VTEBvsCMFETF Comparison
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Vanguard Tax-Exempt Bond Index ETF (VTEB) and iShares California Muni Bond ETF (CMF) belong to the same industry segment: Municipal Bonds. VTEB's top 1 sector exposures are Municipal. In contrast, CMF's top sector exposures are Municipal and Non-Corporate. VTEB is less expensive with a Total Expense Ratio (TER) of 0.03%, versus 0.08% for CMF. VTEB is down -1% year-to-date (YTD) with +$11.20B in YTD flows. CMF performs worse with -1.31% YTD performance, and +$1.69B in YTD flows. Run a side-by-side ETF comparison of VTEB and CMF 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 CMF performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEB CMF | +1.65%+1.62% | -1.15%-1.12% | -1.00%-1.31% | -0.66%-0.88% | +12.92%+11.69% | +2.65%+1.58% |
| Flows | VTEB CMF | +$4.90B+$629M | +$8.02B+$877M | +$11.20B+$1.69B | +$12.73B+$2.02B | +$24.55B+$3.23B | +$40.40B+$3.71B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB CMF | +5.39%+4.92% | +3.43%+3.17% | +3.84%+3.57% | +3.83%+3.60% |
| Max drawdown | VTEB CMF | -5.74%-5.53% | -6.63%-6.52% | -6.63%-6.52% | -12.41%-12.25% |
| Max drawdown duration | VTEB CMF | 71d71d | 109d236d | 109d236d | 1001d1346d |
Trading data
VTEB | CMF | |
Last sale 10/23/2026 at 1:30 PM | $48.51 | $55.38 |
| Previous close 10/22/2026 | $48.41 | $55.30 |
| Consolidated volume 10/22/2026 | ||
| 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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VTEB | CMF | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/23/2026 at 1:30 PM
Live
Closed
VTEB | CMF | |
|---|---|---|
| Last price | $48.51 | $55.38 |
| 1D performance | +0.21% | +0.14% |
| AuM | $52.25 B | $5.33 B |
| E/R | 0.03% | 0.08% |
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Exposure
Countries
VTEB
USA
55.18%
Other
44.82%
CMF
USA
59.23%
Other
40.77%
Sectors
VTEB
Municipal
55.18%
Other
44.82%
CMF
Municipal
59.23%
Other
40.77%
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Diversification
VTEB
Total weight of top 15 holdings out of 15
1.57%
CMF
Total weight of top 15 holdings out of 15
6.39%
Top 15 holdings
Data as of August 31, 2026
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%
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.60%
US79766DLC10
0.52%
US032556NJ70
0.49%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
California Educational Facilities Authority, 5% 1may2045, USD
0.44%
US4636324Q95
0.44%
US79905CAB90
0.42%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.40%
University of California, 5% 15may2036, USD (2025)
0.39%
California, 5% 1mar2055, USD
0.37%
California, 5.25% 1aug2032, USD
0.34%
US91412GSH91
0.32%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
Frequently asked questions about VTEB and CMF
How have the VTEB and CMF ETFs performed in 2026?
As of October 23, 2026, VTEB is down -1% year-to-date (YTD), while CMF has lost -1.31%. That puts VTEB better performer ahead so far this year.
Which ETF is attracting more investor money: VTEB or CMF?
Year-to-date, the VTEB ETF saw +$11.20B in flows, compared to +$1.69B for CMF.
Which ETF is more volatile: VTEB or CMF?
Over the past year, VTEB had a volatility of 3.43%, while CMF experienced 3.17%.
Which ETF is bigger: VTEB or CMF?
As of October 23, 2026, VTEB holds $52.25 B in assets under management (AUM), while CMF manages $5.33 B.
What sectors do the VTEB and CMF ETFs invest in?
VTEB leans toward sectors like Municipal. Meanwhile, CMF focuses on Municipal.
What are the top holdings of the VTEB ETF and CMF ETF?
VTEB top holdings include US13063EUN48, US13063EUP95 and City of New York, 5% 1aug2034, USD (2026). CMF holds in its top three: Orange Water District, FRN 1aug2042, USD (2003A), US79766DLC10 and US032556NJ70.
Which ETF is more diversified: VTEB or CMF?
VTEB holds 10722 securities with 1.57% of its assets in the top 15. CMF has 1670 securities and a top 15 weight of 6.39%.
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Latest news about VTEB & CMF
The Weekly ETF Market Monitor (September 28-October 2, 2026)
October 2, 2026
VTEB
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September 2, 2025
CMF
A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF
April 21, 2023
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Vanguard plans to launch a new short-term municipal bond ETF in 2023
December 23, 2022
VTEB
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Investing in Municipal Bond ETFs
October 24, 2022
VTEB
Investing in Municipal Bond ETFs
October 24, 2022
VTEB
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