VTEBvsVTESETF Comparison
VS
Vanguard Tax-Exempt Bond Index ETF (VTEB) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES) 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 0.05% for VTES. VTEB is down -0.45% year-to-date (YTD) with +$4.91B in YTD flows. VTES performs better with 0.56% YTD performance, and +$1.00B in YTD flows. Run a side-by-side ETF comparison of VTEB and VTES 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 VTES 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 VTES | -1.48%-0.32% | -1.94%-0.19% | -0.45%+0.56% | +2.10%+1.09% | +9.62%+9.43% | +2.22%n/a |
| Flows | VTEB VTES | +$501M+$334M | +$2.47B+$584M | +$4.91B+$1.00B | +$7.76B+$1.28B | +$18.74B+$2.39B | +$34.34B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB VTES | +2.64%+1.12% | +2.42%+1.08% | +3.71%+1.48% | +3.67%n/a |
| Max drawdown | VTEB VTES | -2.59%-0.77% | -2.65%-1.38% | -5.41%-1.81% | -12.41%n/a |
| Max drawdown duration | VTEB VTES | 64d64d | 117d194d | 275d59d | 1001dn/a |
Trading data
VTEB | VTES | |
Last sale 9/9/2026 at 1:30 PM | $48.61 | $100.04 |
| Previous close 09/08/2026 | $48.87 | $100.30 |
| 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 | VTES | |
|---|---|---|
| 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 | VTES | |
|---|---|---|
| Last price | $48.61 | $100.04 |
| 1D performance | -0.53% | -0.26% |
| AuM | $46.21 B | $2.58 B |
| E/R | 0.03% | 0.05% |
Characteristics
VTEB | VTES | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Vanguard |
| Benchmark | S&P National AMT-Free Municipal Bond Index | S&P 0-7 Year National AMT-Free Municipal Bond Index |
| N° of holdings | 5288 | 1686 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 21, 2015 | March 9, 2023 |
| ESG | No | No |
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Exposure
Countries
VTEB
USA
57.45%
Other
42.55%
VTES
USA
59.38%
Other
40.62%
Sectors
VTEB
Municipal
57.45%
Other
42.55%
VTES
Municipal
59.38%
Other
40.62%
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Diversification
VTEB
Total weight of top 15 holdings out of 15
1.34%
VTES
Total weight of top 15 holdings out of 15
3.27%
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%
VTES
North Colonie Central School District, 3.75% 25jun2027, USD (2026)
0.46%
US64972JQM35
0.25%
US13063ENN21
0.22%
Illinois, 5% 1nov2027, USD (2017D)
0.22%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.21%
New Jersey Economic Development Authority, 5% 15jun2042, USD
0.21%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.21%
New Jersey, 5% 1jun2029, USD
0.20%
New Jersey, 5% 1jun2028, USD
0.20%
New Jersey Transportation Trust Fund Authority, 5% 15jun2028, USD
0.20%
California, 5.25% 1aug2032, USD
0.18%
Wyandotte Unified School District №500, 5.25% 1sep2042, USD (2016-A)
0.18%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.18%
New Jersey, 4% 1jun2030, USD
0.17%
US544647HQ66
0.17%
Frequently asked questions about VTEB and VTES
How have the VTEB and VTES ETFs performed in 2026?
As of September 8, 2026, VTEB is down -0.45% year-to-date (YTD), while VTES has returned 0.56%. That puts VTES better performer ahead so far this year.
Which ETF is attracting more investor money: VTEB or VTES?
Year-to-date, the VTEB ETF saw +$4.91B in flows, compared to +$1.00B for VTES.
Which ETF is more volatile: VTEB or VTES?
Over the past year, VTEB had a volatility of 2.42%, while VTES experienced 1.08%.
Which ETF is bigger: VTEB or VTES?
As of September 8, 2026, VTEB holds $46.21 B in assets under management (AUM), while VTES manages $2.58 B.
What sectors do the VTEB and VTES ETFs invest in?
VTEB leans toward sectors like Municipal. Meanwhile, VTES focuses on Municipal.
What are the top holdings of the VTEB ETF and VTES 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). VTES holds in its top three: North Colonie Central School District, 3.75% 25jun2027, USD (2026), US64972JQM35 and US13063ENN21.
Which ETF is more diversified: VTEB or VTES?
VTEB holds 10658 securities with 1.34% of its assets in the top 15. VTES has 3414 securities and a top 15 weight of 3.27%.
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Latest news about VTEB & VTES
A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF
April 21, 2023
VTEB
VTES
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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