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TMBvsVTESETF Comparison

ETF 1

TMB

Thornburg Multi Sector Bond ETF

This fund is part of

Intl Aggregate Bonds

+0.01%

Full TMB fund page

VS

ETF 2

VTES

Vanguard Short-Term Tax-Exempt Bond ETF

This fund is part of

Municipal Bonds

-0%

Full VTES fund page

Thornburg Multi Sector Bond ETF (TMB) belongs to the Intl Aggregate Bonds segment. Vanguard Short-Term Tax-Exempt Bond ETF (VTES) is part of the Municipal Bonds segment. TMB's top 3 sector exposures are Finance, Sovereign and Industrials. In contrast, VTES's top sector exposures are Municipal. TMB is more expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.05% for VTES. TMB is down -0.2% year-to-date (YTD) with +$198M in YTD flows. VTES performs better with 0.05% YTD performance, and +$2.52B in YTD flows. Run a side-by-side ETF comparison of TMB and VTES 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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TMB vs VTES performance and flow charts

Performance

Cumulative Flows

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Daily, global ETF data for advanced analysis or integration into apps (API), from our partner Trackinsight.

Data Services

Historic performance and flows

Data as of 10/16/2026

		1M	3M	YTD	1Y	3Y	5Y
Perf.	TMB VTES	-0.09%+0.15%	-1.10%-0.72%	-0.20%+0.05%	+0.28%+0.53%	n/a+9.70%	n/an/a
Flows	TMB VTES	+$7M+$1.06B	+$37M+$1.95B	+$198M+$2.52B	+$194M+$2.69B	-+$3.87B	--

Volatility and drawdown

		3M	1Y	3Y	5Y
Volatility	TMB VTES	+2.92%+2.60%	+2.60%+1.59%	n/a+1.59%	n/an/a
Max drawdown	TMB VTES	-2.30%-2.66%	-2.53%-2.95%	n/a-2.95%	n/an/a
Max drawdown duration	TMB VTES	52d64d	229d232d	n/a232d	n/an/a

Trading data

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	TMB	VTES
Last sale 10/16/2026 at 1:30 PM	$24.82	$99.59
Previous close 10/15/2026	$24.81	$99.50
Consolidated volume 10/15/2026
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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TMB

is actively managed and doesn’t replicate an index

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	TMB	VTES
Tracking error
Tracking difference
1 year cumulative return difference
Best
Worst
Daily return difference
Average
Worst

Main metrics

Last update 10/16/2026 at 1:30 PM

Live

Closed

	TMB	VTES
Last price	$24.82	$99.59
1D performance	+0.04%	+0.09%
AuM	$266.36 M	$4.08 B
E/R	0.55%	0.05%

Characteristics

	TMB	VTES
Management strategy	Active	Passive
Provider	Thornburg	Vanguard
Benchmark	-	S&P 0-7 Year National AMT-Free Municipal Bond Index
N° of holdings	367	1671
Asset class	-	Fixed Income
Trailing 12m distribution yield	Join	Join
Inception date	February 5, 2025	March 9, 2023
ESG	No	No

More TMB data on Trackinsight

More VTES data on Trackinsight

Exposure

Countries

TMB

USA

49.95%

Other

50.05%

VTES

USA

52.32%

Other

47.68%

Sectors

TMB

Finance

12.66%

Sovereign

8.69%

Industrials

7.9%

Other

70.75%

VTES

Municipal

52.32%

Other

47.68%

Diversification

TMB

Total weight of top 15 holdings out of 15

25.83%

VTES

Total weight of top 15 holdings out of 15

5.61%

Top 15 holdings

Data as of August 31, 2026

TMB

US91282CRF04

9.33%

USA, Notes 4.25% 30jun2033, USD (M-2033)

3.42%

Thornburg Capital Management Fund

2.90%

USA, Bonds 2.875% 15aug2045, USD

1.66%

USA, Notes 3.75% 31aug2031, USD (P-2031)

1.31%

FR RQ0146, 5.5% 1aug2056, USD (ABS)

1.14%

US3140W5WV28

1.02%

FN MA5497, 5.5% 1oct2054, USD (ABS)

