VTEBvsVTEIETF Comparison
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Vanguard Tax-Exempt Bond Index ETF (VTEB) and Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) 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 0.08% for VTEI. VTEB is down -0.9% year-to-date (YTD) with +$4.85B in YTD flows. VTEI performs worse with -1.02% YTD performance, and +$498M in YTD flows. Run a side-by-side ETF comparison of VTEB and VTEI 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 VTEI 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 VTEI | -1.92%-1.63% | -2.42%-2.19% | -0.90%-1.02% | +1.47%+1.00% | +9.11%n/a | +1.77%n/a |
| Flows | VTEB VTEI | +$438M+$72M | +$2.49B+$159M | +$4.85B+$498M | +$7.56B+$752M | +$18.69B- | +$34.29B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB VTEI | +2.76%+2.37% | +2.46%+2.08% | +3.72%n/a | +3.67%n/a |
| Max drawdown | VTEB VTEI | -3.03%-2.57% | -3.03%-2.97% | -5.41%n/a | -12.41%n/a |
| Max drawdown duration | VTEB VTEI | 65d65d | 65d192d | 275dn/a | 1001dn/a |
Trading data
VTEB | VTEI | |
Last sale 9/9/2026 at 1:30 PM | $48.61 | $97.52 |
| Previous close 09/09/2026 | $48.87 | $97.90 |
| 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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VTEB | VTEI | |
|---|---|---|
| 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 | VTEI | |
|---|---|---|
| Last price | $48.61 | $97.52 |
| 1D performance | -0.53% | -0.39% |
| AuM | $45.94 B | $1.59 B |
| E/R | 0.03% | 0.08% |
Characteristics
VTEB | VTEI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Vanguard |
| Benchmark | S&P National AMT-Free Municipal Bond Index | S&P Intermediate Term National AMT-Free Municipal Bond Index |
| N° of holdings | 5288 | 2991 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 21, 2015 | January 30, 2024 |
| ESG | No | No |
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Exposure
Countries
VTEB
USA
57.45%
Other
42.55%
VTEI
USA
56.56%
Other
43.44%
Sectors
VTEB
Municipal
57.45%
Other
42.55%
VTEI
Municipal
56.56%
Other
43.44%
Diversification
VTEB
Total weight of top 15 holdings out of 15
1.34%
VTEI
Total weight of top 15 holdings out of 15
1.97%
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%
VTEI
California, 5% 1oct2035, USD
0.16%
Bay Area Toll Authority, 5% 1apr2061, USD (2026)
0.16%
California Public Works Board, 5% 1apr2035, USD
0.14%
University of California, 5% 15may2036, USD (2025)
0.14%
US697379YS89
0.14%
Idaho, 4% 30jun2027, USD (2026)
0.13%
US442403RT05
0.13%
New York Transitional Finance Authority, 5% 1nov2030, USD (2026)
0.13%
San Francisco Public Utilities Commission, 1% 1oct2026, USD (2021)
0.13%
New York Dormitory Authority, 5% 15mar2033, USD (2026A)
0.13%
New York Dormitory Authority, 5% 15mar2035, USD (2026A)
0.13%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.12%
US67766WV741
0.12%
US677523LK63
0.11%
US419792MM53
0.11%
Frequently asked questions about VTEB and VTEI
How have the VTEB and VTEI ETFs performed in 2026?
As of September 9, 2026, VTEB is down -0.9% year-to-date (YTD), while VTEI has lost -1.02%. That puts VTEB better performer ahead so far this year.
Which ETF is attracting more investor money: VTEB or VTEI?
Year-to-date, the VTEB ETF saw +$4.85B in flows, compared to +$498M for VTEI.
Which ETF is more volatile: VTEB or VTEI?
Over the past year, VTEB had a volatility of 2.46%, while VTEI experienced 2.08%.
Which ETF is bigger: VTEB or VTEI?
As of September 9, 2026, VTEB holds $45.94 B in assets under management (AUM), while VTEI manages $1.59 B.
What sectors do the VTEB and VTEI ETFs invest in?
VTEB leans toward sectors like Municipal. Meanwhile, VTEI focuses on Municipal.
What are the top holdings of the VTEB ETF and VTEI 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). VTEI holds in its top three: California, 5% 1oct2035, USD, Bay Area Toll Authority, 5% 1apr2061, USD (2026) and California Public Works Board, 5% 1apr2035, USD.
Which ETF is more diversified: VTEB or VTEI?
VTEB holds 10658 securities with 1.34% of its assets in the top 15. VTEI has 6057 securities and a top 15 weight of 1.97%.
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Latest news about VTEB & VTEI
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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