VTEBvsAVMUETF Comparison
VS
Vanguard Tax-Exempt Bond Index ETF (VTEB) and Avantis Core Municipal Fixed Income ETF (AVMU) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. VTEB is less expensive with a Total Expense Ratio (TER) of 0.03%, versus 0.15% for AVMU. VTEB is down -0.9% year-to-date (YTD) with +$4.85B in YTD flows. AVMU performs worse with -1.83% YTD performance, and +$25M in YTD flows. Run a side-by-side ETF comparison of VTEB and AVMU 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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VTEB vs AVMU performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/09/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEB AVMU | -1.92%-2.43% | -2.42%-3.33% | -0.90%-1.83% | +1.47%+1.15% | +9.11%+7.92% | +1.77%+0.85% |
| Flows | VTEB AVMU | +$438M- | +$2.49B+$14M | +$4.85B+$25M | +$7.56B+$23M | +$18.69B+$87M | +$34.29B+$149M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB AVMU | +2.76%+3.46% | +2.46%+2.73% | +3.72%+4.11% | +3.67%+3.86% |
| Max drawdown | VTEB AVMU | -3.03%-3.71% | -3.03%-3.83% | -5.41%-6.27% | -12.41%-12.02% |
| Max drawdown duration | VTEB AVMU | 65d66d | 65d192d | 275d276d | 1001d1168d |
Trading data
VTEB | AVMU | |
Last sale 9/10/2026 at 1:30 PM | $48.26 | $43.62 |
| Previous close 09/09/2026 | $48.61 | $43.97 |
| Consolidated volume 09/09/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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AVMU
is actively managed and doesn’t replicate an indexVTEB | AVMU | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/10/2026 at 1:30 PM
Live
Closed
VTEB | AVMU | |
|---|---|---|
| Last price | $48.26 | $43.62 |
| 1D performance | -0.72% | -0.78% |
| AuM | $45.94 B | $168.40 M |
| E/R | 0.03% | 0.15% |
Characteristics
VTEB | AVMU | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Vanguard | American Century Investments |
| Benchmark | S&P National AMT-Free Municipal Bond Index | - |
| N° of holdings | 5288 | 314 |
| Asset class | Bonds | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 21, 2015 | October 12, 2020 |
| ESG | No | No |
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Exposure
Countries
VTEB
USA
57.45%
Other
42.55%
AVMU
USA
55.91%
Other
44.09%
Sectors
VTEB
Municipal
57.45%
Other
42.55%
AVMU
Municipal
55.91%
Other
44.09%
Diversification
VTEB
Total weight of top 15 holdings out of 15
1.34%
AVMU
Total weight of top 15 holdings out of 15
15.84%
Top 15 holdings
Data as of July 31, 2026
VTEB
City of New York, 5% 1aug2034, USD (2026)
0.12%
University of California, 5% 15may2036, USD (2025)
0.11%
Idaho, 4% 30jun2027, USD (2026)
0.10%
California, 5.25% 1aug2032, USD
0.10%
US574193YA01
0.09%
US650028F737
0.09%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2026A)
0.09%
US650028F653
0.08%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.08%
US67766WV741
0.08%
Energy Northwest, 5% 1jul2034, USD (2026-A)
0.08%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.08%
US646140KX00
0.08%
New Jersey Turnpike Authority, 5% 1jan2032, USD (2025)
0.08%
Illinois, 5% 1nov2027, USD (2017D)
0.08%
AVMU
San Antonio, 4% 15sep2042, USD
2.16%
US47770VCC28
1.68%
US798025ML35
1.63%
Miami Beach, 5% 1sep2040, USD (2015)
1.50%
City of New York, 5% 1aug2032, USD (2025)
1.06%
Grand Parkway Transportation Corp., 4% 1oct2045, USD (2020C)
0.94%
Colorado, 4% 15dec2040, USD (2021A)
0.87%
State of Washington, 5% 1feb2045, USD (2026C)
0.82%
US64985TCL35
0.81%
District of Columbia, 4% 1mar2040, USD (2019A)
0.76%
New York Dormitory Authority, 5% 1jul2041, USD (2016A)
0.76%
US544532GP33
0.73%
University of Michigan, 4% 15feb2044, USD (2019C)
0.72%
Mississippi, 5% 1oct2029, USD (2017A)
0.72%
Delaware Valley Regional Finance Authority, 5.75% 1jul2032, USD
0.69%
Frequently asked questions about VTEB and AVMU
How have the VTEB and AVMU ETFs performed in 2026?
As of September 9, 2026, VTEB is down -0.9% year-to-date (YTD), while AVMU has lost -1.83%. That puts VTEB better performer ahead so far this year.
Which ETF is attracting more investor money: VTEB or AVMU?
Year-to-date, the VTEB ETF saw +$4.85B in flows, compared to +$25M for AVMU.
Which ETF is more volatile: VTEB or AVMU?
Over the past year, VTEB had a volatility of 2.46%, while AVMU experienced 2.73%.
Which ETF is bigger: VTEB or AVMU?
As of September 9, 2026, VTEB holds $45.94 B in assets under management (AUM), while AVMU manages $168.40 M.
What sectors do the VTEB and AVMU ETFs invest in?
VTEB leans toward sectors like Municipal. Meanwhile, AVMU focuses on Municipal.
What are the top holdings of the VTEB ETF and AVMU ETF?
VTEB top holdings include City of New York, 5% 1aug2034, USD (2026), University of California, 5% 15may2036, USD (2025) and Idaho, 4% 30jun2027, USD (2026). AVMU holds in its top three: San Antonio, 4% 15sep2042, USD, US47770VCC28 and US798025ML35.
Which ETF is more diversified: VTEB or AVMU?
VTEB holds 10658 securities with 1.34% of its assets in the top 15. AVMU has 540 securities and a top 15 weight of 15.84%.
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Latest news about VTEB & AVMU
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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