VTEBvsMLNETF Comparison
VS
Vanguard Tax-Exempt Bond Index ETF (VTEB) and VanEck Long Muni ETF (MLN) 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 0.24% for MLN. VTEB is down -0.45% year-to-date (YTD) with +$4.91B in YTD flows. MLN performs worse with -0.48% YTD performance, and +$46M in YTD flows. Run a side-by-side ETF comparison of VTEB and MLN 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 MLN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/08/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEB MLN | -1.48%-2.13% | -1.94%-2.60% | -0.45%-0.48% | +2.10%+3.01% | +9.62%+9.65% | +2.22%-7.71% |
| Flows | VTEB MLN | +$501M+$7M | +$2.47B-$11M | +$4.91B+$46M | +$7.76B+$131M | +$18.74B+$243M | +$34.34B+$502M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB MLN | +2.64%+3.70% | +2.42%+3.37% | +3.71%+5.67% | +3.67%+5.89% |
| Max drawdown | VTEB MLN | -2.59%-3.66% | -2.65%-3.66% | -5.41%-8.67% | -12.41%-23.40% |
| Max drawdown duration | VTEB MLN | 64d64d | 117d64d | 275d394d | 1001d1709d |
Trading data
VTEB | MLN | |
Last sale 9/9/2026 at 1:30 PM | $48.61 | $16.86 |
| Previous close 09/08/2026 | $48.87 | $16.98 |
| Consolidated volume 09/08/2026 | ||
| 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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VTEB | MLN | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/9/2026 at 1:30 PM
Live
Closed
VTEB | MLN | |
|---|---|---|
| Last price | $48.61 | $16.86 |
| 1D performance | -0.53% | -0.71% |
| AuM | $46.21 B | $670.87 M |
| E/R | 0.03% | 0.24% |
Characteristics
VTEB | MLN | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | VanEck |
| Benchmark | S&P National AMT-Free Municipal Bond Index | ICE Long AMT-Free Broad National Municipal Index |
| N° of holdings | 5288 | 345 |
| Asset class | Bonds | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 21, 2015 | January 2, 2008 |
| ESG | No | No |
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Exposure
Countries
VTEB
USA
57.45%
Other
42.55%
MLN
USA
56.18%
Other
43.82%
Sectors
VTEB
Municipal
57.45%
Other
42.55%
MLN
Municipal
56.18%
Other
43.82%
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Diversification
VTEB
Total weight of top 15 holdings out of 15
1.34%
MLN
Total weight of top 15 holdings out of 15
8.03%
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%
MLN
Houston Convention and Entertainment Facilities Department, 5.5% 1sep2058, USD (2026C)
0.77%
City of New York, 5% 1sep2048, USD (2025)
0.74%
Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A)
0.52%
Onondaga Civic Development Corp., 5.5% 1dec2056, USD (2025)
0.52%
Los Angeles Department of Airports, 5.25% 15may2051, USD (2025)
0.51%
US677523JU73
0.51%
US64990KHZ93
0.51%
Salt River Project Agricultural Improvement and Power District, 5.25% 1jan2055, USD (2025)
0.51%
City of New York, 5% 1oct2045, USD (2026)
0.50%
New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026)
0.50%
US57582TFG22
0.50%
US59334DQP23
0.49%
Massachusetts, 5% 1aug2054, USD (2024)
0.49%
North Carolina Turnpike Authority, 5% 1jan2058, USD (2024A)
0.49%
US93978LJN73
0.48%
Frequently asked questions about VTEB and MLN
How have the VTEB and MLN ETFs performed in 2026?
As of September 8, 2026, VTEB is down -0.45% year-to-date (YTD), while MLN has lost -0.48%. That puts VTEB better performer ahead so far this year.
Which ETF is attracting more investor money: VTEB or MLN?
Year-to-date, the VTEB ETF saw +$4.91B in flows, compared to +$46M for MLN.
Which ETF is more volatile: VTEB or MLN?
Over the past year, VTEB had a volatility of 2.42%, while MLN experienced 3.37%.
Which ETF is bigger: VTEB or MLN?
As of September 8, 2026, VTEB holds $46.21 B in assets under management (AUM), while MLN manages $670.87 M.
What sectors do the VTEB and MLN ETFs invest in?
VTEB leans toward sectors like Municipal. Meanwhile, MLN focuses on Municipal.
What are the top holdings of the VTEB ETF and MLN 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). MLN holds in its top three: Houston Convention and Entertainment Facilities Department, 5.5% 1sep2058, USD (2026C), City of New York, 5% 1sep2048, USD (2025) and Texas Transportation Finance Corp., 5.5% 1oct2055, USD (2025A).
Which ETF is more diversified: VTEB or MLN?
VTEB holds 10658 securities with 1.34% of its assets in the top 15. MLN has 629 securities and a top 15 weight of 8.03%.
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Latest news about VTEB & MLN
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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