VTEBvsVTESETF Comparison
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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 -1% year-to-date (YTD) with +$11.20B in YTD flows. VTES performs better with 0.68% YTD performance, and +$2.54B 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 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTEB VTES | +1.65%+1.46% | -1.15%+0.44% | -1.00%+0.68% | -0.66%+1.24% | +12.92%+10.73% | +2.65%n/a |
| Flows | VTEB VTES | +$4.90B+$902M | +$8.02B+$1.95B | +$11.20B+$2.54B | +$12.73B+$2.70B | +$24.55B+$3.88B | +$40.40B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTEB VTES | +5.39%+2.68% | +3.43%+1.65% | +3.84%+1.61% | +3.83%n/a |
| Max drawdown | VTEB VTES | -5.74%-2.66% | -6.63%-2.95% | -6.63%-2.95% | -12.41%n/a |
| Max drawdown duration | VTEB VTES | 71d71d | 109d239d | 109d239d | 1001dn/a |
Trading data
VTEB | VTES | |
Last sale 10/23/2026 at 1:30 PM | $48.51 | $100.23 |
| Previous close 10/22/2026 | $48.41 | $100.14 |
| Consolidated volume 10/22/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 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 10/23/2026 at 1:30 PM
Live
Closed
VTEB | VTES | |
|---|---|---|
| Last price | $48.51 | $100.23 |
| 1D performance | +0.21% | +0.09% |
| AuM | $52.25 B | $4.13 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 | 5200 | 1671 |
| Asset class | Bonds | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | August 21, 2015 | March 9, 2023 |
| ESG | No | No |
Exposure
Countries
VTEB
USA
55.18%
Other
44.82%
VTES
USA
52.32%
Other
47.68%
Sectors
VTEB
Municipal
55.18%
Other
44.82%
VTES
Municipal
52.32%
Other
47.68%
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Diversification
VTEB
Total weight of top 15 holdings out of 15
1.57%
VTES
Total weight of top 15 holdings out of 15
5.61%
Top 15 holdings
Data as of August 31, 2026
VTEB
US13063EUN48
0.16%
US13063EUP95
0.15%
City of New York, 5% 1aug2034, USD (2026)
0.12%
University of California, 5% 15may2036, USD (2025)
0.11%
US68608JXF38
0.10%
Idaho, 4% 30jun2027, USD (2026)
0.10%
US87638QBF54
0.10%
California, 5.25% 1aug2032, USD
0.10%
US646140KX00
0.10%
New Jersey Health Care Facilities Financing Authority, 1.9% 1jul2061, USD (2026B-1)
0.10%
City of New York, 5% 1aug2032, USD (2026)
0.09%
US574193YA01
0.09%
Wisconsin, 5% 1may2038, USD (2026)
0.09%
Triborough Bridge and Tunnel Authority, 5% 1feb2028, USD (2026A)
0.08%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.08%
VTES
US13063EUN48
0.91%
US13063EUM64
0.86%
US13063EUP95
0.78%
US13063EUU80
0.42%
North Colonie Central School District, 3.75% 25jun2027, USD (2026)
0.40%
US13063EUQ78
0.38%
US13063EUS35
0.30%
Illinois, 5% 1nov2028, USD (2017D)
0.22%
US64972JQM35
0.21%
US13063ENN21
0.19%
Illinois, 5% 1nov2027, USD (2017D)
0.19%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.19%
New Jersey, 5% 1jun2029, USD
0.19%
Pennsylvania Public School Building Authority, 5% 1jun2033, USD (2016A)
0.18%
New Jersey Economic Development Authority, 5% 15jun2042, USD
0.18%
Frequently asked questions about VTEB and VTES
How have the VTEB and VTES ETFs performed in 2026?
As of October 23, 2026, VTEB is down -1% year-to-date (YTD), while VTES has returned 0.68%. 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 +$11.20B in flows, compared to +$2.54B for VTES.
Which ETF is more volatile: VTEB or VTES?
Over the past year, VTEB had a volatility of 3.43%, while VTES experienced 1.65%.
Which ETF is bigger: VTEB or VTES?
As of October 23, 2026, VTEB holds $52.25 B in assets under management (AUM), while VTES manages $4.13 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 US13063EUN48, US13063EUP95 and City of New York, 5% 1aug2034, USD (2026). VTES holds in its top three: US13063EUN48, US13063EUM64 and US13063EUP95.
Which ETF is more diversified: VTEB or VTES?
VTEB holds 10722 securities with 1.57% of its assets in the top 15. VTES has 3442 securities and a top 15 weight of 5.61%.
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Latest news about VTEB & VTES
The Weekly ETF Market Monitor (September 28-October 2, 2026)
October 2, 2026
VTEB
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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