VTESvsHYDETF Comparison
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Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and VanEck High Yield Muni ETF (HYD) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. VTES is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.32% for HYD. VTES is up 0.59% year-to-date (YTD) with +$845M in YTD flows. HYD performs better with 0.93% YTD performance, and +$367M in YTD flows. Run a side-by-side ETF comparison of VTES and HYD 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 HYD 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 HYD | +0.10%-0.60% | -0.11%-1.22% | +0.59%+0.93% | +1.59%+5.51% | +9.43%+12.06% | n/a-3.18% |
| Flows | VTES HYD | +$214M-$83M | +$446M+$98M | +$845M+$367M | +$1.13B+$1.00B | +$2.24B+$1.62B | -+$1.12B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTES HYD | +1.12%+2.83% | +1.11%+2.78% | +1.48%+4.39% | n/a+4.52% |
| Max drawdown | VTES HYD | -0.77%-2.22% | -1.38%-2.84% | -1.81%-6.23% | n/a-19.67% |
| Max drawdown duration | VTES HYD | 58d58d | 188d106d | 59d225d | n/a1826d |
Trading data
VTES | HYD | |
Last sale 9/2/2026 at 1:30 PM | $100.35 | $49.55 |
| Previous close 09/02/2026 | $100.36 | $49.56 |
| 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 | HYD | |
|---|---|---|
| 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 | HYD | |
|---|---|---|
| Last price | $100.35 | $49.55 |
| 1D performance | -0.00% | -0.02% |
| AuM | $2.42 B | $4.29 B |
| E/R | 0.05% | 0.32% |
Characteristics
VTES | HYD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | VanEck |
| Benchmark | S&P 0-7 Year National AMT-Free Municipal Bond Index | ICE Broad High Yield Crossover Municipal Index |
| N° of holdings | 1686 | 716 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 9, 2023 | February 4, 2009 |
| ESG | No | No |
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Exposure
Countries
VTES
USA
59.38%
Other
40.62%
HYD
USA
60.29%
Other
39.71%
Sectors
VTES
Municipal
59.38%
Other
40.62%
HYD
Municipal
60.29%
Other
39.71%
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Diversification
VTES
Total weight of top 15 holdings out of 15
3.27%
HYD
Total weight of top 15 holdings out of 15
8.67%
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%
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.00%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.81%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.74%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.70%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.63%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.57%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
Florida Development Finance Corp., 5% 1jul2044, USD (2024)
0.50%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.48%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.47%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.45%
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
0.44%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.44%
California Statewide Communities Development Authority, 5.25% 1dec2056, USD (2016A)
0.44%
US442349GA89
0.44%
Frequently asked questions about VTES and HYD
How have the VTES and HYD ETFs performed in 2026?
As of September 2, 2026, VTES is up 0.59% year-to-date (YTD), while HYD has returned 0.93%. That puts HYD better performer ahead so far this year.
Which ETF is attracting more investor money: VTES or HYD?
Year-to-date, the VTES ETF saw +$845M in flows, compared to +$367M for HYD.
Which ETF is more volatile: VTES or HYD?
Over the past year, VTES had a volatility of 1.11%, while HYD experienced 2.78%.
Which ETF is bigger: VTES or HYD?
As of September 2, 2026, VTES holds $2.42 B in assets under management (AUM), while HYD manages $4.29 B.
What sectors do the VTES and HYD ETFs invest in?
VTES leans toward sectors like Municipal. Meanwhile, HYD focuses on Municipal.
What are the top holdings of the VTES ETF and HYD ETF?
VTES top holdings include North Colonie Central School District, 3.75% 25jun2027, USD (2026), US64972JQM35 and US13063ENN21. HYD holds in its top three: Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D), Chicago Board of Education, 5% 1dec2042, USD (2012A) and Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B).
Which ETF is more diversified: VTES or HYD?
VTES holds 3414 securities with 3.27% of its assets in the top 15. HYD has 1439 securities and a top 15 weight of 8.67%.
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