FMBvsVTEBETF Comparison
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First Trust Managed Municipal ETF (FMB) and Vanguard Tax-Exempt Bond Index ETF (VTEB) belong to the same industry segment: Municipal Bonds. In contrast, VTEB's top sector exposures are Municipal. FMB is more expensive with a Total Expense Ratio (TER) of 0.39%, versus 0.03% for VTEB. FMB is down -2.07% year-to-date (YTD) with +$108M in YTD flows. VTEB performs worse with -2.86% YTD performance, and +$11.50B in YTD flows. Run a side-by-side ETF comparison of FMB and VTEB below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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FMB vs VTEB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/13/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FMB VTEB | -1.53%-1.35% | -4.76%-4.49% | -2.07%-2.86% | -1.24%-2.00% | +7.04%+9.41% | -2.58%+0.46% |
| Flows | FMB VTEB | -$32M+$6.86B | +$6M+$8.32B | +$108M+$11.50B | +$152M+$13.60B | +$163M+$25.23B | -$61M+$40.60B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FMB VTEB | +4.97%+4.99% | +3.18%+3.23% | +3.58%+3.82% | +3.51%+3.80% |
| Max drawdown | FMB VTEB | -6.32%-6.18% | -6.73%-6.63% | -6.73%-6.63% | -13.95%-12.41% |
| Max drawdown duration | FMB VTEB | 91d92d | 103d100d | 103d100d | 1501d1001d |
Trading data
FMB | VTEB | |
Last sale 10/15/2026 at 1:30 PM | $48.60 | $47.96 |
| Previous close 10/14/2026 | $48.26 | $47.61 |
| Consolidated volume 10/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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FMB
is actively managed and doesn’t replicate an indexFMB | VTEB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/15/2026 at 1:30 PM
Live
Closed
FMB | VTEB | |
|---|---|---|
| Last price | $48.60 | $47.96 |
| 1D performance | +0.70% | +0.74% |
| AuM | $1.95 B | $51.57 B |
| E/R | 0.39% | 0.03% |
Characteristics
FMB | VTEB | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | First Trust | Vanguard |
| Benchmark | - | S&P National AMT-Free Municipal Bond Index |
| N° of holdings | - | 5200 |
| Asset class | - | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 13, 2014 | August 21, 2015 |
| ESG | No | No |
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Exposure
Countries
FMB
Data will be available soon
VTEB
USA
55.18%
Other
44.82%
Sectors
FMB
Data will be available soon
VTEB
Municipal
55.18%
Other
44.82%
Diversification
FMB
Data will be available soon
VTEB
Total weight of top 15 holdings out of 15
1.57%
Top 15 holdings
Data as of January 1, 1970
FMB
Data will be available soon
VTEB
US13063EUN48
0.16%
US13063EUP95
0.15%
City of New York, 5% 1aug2034, USD (2026)
0.12%
University of California, 5% 15may2036, USD (2025)
0.11%
US68608JXF38
0.10%
Idaho, 4% 30jun2027, USD (2026)
0.10%
US87638QBF54
0.10%
California, 5.25% 1aug2032, USD
0.10%
US646140KX00
0.10%
New Jersey Health Care Facilities Financing Authority, 1.9% 1jul2061, USD (2026B-1)
0.10%
City of New York, 5% 1aug2032, USD (2026)
0.09%
US574193YA01
0.09%
Wisconsin, 5% 1may2038, USD (2026)
0.09%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2026A)
0.08%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.08%
Frequently asked questions about FMB and VTEB
How have the FMB and VTEB ETFs performed in 2026?
As of October 13, 2026, FMB is down -2.07% year-to-date (YTD), while VTEB has lost -2.86%. That puts FMB better performer ahead so far this year.
Which ETF is attracting more investor money: FMB or VTEB?
Year-to-date, the FMB ETF saw +$108M in flows, compared to +$11.50B for VTEB.
Which ETF is more volatile: FMB or VTEB?
Over the past year, FMB had a volatility of 3.18%, while VTEB experienced 3.23%.
Which ETF is bigger: FMB or VTEB?
As of October 13, 2026, FMB holds $1.95 B in assets under management (AUM), while VTEB manages $51.57 B.
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Latest news about FMB & VTEB
The Weekly ETF Market Monitor (September 28-October 2, 2026)
October 2, 2026
VTEB
A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF
April 21, 2023
VTEB
Vanguard plans to launch a new short-term municipal bond ETF in 2023
December 23, 2022
VTEB
Investing in Municipal Bond ETFs
October 24, 2022
VTEB
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