VTESvsSUBETF Comparison
VS
Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and iShares Short-Term National Muni Bond ETF (SUB) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 3 sector exposures: and Municipal. VTES is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.07% for SUB. VTES is up 0.55% year-to-date (YTD) with +$288M in YTD flows. SUB performs better with 0.65% YTD performance, and +$662M in YTD flows. Run a side-by-side ETF comparison of VTES and SUB 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 SUB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTES SUB | +0.31%+0.24% | -0.03%+0.18% | +0.55%+0.65% | +4.67%+4.00% | +9.20%+8.96% | n/a+7.39% |
| Flows | VTES SUB | +$63M+$229M | +$270M+$437M | +$288M+$662M | +$970M+$1.80B | +$1.76B+$678M | -+$6.40B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTES SUB | +1.43%+0.98% | +0.99%+0.71% | +1.49%+1.11% | n/a+1.14% |
| Max drawdown | VTES SUB | -1.38%-0.81% | -1.38%-0.81% | -1.81%-1.33% | n/a-4.20% |
| Max drawdown duration | VTES SUB | 56d56d | 56d56d | 59d52d | n/a853d |
Trading data
VTES | SUB | |
Last sale 4/24/2026 at 2:53 PM | $101.36 | $106.64 |
| Previous close 04/23/2026 | $101.33 | $106.67 |
| Consolidated volume 04/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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VTES | SUB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/24/2026 at 2:53 PM
Live
Closed
VTES | SUB | |
|---|---|---|
| Last price | $101.36 | $106.64 |
| 1D performance | +0.02% | -0.03% |
| AuM | $1.89 B | $11.05 B |
| E/R | 0.05% | 0.07% |
Characteristics
VTES | SUB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | iShares |
| Benchmark | S&P 0-7 Year National AMT-Free Municipal Bond Index | ICE Short Maturity AMT-Free US National Municipal Index |
| N° of holdings | 1414 | 1168 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 9, 2023 | November 5, 2008 |
| ESG | No | No |
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Exposure
Countries
VTES
USA
98.88%
Other
1.12%
SUB
USA
99.94%
Other
0.06%
Sectors
VTES
Municipal
47.94%
Other
52.06%
SUB
Municipal
46.63%
Other
53.37%
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Diversification
VTES
Total weight of top 15 holdings out of 15
3.39%
SUB
Total weight of top 15 holdings out of 15
3.98%
Top 15 holdings
Data as of March 31, 2026
VTES
US64972JQM35
0.30%
US13063ENN21
0.27%
New Jersey Economic Development Authority, 5% 15jun2042, USD
0.26%
US235308Y233
0.25%
Illinois, 5% 1nov2027, USD (2017D)
0.25%
New Jersey, 5% 1jun2028, USD
0.24%
New Jersey Transportation Trust Fund Authority, 5% 15jun2028, USD
0.24%
US982696QY59
0.22%
US271843AB05
0.22%
Ohio Water Development Authority, 5% 1dec2029, USD (2019)
0.20%
US91412HWD15
0.20%
New Jersey, 5% 1jun2026, USD
0.19%
US544647HP83
0.19%
US882725EF79
0.19%
US64966SLK05
0.18%
SUB
New Jersey Economic Development Authority, 5% 1mar2028, USD (2023)
0.38%
US495290ET12
0.36%
US13063EDB92
0.28%
US495290GX06
0.28%
Empire State Development Corp., 5% 15sep2028, USD (2022A)
0.26%
US91412HWB58
0.26%
US646140JM63
0.26%
US709225JD92
0.26%
California, 5% 1nov2027, USD
0.25%
California, 5% 1apr2029, USD
0.25%
US20775DL756
0.24%
US79642GTU66
0.23%
US254845VW74
0.23%
US207758Y563
0.22%
New Jersey, 5% 1jun2026, USD
0.22%
Frequently asked questions about VTES and SUB
How have the VTES and SUB ETFs performed in 2026?
As of April 23, 2026, VTES is up 0.55% year-to-date (YTD), while SUB has returned 0.65%. That puts SUB better performer ahead so far this year.
Which ETF is attracting more investor money: VTES or SUB?
Year-to-date, the VTES ETF saw +$288M in flows, compared to +$662M for SUB.
Which ETF is more volatile: VTES or SUB?
Over the past year, VTES had a volatility of 0.99%, while SUB experienced 0.71%.
Which ETF is bigger: VTES or SUB?
As of April 23, 2026, VTES holds $1.89 B in assets under management (AUM), while SUB manages $11.05 B.
What sectors do the VTES and SUB ETFs invest in?
VTES leans toward sectors like Municipal. Meanwhile, SUB focuses on Municipal.
What are the top holdings of the VTES ETF and SUB ETF?
VTES top holdings include US64972JQM35, US13063ENN21 and New Jersey Economic Development Authority, 5% 15jun2042, USD. SUB holds in its top three: New Jersey Economic Development Authority, 5% 1mar2028, USD (2023), US495290ET12 and US13063EDB92.
Which ETF is more diversified: VTES or SUB?
VTES holds 3199 securities with 3.39% of its assets in the top 15. SUB has 2783 securities and a top 15 weight of 3.98%.
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Latest news about VTES & SUB
A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF
April 21, 2023
VTES
Investing in Municipal Bond ETFs
October 24, 2022
SUB
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