VTESvsVTEBETF Comparison
VS
Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and Vanguard Tax-Exempt Bond Index ETF (VTEB) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. VTES is more expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.03% for VTEB. VTES is up 0.59% year-to-date (YTD) with +$845M in YTD flows. VTEB performs worse with -0.43% YTD performance, and +$4.61B in YTD flows. Run a side-by-side ETF comparison of VTES and VTEB 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 VTEB 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 VTEB | +0.10%-0.82% | -0.11%-1.88% | +0.59%-0.43% | +1.59%+3.69% | +9.43%+9.33% | n/a+2.25% |
| Flows | VTES VTEB | +$214M+$789M | +$446M+$2.39B | +$845M+$4.61B | +$1.13B+$7.53B | +$2.24B+$18.18B | -+$34.09B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTES VTEB | +1.12%+2.64% | +1.11%+2.55% | +1.48%+3.71% | n/a+3.67% |
| Max drawdown | VTES VTEB | -0.77%-2.57% | -1.38%-2.65% | -1.81%-5.41% | n/a-12.41% |
| Max drawdown duration | VTES VTEB | 58d58d | 188d117d | 59d275d | n/a1001d |
Trading data
VTES | VTEB | |
Last sale 9/2/2026 at 1:30 PM | $100.35 | $48.95 |
| Previous close 09/02/2026 | $100.36 | $48.98 |
| 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 | VTEB | |
|---|---|---|
| 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 | VTEB | |
|---|---|---|
| Last price | $100.35 | $48.95 |
| 1D performance | -0.00% | -0.06% |
| AuM | $2.42 B | $45.92 B |
| E/R | 0.05% | 0.03% |
Characteristics
VTES | VTEB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Vanguard |
| Benchmark | S&P 0-7 Year National AMT-Free Municipal Bond Index | S&P National AMT-Free Municipal Bond Index |
| N° of holdings | 1686 | 5288 |
| Asset class | Fixed Income | Bonds |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 9, 2023 | August 21, 2015 |
| ESG | No | No |
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Exposure
Countries
VTES
USA
59.38%
Other
40.62%
VTEB
USA
57.45%
Other
42.55%
Sectors
VTES
Municipal
59.38%
Other
40.62%
VTEB
Municipal
57.45%
Other
42.55%
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Diversification
VTES
Total weight of top 15 holdings out of 15
3.27%
VTEB
Total weight of top 15 holdings out of 15
1.34%
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%
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%
Frequently asked questions about VTES and VTEB
How have the VTES and VTEB ETFs performed in 2026?
As of September 2, 2026, VTES is up 0.59% year-to-date (YTD), while VTEB has lost -0.43%. That puts VTES better performer ahead so far this year.
Which ETF is attracting more investor money: VTES or VTEB?
Year-to-date, the VTES ETF saw +$845M in flows, compared to +$4.61B for VTEB.
Which ETF is more volatile: VTES or VTEB?
Over the past year, VTES had a volatility of 1.11%, while VTEB experienced 2.55%.
Which ETF is bigger: VTES or VTEB?
As of September 2, 2026, VTES holds $2.42 B in assets under management (AUM), while VTEB manages $45.92 B.
What sectors do the VTES and VTEB ETFs invest in?
VTES leans toward sectors like Municipal. Meanwhile, VTEB focuses on Municipal.
What are the top holdings of the VTES ETF and VTEB ETF?
VTES top holdings include North Colonie Central School District, 3.75% 25jun2027, USD (2026), US64972JQM35 and US13063ENN21. VTEB holds in its top three: City of New York, 5% 1aug2034, USD (2026), University of California, 5% 15may2036, USD (2025) and Idaho, 4% 30jun2027, USD (2026).
Which ETF is more diversified: VTES or VTEB?
VTES holds 3414 securities with 3.27% of its assets in the top 15. VTEB has 10658 securities and a top 15 weight of 1.34%.
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Latest news about VTES & VTEB
A Look at Vanguard's New Short-Term Tax-Exempt Bond ETF
April 21, 2023
VTES
VTEB
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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