VTESvsVTEIETF Comparison
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Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) 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 0.08% for VTEI. VTES is up 0.05% year-to-date (YTD) with +$2.52B in YTD flows. VTEI performs worse with -1.73% YTD performance, and +$1.01B in YTD flows. Run a side-by-side ETF comparison of VTES and VTEI 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 VTEI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTES VTEI | +0.15%+0.14% | -0.72%-2.64% | +0.05%-1.73% | +0.53%-1.00% | +9.70%n/a | n/an/a |
| Flows | VTES VTEI | +$1.06B+$501M | +$1.95B+$637M | +$2.52B+$1.01B | +$2.69B+$1.17B | +$3.87B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTES VTEI | +2.60%+4.55% | +1.59%+2.84% | +1.59%n/a | n/an/a |
| Max drawdown | VTES VTEI | -2.66%-5.13% | -2.95%-6.13% | -2.95%n/a | n/an/a |
| Max drawdown duration | VTES VTEI | 64d92d | 232d229d | 232dn/a | n/an/a |
Trading data
VTES | VTEI | |
Last sale 10/16/2026 at 1:30 PM | $99.59 | $96.77 |
| Previous close 10/15/2026 | $99.50 | $96.79 |
| Consolidated volume 10/15/2026 | ||
| 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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VTES | VTEI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
VTES | VTEI | |
|---|---|---|
| Last price | $99.59 | $96.77 |
| 1D performance | +0.09% | -0.02% |
| AuM | $4.08 B | $2.09 B |
| E/R | 0.05% | 0.08% |
Characteristics
VTES | VTEI | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Vanguard |
| Benchmark | S&P 0-7 Year National AMT-Free Municipal Bond Index | S&P Intermediate Term National AMT-Free Municipal Bond Index |
| N° of holdings | 1671 | 2950 |
| Asset class | Fixed Income | Fixed Income |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 9, 2023 | January 30, 2024 |
| ESG | No | No |
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Exposure
Countries
VTES
USA
52.32%
Other
47.68%
VTEI
USA
53.74%
Other
46.26%
Sectors
VTES
Municipal
52.32%
Other
47.68%
VTEI
Municipal
53.74%
Other
46.26%
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Diversification
VTES
Total weight of top 15 holdings out of 15
5.61%
VTEI
Total weight of top 15 holdings out of 15
2.61%
Top 15 holdings
Data as of August 31, 2026
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%
VTEI
US13063EUS35
0.51%
US13063EUP95
0.40%
California, 5% 1mar2035, USD
0.15%
California, 5% 1oct2035, USD
0.15%
New York Municipal Water Finance Authority, 5% 15jun2040, USD
0.14%
US13063EUV63
0.14%
University of California, 5% 15may2036, USD (2025)
0.13%
Idaho, 4% 30jun2027, USD (2026)
0.13%
US442403RT05
0.12%
New York Transitional Finance Authority, 5% 1nov2030, USD (2026)
0.12%
San Francisco Public Utilities Commission, 1% 1oct2026, USD (2021)
0.12%
Hudson Yards Infrastructure Corp., 5% 15feb2039, USD
0.12%
New York Dormitory Authority, 5% 15mar2033, USD (2026A)
0.12%
New York Dormitory Authority, 5% 15mar2035, USD (2026A)
0.12%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.12%
Frequently asked questions about VTES and VTEI
How have the VTES and VTEI ETFs performed in 2026?
As of October 16, 2026, VTES is up 0.05% year-to-date (YTD), while VTEI has lost -1.73%. That puts VTES better performer ahead so far this year.
Which ETF is attracting more investor money: VTES or VTEI?
Year-to-date, the VTES ETF saw +$2.52B in flows, compared to +$1.01B for VTEI.
Which ETF is more volatile: VTES or VTEI?
Over the past year, VTES had a volatility of 1.59%, while VTEI experienced 2.84%.
Which ETF is bigger: VTES or VTEI?
As of October 16, 2026, VTES holds $4.08 B in assets under management (AUM), while VTEI manages $2.09 B.
What sectors do the VTES and VTEI ETFs invest in?
VTES leans toward sectors like Municipal. Meanwhile, VTEI focuses on Municipal.
What are the top holdings of the VTES ETF and VTEI ETF?
VTES top holdings include US13063EUN48, US13063EUM64 and US13063EUP95. VTEI holds in its top three: US13063EUS35, US13063EUP95 and California, 5% 1mar2035, USD.
Which ETF is more diversified: VTES or VTEI?
VTES holds 3442 securities with 5.61% of its assets in the top 15. VTEI has 6052 securities and a top 15 weight of 2.61%.
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