-Exempt Bond ETF (this page)—+0.7%−2.0%−2.4%−1.4%−1.0%+12.5%+2.4%+19.9%4.1%0.14−17.0%0.03%$52B—
MUNI QualifiedPIMCO Intermediate Municipal Bond Active Exchange-Traded Fund4/5 short3/3 longAll-weather+0.9%−1.3%−1.7%−0.7%−0.3%+13.4%+5.2%+21.7%3.5%0.31−11.2%0.35%$3.1B—
LQD BondsiShares iBoxx $ Investment Grade Corporate Bond ETF1/5 short2/3 long−0.3%−1.0%−2.7%−1.9%−3.0%+20.0%−3.5%+22.0%8.7%-0.04−25.0%0.14%$29B—
HYMB BondsState Street SPDR Nuveen ICE High Yield Municipal Bond ETF0/5 short2/3 long−0.9%−3.6%−3.2%−1.2%−1.4%+17.5%−1.3%+21.0%6.8%0.00−29.5%0.35%$3.8B—
JMUB BondsJPMorgan Municipal ETF0/5 short2/3 long+0.6%−1.7%−2.0%−1.1%−0.7%+13.1%+4.3%—3.5%0.26−12.5%0.18%$8.7B—
MINO BondsPIMCO Municipal Income Opportunities Active Exchange-Traded Fund0/5 short2/3 long+0.6%−2.2%−2.3%−1.0%−0.8%+16.1%+5.5%—4.6%0.25−15.2%0.49%$765M—
TAXF BondsAmerican Century Diversified Municipal Bond ETF0/5 short2/3 long+0.5%−2.4%−2.3%−1.3%−0.7%+13.9%+3.0%—4.4%0.15−13.9%0.25%$706M—
HYD Multi-AssetVanEck High Yield Muni ETF4/5 short1/3 long+1.3%−1.7%−1.6%−0.5%+0.5%+17.1%−2.0%+18.3%6.6%-0.03−35.6%0.32%$4.3B—
SUB BondsiShares Short-Term National Muni Bond ETF4/5 short1/3 long+0.8%+0.3%+0.4%+1.0%+1.9%+10.2%+7.9%+16.2%1.7%0.91−9.4%0.07%$13B—
SHM BondsState Street SPDR Nuveen ICE Short Term Municipal Bond ETF4/5 short1/3 long+0.7%−0.2%−0.1%+0.5%+1.1%+9.8%+4.6%+12.5%2.2%0.43−11.6%0.20%$3.5B—
AGG BondsiShares Core U.S. Aggregate Bond ETF3/5 short1/3 long+0.2%−0.5%−1.5%−0.8%−1.2%+16.8%−0.6%+14.4%6.2%0.01−18.4%0.03%$139B—
ITM Multi-AssetVanEck Intermediate Muni ETF2/5 short1/3 long+1.3%−1.2%−2.1%−1.8%−1.0%+13.3%+1.0%+18.3%4.5%0.07−24.7%0.18%$2.2B—
BND BondsVanguard Total Bond Market ETF2/5 short1/3 long+0.3%−0.7%−1.7%−1.0%−1.4%+16.3%−1.0%+14.3%6.1%0.00−18.6%0.03%$389B—
SPMB BondsState Street SPDR Portfolio Mortgage Backed Bond ETF2/5 short1/3 long+0.1%−1.0%−2.1%−0.9%−0.9%+19.7%+0.5%+10.5%6.9%0.05−18.0%0.04%$6.9B—
IEF BondsiShares 7-10 Year Treasury Bond ETF1/5 short1/3 long+0.4%−1.3%−2.9%−2.5%−3.3%+13.1%−7.0%+4.1%7.7%-0.15−23.9%0.15%$42B—
MUST BondsColumbia Multi-Sector Municipal Income ETF1/5 short1/3 long+1.6%−2.3%−2.8%−1.9%−1.3%+13.0%+1.4%—5.8%0.08−13.8%0.23%$514M—
MLN Multi-AssetVanEck Long Muni ETF0/5 short1/3 long+0.2%−3.4%−3.8%−2.2%−2.1%+14.6%−7.3%+12.0%7.6%-0.16−24.4%0.24%$699M—
JMHI BondsJPMorgan High Yield Municipal ETF0/5 short1/3 long+0.4%−2.3%−2.2%−1.2%−1.1%+19.2%————−7.3%0.52%$302M—
DFNM BondsDimensional - National Municipal Bond ETF4/5 short0/3 long+1.0%−1.1%−1.4%−0.3%+0.1%+10.6%————−7.0%0.18%$2.2B—
VTEI BondsVanguard Intermediate-Term Tax-Exempt Bond ETF3/5 short0/3 long+1.1%−1.2%−1.8%−1.0%−0.4%—————−6.1%0.08%$1.7B—
MUB BondsiShares National Muni Bond ETF0/5 short0/3 long+0.8%−1.7%−2.2%−1.4%−0.9%+11.8%+2.6%+19.1%4.2%0.14−13.7%0.05%$51B—
PZA BondsInvesco National AMT-Free Municipal Bond ETF0/5 short0/3 long−0.3%−4.6%−4.7%−3.4%−3.3%+11.1%−4.4%+14.1%6.2%-0.12−21.7%0.28%$4.1B—
TFI BondsState Street SPDR Nuveen ICE Municipal Bond ETF0/5 short0/3 long+0.7%−2.2%−2.6%−1.9%−1.4%+11.4%−2.2%+12.9%4.5%-0.08−15.5%0.23%$2.9B—
SCMB BondsSchwab Municipal Bond ETF0/5 short0/3 long+0.7%−2.3%−2.8%−2.0%−1.6%+11.6%————−6.7%0.03%$3.7B—
VTEC BondsVanguard California Tax-Exempt Bond ETF0/5 short0/3 long+0.6%−2.0%−2.4%−1.7%−1.2%—————−6.4%0.06%$3.6B—
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How did VTEB do year by year?

