VTEBvsHYDETF Comparison
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Vanguard Tax-Exempt Bond Index ETF (VTEB) and VanEck High Yield Muni ETF (HYD) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 3 sector exposures: and Municipal. VTEB is less expensive with a Total Expense Ratio (TER) of 0.03%, versus 0.32% for HYD. VTEB is up 0.03% year-to-date (YTD) with -$555M in YTD flows. HYD performs better with 0.3% YTD performance, and +$42M in YTD flows. Run a side-by-side ETF comparison of VTEB and HYD 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 HYD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEB HYD | -1.71%-1.41% | -0.01%+0.26% | +0.03%+0.30% | +4.04%+2.46% | +8.54%+11.29% | +4.48%+0.01% |
| Flows | VTEB HYD | +$551M-$152M | -$555M+$42M | -$555M+$42M | +$5.62B+$634M | +$15.60B+$1.29B | +$31.18B+$1.36B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB HYD | +2.80%+3.12% | +4.30%+5.53% | +3.75%+4.45% | +3.60%+4.45% |
| Max drawdown | VTEB HYD | -2.65%-2.84% | -4.46%-5.76% | -5.88%-6.80% | -12.68%-20.06% |
| Max drawdown duration | VTEB HYD | 31d31d | 152d162d | 231d133d | 1231d1700d |
Trading data
VTEB | HYD | |
Last sale 4/2/2026 at 1:30 PM | $50.01 | $50.58 |
| Previous close 04/01/2026 | $49.91 | $50.38 |
| Consolidated volume 04/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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VTEB | HYD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/2/2026 at 1:30 PM
Live
Closed
VTEB | HYD | |
|---|---|---|
| Last price | $50.01 | $50.58 |
| 1D performance | +0.19% | +0.39% |
| AuM | $41.65 B | $4.02 B |
| E/R | 0.03% | 0.32% |
Characteristics
VTEB | HYD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | VanEck |
| Benchmark | S&P National AMT-Free Municipal Bond Index | ICE Broad High Yield Crossover Municipal Index |
| N° of holdings | 3771 | 445 |
| Asset class | Bonds | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 21, 2015 | February 4, 2009 |
| ESG | No | No |
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Exposure
Countries
VTEB
USA
99.37%
Other
0.63%
HYD
USA
100%
Other
-0%
Sectors
VTEB
Municipal
36.79%
Other
63.21%
HYD
Municipal
43.31%
Other
56.69%
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Diversification
VTEB
Total weight of top 15 holdings out of 15
1.45%
HYD
Total weight of top 15 holdings out of 15
9.24%
Top 15 holdings
Data as of February 28, 2026
VTEB
US89602HJC25
0.12%
US836895FT49
0.11%
California, 5.25% 1aug2032, USD
0.11%
US19672MDH88
0.11%
US46640K3M42
0.11%
US91412HWH29
0.10%
US64972JJQ22
0.09%
US235308Y233
0.09%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.09%
US64972JJU34
0.09%
US677632T926
0.09%
US64972JZB78
0.08%
US79574CGL19
0.08%
Illinois, 5% 1nov2029, USD (2017C)
0.08%
US74448XCP50
0.08%
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
0.97%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.91%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.72%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.67%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.67%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.62%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.59%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.58%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
US340618DR59
0.54%
US74448UAB44
0.53%
US442349GA89
0.48%
US74448UAA60
0.48%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.47%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.47%
Frequently asked questions about VTEB and HYD
How have the VTEB and HYD ETFs performed in 2026?
As of April 1, 2026, VTEB is up 0.03% year-to-date (YTD), while HYD has returned 0.3%. That puts HYD better performer ahead so far this year.
Which ETF is attracting more investor money: VTEB or HYD?
Year-to-date, the VTEB ETF saw -$555M in flows, compared to +$42M for HYD.
Which ETF is more volatile: VTEB or HYD?
Over the past year, VTEB had a volatility of 4.3%, while HYD experienced 5.53%.
Which ETF is bigger: VTEB or HYD?
As of April 1, 2026, VTEB holds $41.65 B in assets under management (AUM), while HYD manages $4.02 B.
What sectors do the VTEB and HYD ETFs invest in?
VTEB leans toward sectors like Municipal. Meanwhile, HYD focuses on Municipal.
What are the top holdings of the VTEB ETF and HYD ETF?
VTEB top holdings include US89602HJC25, US836895FT49 and California, 5.25% 1aug2032, USD. HYD holds in its top three: Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D), Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2) and Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD.
Which ETF is more diversified: VTEB or HYD?
VTEB holds 9769 securities with 1.45% of its assets in the top 15. HYD has 1332 securities and a top 15 weight of 9.24%.
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Latest news about VTEB & HYD
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Vanguard plans to launch a new short-term municipal bond ETF in 2023
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Investing in Municipal Bond ETFs
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