TMNLvsVTESETF Comparison
VS
T. Rowe Price Long Municipal Income ETF (TMNL) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TMNL is more expensive with a Total Expense Ratio (TER) of 0.26%, versus 0.05% for VTES. TMNL is down -0.79% year-to-date (YTD) with +$4M 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 TMNL 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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TMNL vs VTES performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/15/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMNL VTES | -0.08%+0.15% | -3.52%-0.72% | -0.79%+0.05% | n/a+0.53% | n/a+9.70% | n/an/a |
| Flows | TMNL VTES | +$2M+$1.06B | +$2M+$1.95B | +$4M+$2.52B | -+$2.69B | -+$3.87B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMNL VTES | +5.96%+2.60% | n/a+1.59% | n/a+1.59% | n/an/a |
| Max drawdown | TMNL VTES | -6.36%-2.66% | n/a-2.95% | n/a-2.95% | n/an/a |
| Max drawdown duration | TMNL VTES | 92d64d | n/a232d | n/a232d | n/an/a |
Trading data
TMNL | VTES | |
Last sale 10/16/2026 at 1:30 PM | $48.04 | $99.59 |
| Previous close 10/15/2026 | $48.06 | $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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TMNL
is actively managed and doesn’t replicate an indexTMNL | VTES | |
|---|---|---|
| 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 1:30 PM
Live
Closed
TMNL | VTES | |
|---|---|---|
| Last price | $48.04 | $99.59 |
| 1D performance | -0.06% | +0.09% |
| AuM | $24.00 M | $4.08 B |
| E/R | 0.26% | 0.05% |
Characteristics
TMNL | VTES | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | Vanguard |
| Benchmark | - | S&P 0-7 Year National AMT-Free Municipal Bond Index |
| N° of holdings | 52 | 1671 |
| Asset class | - | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2025 | March 9, 2023 |
| ESG | No | No |
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Exposure
Countries
TMNL
USA
48.25%
Other
51.75%
VTES
USA
52.32%
Other
47.68%
Sectors
TMNL
Municipal
48.25%
Other
51.75%
VTES
Municipal
52.32%
Other
47.68%
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Diversification
TMNL
Total weight of top 15 holdings out of 15
32.75%
VTES
Total weight of top 15 holdings out of 15
5.61%
Top 15 holdings
Data as of August 31, 2026
TMNL
US42605KAB26
3.39%
US41423PDY07
3.08%
New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026)
3.04%
US914713W996
2.67%
New York Transitional Finance Authority, 5% 1may2051, USD (2026)
2.27%
Chesapeake Bay Bridge And Tunnel District, 5% 1jul2041, USD (2016)
2.26%
Maryland Economic Development Corp., 5.25% 30jun2052, USD (2022B)
2.04%
New York Transportation Development Corp., 6% 30jun2059, USD (2025)
1.89%
US249182LT15
1.84%
Salt Lake City Airport, 5.25% 1jul2053, USD (2023A)
1.83%
US574218T373
1.81%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.78%
North Carolina Turnpike Authority, 4% 1jan2039, USD
1.78%
Virginia Small Business Financing Authority, 5% 31dec2056, USD (2017)
1.63%
US57419TTP65
1.43%
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 TMNL and VTES
How have the TMNL and VTES ETFs performed in 2026?
As of October 15, 2026, TMNL is down -0.79% 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: TMNL or VTES?
Year-to-date, the TMNL ETF saw +$4M in flows, compared to +$2.52B for VTES.
Which ETF is bigger: TMNL or VTES?
As of October 15, 2026, TMNL holds $24.00 M in assets under management (AUM), while VTES manages $4.08 B.
What sectors do the TMNL and VTES ETFs invest in?
TMNL leans toward sectors like Municipal. Meanwhile, VTES focuses on Municipal.
What are the top holdings of the TMNL ETF and VTES ETF?
TMNL top holdings include US42605KAB26, US41423PDY07 and New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026). VTES holds in its top three: US13063EUN48, US13063EUM64 and US13063EUP95.
Which ETF is more diversified: TMNL or VTES?
TMNL holds 115 securities with 32.75% of its assets in the top 15. VTES has 3442 securities and a top 15 weight of 5.61%.
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Latest news about TMNL & VTES
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