This table shows each investment's total return in every full calendar year since 2016, along with where VTEB ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with VTEB and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: VTEB began trading on August 25, 2015, so the table starts with 2016, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of VTEB; gray means the two finished within a fraction of a point. The rank row places VTEB among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of VTEB2025202420232022202120202019201820172016
VTEB This pageVanguard Tax-Exempt Bond ETF—+3.7%+1.3%+6.1%−8.0%+1.1%+5.2%+7.3%+1.0%+4.9%+0.2%
Rank among alternativesTop quarter in 0 of 1016 of 2212 of 229 of 217 of 218 of 1910 of 1914 of 195 of 167 of 169 of 16
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%
MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund2 of 10+4.7%+1.4%+6.1%−6.6%+0.7%+4.8%+7.1%+1.0%+4.9%−0.7%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF6 of 10+7.9%+0.9%+9.4%−17.9%−1.8%+11.0%+17.4%−3.8%+7.0%+6.2%
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF6 of 10+2.0%+5.5%+7.7%−15.5%+5.1%+3.7%+9.5%+4.9%+3.1%+2.1%
JMUB JPMorgan Municipal ETF4 of 7+4.3%+1.9%+6.0%−7.4%+1.6%+5.0%+8.2%———
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund3 of 4+4.4%+3.1%+8.5%−10.4%——————
TAXF American Century Diversified Municipal Bond ETF4 of 7+4.3%+1.8%+7.3%−9.7%+2.7%+5.6%+9.1%———
HYD VanEck High Yield Muni ETF5 of 10+2.8%+5.0%+6.5%−16.0%+5.1%+0.2%+9.3%+2.6%+9.8%+0.4%
SUB iShares Short-Term National Muni Bond ETF3 of 10+3.6%+2.2%+2.9%−2.1%0.0%+2.5%+2.9%+1.8%+0.8%−0.1%
SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF2 of 10+3.9%+1.2%+2.9%−3.8%−0.4%+2.7%+3.6%+1.6%+1.0%−0.6%
AGG iShares Core U.S. Aggregate Bond ETF4 of 10+7.2%+1.3%+5.7%−13.0%−1.8%+7.5%+8.5%+0.1%+3.6%+2.4%
ITM VanEck Intermediate Muni ETF4 of 10+5.3%+0.7%+5.7%−9.3%+0.2%+5.9%+8.3%+1.0%+6.1%−1.1%
BND Vanguard Total Bond Market ETF4 of 10+7.1%+1.4%+5.7%−13.1%−1.9%+7.7%+8.8%−0.1%+3.6%+2.5%
SPMB State Street SPDR Portfolio Mortgage Backed Bond ETF2 of 10+8.3%+1.4%+5.1%−12.1%−1.5%+4.2%+6.1%+1.0%+2.1%+0.9%
IEF iShares 7-10 Year Treasury Bond ETF4 of 10+8.0%−0.6%+3.6%−15.2%−3.3%+10.0%+8.0%+1.0%+2.6%+1.0%
MUST Columbia Multi-Sector Municipal Income ETF4 of 7+4.9%+0.4%+6.2%−8.8%+1.9%+6.7%+8.3%———
MLN VanEck Long Muni ETF5 of 10+1.8%+1.5%+8.1%−17.2%+2.2%+6.3%+10.6%−0.8%+8.2%+0.1%
JMHI JPMorgan High Yield Municipal ETF2 of 2+4.6%+5.9%————————
DFNM Dimensional - National Municipal Bond ETF1 of 4+3.9%+1.2%+4.0%−4.0%——————
MUB iShares National Muni Bond ETF1 of 10+3.8%+1.3%+5.6%−7.3%+1.0%+5.1%+7.0%+0.9%+4.7%−0.2%
PZA Invesco National AMT-Free Municipal Bond ETF5 of 10+1.8%+0.8%+8.6%−13.2%+2.3%+5.1%+9.0%−0.1%+7.0%+0.8%
TFI State Street SPDR Nuveen ICE Municipal Bond ETF2 of 10+3.6%0.0%+5.6%−10.2%+0.3%+5.9%+7.4%+0.5%+5.5%−0.4%
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Risk and diversification

