FSMBvsVTEBETF Comparison
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First Trust Short Duration Managed Municipal ETF (FSMB) 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. FSMB is more expensive with a Total Expense Ratio (TER) of 0.34%, versus 0.03% for VTEB. FSMB is up 1.23% year-to-date (YTD) with +$150M in YTD flows. VTEB performs worse with -2.08% YTD performance, and +$10.89B in YTD flows. Run a side-by-side ETF comparison of FSMB 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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FSMB vs VTEB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FSMB VTEB | -0.11%-0.21% | -0.86%-3.46% | +1.23%-2.08% | +1.37%-1.57% | +8.09%+10.28% | +4.26%+1.27% |
| Flows | FSMB VTEB | +$31M+$5.04B | +$37M+$7.65B | +$150M+$10.89B | +$175M+$12.82B | +$250M+$24.62B | +$492M+$39.99B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FSMB VTEB | +2.49%+5.28% | +1.58%+3.33% | +1.68%+3.84% | +1.64%+3.82% |
| Max drawdown | FSMB VTEB | -2.71%-5.92% | -2.71%-6.63% | -2.71%-6.63% | -5.98%-12.41% |
| Max drawdown duration | FSMB VTEB | 64d92d | 64d102d | 64d102d | 1149d1001d |
Trading data
FSMB | VTEB | |
Last sale 10/16/2026 at 7:49 PM | $19.64 | $47.98 |
| Previous close 10/16/2026 | $19.62 | $48.00 |
| Consolidated volume 10/16/2026 | ||
| 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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FSMB
is actively managed and doesn’t replicate an indexFSMB | 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 10/16/2026 at 7:49 PM
Live
Closed
FSMB | VTEB | |
|---|---|---|
| Last price | $19.64 | $47.98 |
| 1D performance | +0.08% | -0.04% |
| AuM | $649.27 M | $51.37 B |
| E/R | 0.34% | 0.03% |
Characteristics
FSMB | 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 | November 1, 2018 | August 21, 2015 |
| ESG | No | No |
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Exposure
Countries
FSMB
Data will be available soon
VTEB
USA
55.18%
Other
44.82%
Sectors
FSMB
Data will be available soon
VTEB
Municipal
55.18%
Other
44.82%
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Diversification
FSMB
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
FSMB
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 FSMB and VTEB
How have the FSMB and VTEB ETFs performed in 2026?
As of October 16, 2026, FSMB is up 1.23% year-to-date (YTD), while VTEB has lost -2.08%. That puts FSMB better performer ahead so far this year.
Which ETF is attracting more investor money: FSMB or VTEB?
Year-to-date, the FSMB ETF saw +$150M in flows, compared to +$10.89B for VTEB.
Which ETF is more volatile: FSMB or VTEB?
Over the past year, FSMB had a volatility of 1.58%, while VTEB experienced 3.33%.
Which ETF is bigger: FSMB or VTEB?
As of October 16, 2026, FSMB holds $649.27 M in assets under management (AUM), while VTEB manages $51.37 B.
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Latest news about FSMB & 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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