VTESvsVTELETF Comparison
VS
Vanguard Short-Term Tax-Exempt Bond ETF (VTES) and Vanguard Long-Term Tax-Exempt Bond ETF (VTEL) 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 0.09% for VTEL. VTES is up 0.59% year-to-date (YTD) with +$845M in YTD flows. VTEL performs worse with -0.84% YTD performance, and +$196M in YTD flows. Run a side-by-side ETF comparison of VTES and VTEL 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 VTEL 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 VTEL | +0.10%-1.34% | -0.11%-2.78% | +0.59%-0.84% | +1.59%+4.93% | +9.43%n/a | n/an/a |
| Flows | VTES VTEL | +$214M+$43M | +$446M+$92M | +$845M+$196M | +$1.13B+$296M | +$2.24B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTES VTEL | +1.12%+3.48% | +1.11%+3.33% | +1.48%n/a | n/an/a |
| Max drawdown | VTES VTEL | -0.77%-3.66% | -1.38%-3.66% | -1.81%n/a | n/an/a |
| Max drawdown duration | VTES VTEL | 58d58d | 188d58d | 59dn/a | n/an/a |
Trading data
VTES | VTEL | |
Last sale 9/2/2026 at 1:30 PM | $100.35 | $100.02 |
| Previous close 09/02/2026 | $100.36 | $100.08 |
| 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 | VTEL | |
|---|---|---|
| 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 | VTEL | |
|---|---|---|
| Last price | $100.35 | $100.02 |
| 1D performance | -0.00% | -0.06% |
| AuM | $2.42 B | $362.39 M |
| E/R | 0.05% | 0.09% |
Characteristics
VTES | VTEL | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | Vanguard |
| Benchmark | S&P 0-7 Year National AMT-Free Municipal Bond Index | S&P 10+ Year National AMT-Free Municipal Bond Index |
| N° of holdings | 1686 | 2271 |
| Asset class | Fixed Income | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | March 9, 2023 | May 20, 2025 |
| ESG | No | No |
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Exposure
Countries
VTES
USA
59.38%
Other
40.62%
VTEL
USA
58.08%
Other
41.92%
Sectors
VTES
Municipal
59.38%
Other
40.62%
VTEL
Municipal
58.08%
Other
41.92%
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Diversification
VTES
Total weight of top 15 holdings out of 15
3.27%
VTEL
Total weight of top 15 holdings out of 15
1.86%
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%
VTEL
California, 5% 1aug2050, USD
0.16%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.15%
US64972JN619
0.15%
New York Municipal Water Finance Authority, 5.25% 15jun2053, USD (2025)
0.13%
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.13%
US64972JDG04
0.13%
California, 5% 1aug2042, USD
0.12%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.12%
New Jersey Turnpike Authority, 5% 1jan2052, USD (2026)
0.12%
New York Urban Development Corp., 5% 15mar2043, USD (2020C)
0.11%
New York Dormitory Authority, 4% 15feb2047, USD (2019D)
0.11%
New York Metropolitan Transportation Authority, 4% 15nov2036, USD (2016B)
0.11%
Tampa-Hillsborough Expressway Authority, 5% 1jul2047, USD (2017)
0.11%
California Educational Facilities Authority, 5% 1oct2055, USD (2025A)
0.10%
Los Angeles Department of Water and Power, 5% 1jul2042, USD
0.10%
Frequently asked questions about VTES and VTEL
How have the VTES and VTEL ETFs performed in 2026?
As of September 2, 2026, VTES is up 0.59% year-to-date (YTD), while VTEL has lost -0.84%. That puts VTES better performer ahead so far this year.
Which ETF is attracting more investor money: VTES or VTEL?
Year-to-date, the VTES ETF saw +$845M in flows, compared to +$196M for VTEL.
Which ETF is more volatile: VTES or VTEL?
Over the past year, VTES had a volatility of 1.11%, while VTEL experienced 3.33%.
Which ETF is bigger: VTES or VTEL?
As of September 2, 2026, VTES holds $2.42 B in assets under management (AUM), while VTEL manages $362.39 M.
What sectors do the VTES and VTEL ETFs invest in?
VTES leans toward sectors like Municipal. Meanwhile, VTEL focuses on Municipal.
What are the top holdings of the VTES ETF and VTEL ETF?
VTES top holdings include North Colonie Central School District, 3.75% 25jun2027, USD (2026), US64972JQM35 and US13063ENN21. VTEL holds in its top three: California, 5% 1aug2050, USD, Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A) and US64972JN619.
Which ETF is more diversified: VTES or VTEL?
VTES holds 3414 securities with 3.27% of its assets in the top 15. VTEL has 4397 securities and a top 15 weight of 1.86%.
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Latest news about VTES & VTEL
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