VTEBvsTFIETF Comparison
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Vanguard Tax-Exempt Bond Index ETF (VTEB) and State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) 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 0.23% for TFI. VTEB is up 1.74% year-to-date (YTD) with +$2.63B in YTD flows. TFI performs worse with 1.49% YTD performance, and +$99M in YTD flows. Run a side-by-side ETF comparison of VTEB and TFI 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 TFI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 06/22/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEB TFI | +1.58%+1.47% | +1.88%+1.69% | +1.74%+1.49% | +6.65%+6.21% | +10.55%+8.59% | +4.69%-0.14% |
| Flows | VTEB TFI | +$1.37B+$27M | +$3.57B+$127M | +$2.63B+$99M | +$6.71B-$180M | +$17.25B-$685M | +$32.90B-$78M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB TFI | +2.75%+2.73% | +2.32%+2.25% | +3.70%+4.02% | +3.63%+3.96% |
| Max drawdown | VTEB TFI | -1.27%-1.25% | -2.65%-2.76% | -5.47%-6.59% | -12.68%-15.36% |
| Max drawdown duration | VTEB TFI | 31d32d | 113d113d | 127d129d | 1231d1798d |
Trading data
VTEB | TFI | |
Last sale 6/23/2026 at 1:30 PM | $50.43 | $45.61 |
| Previous close 06/22/2026 | $50.44 | $45.67 |
| Consolidated volume 06/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of May 29, 2026
1-year trailing difference
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VTEB | TFI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 6/23/2026 at 1:30 PM
Live
Closed
VTEB | TFI | |
|---|---|---|
| Last price | $50.43 | $45.61 |
| 1D performance | -0.02% | -0.13% |
| AuM | $45.33 B | $3.11 B |
| E/R | 0.03% | 0.23% |
Characteristics
VTEB | TFI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | State Street Investment Management |
| Benchmark | S&P National AMT-Free Municipal Bond Index | ICE 1+ Year AMT‑Free Broad Municipal Index |
| N° of holdings | 3769 | 437 |
| Asset class | Bonds | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 21, 2015 | September 11, 2007 |
| ESG | No | No |
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Exposure
Countries
VTEB
USA
98.87%
Other
1.13%
TFI
USA
100.67%
Other
-0.67%
Sectors
VTEB
Municipal
35.39%
Other
64.61%
TFI
Municipal
23.78%
Other
76.22%
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Diversification
VTEB
Total weight of top 15 holdings out of 15
1.47%
TFI
Total weight of top 15 holdings out of 15
3.12%
Top 15 holdings
Data as of April 30, 2026
VTEB
US771902JD68
0.19%
US91412HWH29
0.12%
US89602HJC25
0.11%
US19672MDH88
0.11%
California, 5.25% 1aug2032, USD
0.11%
US64972JJQ22
0.09%
US235308Y233
0.09%
US67766WV741
0.08%
US65000BW384
0.08%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.08%
US677632T926
0.08%
US64972JZB78
0.08%
US74448XCP50
0.08%
Illinois, 5% 1nov2029, USD (2017C)
0.08%
US544532QE75
0.08%
TFI
US574193VL92
0.35%
California, 5% 1nov2027, USD
0.23%
US64966QMF45
0.22%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.21%
US91412HWK57
0.21%
US55844RWX87
0.20%
US64972GE598
0.20%
State of Washington, 5% 1feb2028, USD (2024A)
0.20%
US373385LV30
0.20%
US677523KE13
0.19%
US574204S201
0.19%
US764581KP80
0.18%
US010831EC55
0.18%
California, 5% 1nov2032, USD
0.18%
City of New York, 5% 1aug2029, USD
0.18%
Frequently asked questions about VTEB and TFI
How have the VTEB and TFI ETFs performed in 2026?
As of June 22, 2026, VTEB is up 1.74% year-to-date (YTD), while TFI has returned 1.49%. That puts VTEB better performer ahead so far this year.
Which ETF is attracting more investor money: VTEB or TFI?
Year-to-date, the VTEB ETF saw +$2.63B in flows, compared to +$99M for TFI.
Which ETF is more volatile: VTEB or TFI?
Over the past year, VTEB had a volatility of 2.32%, while TFI experienced 2.25%.
Which ETF is bigger: VTEB or TFI?
As of June 22, 2026, VTEB holds $45.33 B in assets under management (AUM), while TFI manages $3.11 B.
What sectors do the VTEB and TFI ETFs invest in?
VTEB leans toward sectors like Municipal. Meanwhile, TFI focuses on Municipal.
What are the top holdings of the VTEB ETF and TFI ETF?
VTEB top holdings include US771902JD68, US91412HWH29 and US89602HJC25. TFI holds in its top three: US574193VL92, California, 5% 1nov2027, USD and US64966QMF45.
Which ETF is more diversified: VTEB or TFI?
VTEB holds 10187 securities with 1.47% of its assets in the top 15. TFI has 1828 securities and a top 15 weight of 3.12%.
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Latest news about VTEB & TFI
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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