How VTEB has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were VTEB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents VTEB's four deepest drawdowns since it began trading in 2015, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: VTEB began trading on August 25, 2015, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means VTEB fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringVTEB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−17.0%−12.3%Mar 2020Mar 2020Under a monthJul 20204 months
2022 bear market−12.7%−10.0%Jul 2021Oct 202215 monthsDec 20242.2 years
No named crash−6.6%+2.0%Jul 2026Sep 20262 monthsNot yet—
No named crash−5.8%+5.9%Jul 2016Dec 20165 monthsAug 20178 months

How did VTEB do in stock market crashes?

This section measures how far VTEB, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: VTEB began trading on August 25, 2015, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or three other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than VTEB.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
VTEB This pageVanguard Tax-Exempt Bond ETF—0.0%−11.3%−17.0%−0.9%−0.2%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 5−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund2 of 50.0%−9.8%−10.8%−0.9%−0.2%−0.8%−1.1%0.0%——
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF0 of 5−0.1%−21.3%−21.8%−2.6%−1.2%−2.7%−3.2%0.0%−21.5%—
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF0 of 50.0%−18.3%−29.5%−1.3%−0.3%−1.4%−0.6%———
JMUB JPMorgan Municipal ETF2 of 30.0%−10.7%−12.5%———————
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund0 of 20.0%−13.5%————————
TAXF American Century Diversified Municipal Bond ETF1 of 40.0%−12.7%−13.4%−1.0%——————
HYD VanEck High Yield Muni ETF0 of 50.0%−17.8%−35.6%−2.4%−0.3%−1.9%−7.0%−0.3%——
SUB iShares Short-Term National Muni Bond ETF3 of 50.0%−3.9%−9.4%−0.3%−0.1%−0.4%−1.3%−0.2%——
SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF2 of 50.0%−5.9%−11.6%−0.4%−0.2%−0.4%−0.8%−0.1%——
AGG iShares Core U.S. Aggregate Bond ETF1 of 50.0%−14.5%−9.6%−1.1%−0.8%−1.5%−1.3%−0.4%−12.8%—
ITM VanEck Intermediate Muni ETF0 of 50.0%−14.0%−24.7%−1.2%−0.3%−1.0%−1.6%0.0%——
BND Vanguard Total Bond Market ETF1 of 50.0%−14.6%−8.7%−1.1%−0.9%−1.5%−1.1%−0.2%−9.3%—
SPMB State Street SPDR Portfolio Mortgage Backed Bond ETF1 of 50.0%−14.7%−12.6%−1.2%−0.4%−1.2%−1.5%0.0%——
IEF iShares 7-10 Year Treasury Bond ETF1 of 50.0%−16.1%−4.7%−1.2%−0.8%−2.9%−1.9%−0.3%−6.2%—
MUST Columbia Multi-Sector Municipal Income ETF1 of 30.0%−12.5%−12.8%———————
MLN VanEck Long Muni ETF0 of 50.0%−21.8%−23.6%−2.4%−1.0%−1.5%−3.0%−0.3%——
DFNM Dimensional - National Municipal Bond ETF1 of 20.0%−6.8%————————
MUB iShares National Muni Bond ETF2 of 50.0%−10.6%−13.7%−1.4%−0.2%−0.8%−1.4%−0.1%−13.9%—
PZA Invesco National AMT-Free Municipal Bond ETF0 of 50.0%−16.7%−21.7%−1.4%−0.4%−1.1%−1.3%−0.1%——
TFI State Street SPDR Nuveen ICE Municipal Bond ETF1 of 50.0%−13.9%−15.5%−1.6%−0.4%−1.1%−2.5%0.0%−15.1%—
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How closely does VTEB move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares VTEB with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than VTEB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
VTEB This pageVanguard Tax-Exempt Bond ETF14%19%0.760.15
SUB iShares Short-Term National Muni Bond ETF7%5%1.410.05
MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund13%15%0.850.13
SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF8%9%0.850.08
MUB iShares National Muni Bond ETF14%18%0.760.14
AGG iShares Core U.S. Aggregate Bond ETF12%17%0.710.14
ITM VanEck Intermediate Muni ETF15%22%0.690.17
BND Vanguard Total Bond Market ETF13%19%0.690.15
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF21%31%0.670.25
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF25%39%0.640.33
SPMB State Street SPDR Portfolio Mortgage Backed Bond ETF12%20%0.620.14
PZA Invesco National AMT-Free Municipal Bond ETF18%29%0.620.22
TFI State Street SPDR Nuveen ICE Municipal Bond ETF15%24%0.620.18
HYD VanEck High Yield Muni ETF24%40%0.600.35
MLN VanEck Long Muni ETF19%34%0.570.26
IEF iShares 7-10 Year Treasury Bond ETF7%14%0.510.08
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What diversifies VTEB?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with VTEB's. Because such investments tend not to fall at the same time, pairing VTEB with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which VTEB lost money. The last two columns show a portfolio that is 80% VTEB and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
VTEB Vanguard Tax-Exempt Bond ETF (this page)1.00+2.4%0.14−8.0%6.3%−0.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.30+225%1.34+6.0%6.3%+5.0%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.46+103%1.06+10.4%6.9%+3.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.44+86.8%1.03+7.0%6.8%+2.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.05+178%0.94+64.4%7.5%+4.8%
GLD CommoditiesSPDR Gold Shares0.37+120%0.93−0.8%7.1%+3.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.44+130%0.91−10.4%7.8%+4.2%
AMLP EnergyAlerian MLP ETF0.21+114%0.90+25.5%6.9%+3.6%
DBA AlternativesInvesco DB Agriculture Fund0.01+66.7%0.81+2.5%5.6%+2.1%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
VTEB Vanguard Tax-Exempt Bond ETF (this page)1.00+2.4%0.14−8.0%6.3%−0.1%
CAH Medical - DistributionCardinal Health, Inc.0.28+471%1.54+54.1%8.3%+7.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.17+2,780%1.43+1.3%13.5%+19.0%
MCK Medical - DistributionMcKesson Corporation0.12+397%1.41+51.8%7.6%+6.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.26+1,452%1.41+17.0%11.4%+15.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.04+660%1.39+86.6%8.4%+9.1%
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Common questions

