VTESvsFMUNETF Comparison
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Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. VTES's top 1 sector exposures are Municipal. In contrast, FMUN's top sector exposures are Municipal and Non-Corporate. Both VTES and FMUN have the same Total Expense Ratio (TER) of 0.05%. VTES is up 0.59% year-to-date (YTD) with +$845M in YTD flows. FMUN performs worse with -0.55% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of VTES and FMUN 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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VTES vs FMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTES FMUN | +0.10%-0.76% | -0.11%-1.92% | +0.59%-0.55% | +1.59%+3.64% | +9.43%n/a | n/an/a |
| Flows | VTES FMUN | +$214M- | +$446M+$3M | +$845M+$12M | +$1.13B+$14M | +$2.24B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTES FMUN | +1.12%+2.78% | +1.11%+2.70% | +1.48%n/a | n/an/a |
| Max drawdown | VTES FMUN | -0.77%-2.57% | -1.38%-2.86% | -1.81%n/a | n/an/a |
| Max drawdown duration | VTES FMUN | 58d58d | 188d185d | 59dn/a | n/an/a |
Trading data
VTES | FMUN | |
Last sale 9/2/2026 at 1:30 PM | $100.35 | $48.73 |
| Previous close 09/02/2026 | $100.36 | $48.71 |
| Consolidated volume 09/02/2026 | ||
| 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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VTES | FMUN | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/2/2026 at 1:30 PM
Live
Closed
VTES | FMUN | |
|---|---|---|
| Last price | $100.35 | $48.73 |
| 1D performance | -0.00% | +0.05% |
| AuM | $2.42 B | $178.50 M |
| E/R | 0.05% | 0.05% |
Characteristics
VTES | FMUN | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Fidelity |
| Benchmark | S&P 0-7 Year National AMT-Free Municipal Bond Index | Fidelity Systematic U.S. Municipal Bond Index |
| N° of holdings | 1686 | 739 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 9, 2023 | April 8, 2025 |
| ESG | No | No |
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Exposure
Countries
VTES
USA
59.38%
Other
40.62%
FMUN
USA
58.77%
Other
41.23%
Sectors
VTES
Municipal
59.38%
Other
40.62%
FMUN
Municipal
58.52%
Other
41.48%
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Diversification
VTES
Total weight of top 15 holdings out of 15
3.27%
FMUN
Total weight of top 15 holdings out of 15
9.67%
Top 15 holdings
Data as of July 31, 2026
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%
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.23%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.60%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.52%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.51%
California, 5% 1aug2035, USD
0.50%
Southeast Energy Authority, 5.25% 1mar2055, USD (2025B)
0.48%
Triborough Bridge and Tunnel Authority, 4% 15may2046, USD (2021A)
0.47%
US452153JU45
0.46%
New York Transportation Development Corp., 5.375% 30jun2060, USD (2023)
0.44%
US56035DGT37
0.41%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.39%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.38%
Frequently asked questions about VTES and FMUN
How have the VTES and FMUN ETFs performed in 2026?
As of September 2, 2026, VTES is up 0.59% year-to-date (YTD), while FMUN has lost -0.55%. That puts VTES better performer ahead so far this year.
Which ETF is attracting more investor money: VTES or FMUN?
Year-to-date, the VTES ETF saw +$845M in flows, compared to +$12M for FMUN.
Which ETF is more volatile: VTES or FMUN?
Over the past year, VTES had a volatility of 1.11%, while FMUN experienced 2.7%.
Which ETF is bigger: VTES or FMUN?
As of September 2, 2026, VTES holds $2.42 B in assets under management (AUM), while FMUN manages $178.50 M.
What sectors do the VTES and FMUN ETFs invest in?
VTES leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the VTES ETF and FMUN ETF?
VTES top holdings include North Colonie Central School District, 3.75% 25jun2027, USD (2026), US64972JQM35 and US13063ENN21. FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: VTES or FMUN?
VTES holds 3414 securities with 3.27% of its assets in the top 15. FMUN has 1171 securities and a top 15 weight of 9.67%.
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