0.92%

US31418D3H34

0.89%

US912803HV84

0.72%

FR SD8178, 2.5% 1nov2051, USD (ABS)

0.64%

US31418F2K27

0.57%

USA, STRIPS 0% 15may2042, USD (10957D)

0.51%

US3140XRWW19

0.40%

US142921AG08

0.38%

VTES

US13063EUN48

0.91%

US13063EUM64

0.86%

US13063EUP95

0.78%

US13063EUU80

0.42%

North Colonie Central School District, 3.75% 25jun2027, USD (2026)

0.40%

US13063EUQ78

0.38%

US13063EUS35

0.30%

Illinois, 5% 1nov2028, USD (2017D)

0.22%

US64972JQM35

0.21%

US13063ENN21

0.19%

Illinois, 5% 1nov2027, USD (2017D)

0.19%

Los Angeles Unified School District, 5% 1jul2032, USD (2024)

0.19%

New Jersey, 5% 1jun2029, USD

0.19%

Pennsylvania Public School Building Authority, 5% 1jun2033, USD (2016A)

0.18%

New Jersey Economic Development Authority, 5% 15jun2042, USD

0.18%

Frequently asked questions about TMB and VTES

How have the TMB and VTES ETFs performed in 2026?

As of October 16, 2026, TMB is down -0.2% year-to-date (YTD), while VTES has returned 0.05%. That puts VTES better performer ahead so far this year.

Which ETF is attracting more investor money: TMB or VTES?

Year-to-date, the TMB ETF saw +$198M in flows, compared to +$2.52B for VTES.

Which ETF is more volatile: TMB or VTES?

Over the past year, TMB had a volatility of 2.6%, while VTES experienced 1.59%.

Which ETF is bigger: TMB or VTES?

As of October 16, 2026, TMB holds $266.36 M in assets under management (AUM), while VTES manages $4.08 B.

What sectors do the TMB and VTES ETFs invest in?

TMB leans toward sectors like Finance, Sovereign and Industrials. Meanwhile, VTES focuses on Municipal.

What are the top holdings of the TMB ETF and VTES ETF?

TMB top holdings include US91282CRF04, USA, Notes 4.25% 30jun2033, USD (M-2033) and Thornburg Capital Management Fund. VTES holds in its top three: US13063EUN48, US13063EUM64 and US13063EUP95.

Which ETF is more diversified: TMB or VTES?

TMB holds 631 securities with 25.83% of its assets in the top 15. VTES has 3442 securities and a top 15 weight of 5.61%.

A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF

April 21, 2023

VTES

TMBvsVTESETF Comparison

Thornburg Multi Sector Bond ETF

Vanguard Short-Term Tax-Exempt Bond ETF

TMB vs VTES performance and flow charts

Performance

Cumulative Flows

Get all the metrics on this page, and more, through a reliable ETF data feed

Countries

Sectors

Diversification

Top 15 holdings

How have the TMB and VTES ETFs performed in 2026?

As of October 16, 2026, TMB is down -0.2% year-to-date (YTD), while VTES has returned 0.05%. That puts VTES better performer ahead so far this year.

Which ETF is attracting more investor money: TMB or VTES?

Year-to-date, the TMB ETF saw +$198M in flows, compared to +$2.52B for VTES.

Which ETF is more volatile: TMB or VTES?

Over the past year, TMB had a volatility of 2.6%, while VTES experienced 1.59%.

Which ETF is bigger: TMB or VTES?

As of October 16, 2026, TMB holds $266.36 M in assets under management (AUM), while VTES manages $4.08 B.

What sectors do the TMB and VTES ETFs invest in?

TMB leans toward sectors like Finance, Sovereign and Industrials. Meanwhile, VTES focuses on Municipal.

What are the top holdings of the TMB ETF and VTES ETF?

TMB top holdings include US91282CRF04, USA, Notes 4.25% 30jun2033, USD (M-2033) and Thornburg Capital Management Fund. VTES holds in its top three: US13063EUN48, US13063EUM64 and US13063EUP95.

Which ETF is more diversified: TMB or VTES?

TMB holds 631 securities with 25.83% of its assets in the top 15. VTES has 3442 securities and a top 15 weight of 5.61%.

A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF

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