What was VTEB's worst drawdown?

VTEB's deepest decline since it began trading in 2015 was 17.0%, in March 2020. It took four months from the low to climb back to its old high. Because VTEB launched in August 2015, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were VTEB's best and worst years?

Over ten full calendar years, VTEB's best year was 2019, when it returned 7.3%. Its worst was 2022, with a return of -8.0%.

Is there a better investment than VTEB?

Among VTEB's popular alternatives, SUB earned more than VTEB with less volatility over the past 5 years: 1.5% a year at 1.7% volatility, against 0.5% a year at 4.1%. Looking beyond its popular alternatives, JMST (municipal bonds) and FUMB (municipal bonds) earned more than VTEB with less volatility over the past 5 years. JMST returned 2.4% a year at 0.9% volatility, against 0.5% a year at 4.1%.

Is VTEB more volatile than the S&P 500?

No. VTEB's volatility over the past 5 years was 4.1%, 24% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VTEB's return lands within 4.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is VTEB's Sharpe ratio?

VTEB's Sharpe ratio over the past 5 years was 0.14, against 0.78 for the S&P 500, so VTEB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is VTEB with the S&P 500?

Over the past 5 years, VTEB's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against VTEB instead: the lower it is, the more that option would diversify a VTEB holding.

What are the best alternatives to VTEB?

Of the 24 popular alternatives we compared, one outperformed VTEB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MUNI.

Did VTEB outperform the S&P 500?

VTEB finished ahead of the S&P 500 (SPY) in two of ten full calendar years. In 2025, it returned +3.7%, against +17.7% for the index.

How did VTEB do in stock market crashes?

VTEB fell less than the S&P 500 (SPY) in five of the five major crashes it has traded through, and further in no. The clearest case was the late-2018 sell-off, when VTEB fell 0.9% and the S&P 500 fell 19.3%.

What diversifies VTEB?

These had a low correlation with VTEB over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.30), EMLP (correlation 0.46) and HDV (correlation 0.44); among large stocks, CAH (correlation 0.28), CLS (correlation 0.17) and MCK (correlation 0.12). A correlation near zero means the two have moved largely independently.

How we measure

More research

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