Which returned more over the last year, DFNM or VTEI?

In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and VTEI 0.0%.

Which is cheaper, DFNM or VTEI?

VTEI is cheaper, by 0.09 percentage points a year. That is about $9 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

DFNM vs VTEI: Differences, Returns & Fees

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On Jul 31, 2026 DFNM's duration was 5.0 years and VTEI's 5.6; VTEI charges 0.08% to DFNM's 0.17%.

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Net assets: $2.2bn on Jul 31, 2026 for Dimensional National Municipal Bond ETF, and $1.7bn on Sep 30, 2026 for Vanguard Intermediate-Term Tax-Exempt Bond ETF.

DFNM on its own →VTEI on its own →

At a glance

+0.6%

DFNM total return, 1 year

0.0%

VTEI total return, 1 year

0.17%

DFNM expense ratio

0.08%

VTEI expense ratio

Pair scorecard

VTEI costs 0.09 points a year less; their one-year returns differ by 0.6 points.

DFNM vs VTEI: Differences, Returns & Fees
Measure	DFNM	VTEI
Return
Measure	DFNM	VTEI
Total return, 1 year	+0.6%	0.0%
Benchmark
Measure	DFNM	VTEI
What it tracks	No index, actively managed	S&P Intermediate Term National AMT-Free Municipal Bond Index
Cost and size
Measure	DFNM	VTEI
Expense ratio	0.17%	0.08%
Net assets, DFNM as of Jul 31, 2026 and VTEI as of Sep 30, 2026	$2.2bn	$1.7bn
Holdings
Measure	DFNM	VTEI
Holdings in common	2%

Holdings in common uses holdings dated Jul 31, 2026. Method

Risk and return

Feb 9, 2024 to Oct 23, 2026 · 141 weekly returns

DFNM VTEI

Return

Total return edge Tie +5.3% +5.3%

Annualized edge Tie +1.9% +1.9%

Price return edge Tie −2.8% −2.8%

Risk

Volatility edge DFNM 2.8% 3.8%

Max drawdown edge DFNM −4.0% −5.3%

Risk-adjusted

Sharpe edge VTEI −0.86 −0.63

Sortino edge VTEI −1.03 −0.76

Calmar edge DFNM 0.48 0.36

Reading

DFNM and VTEI returned about the same: +5.3% and +5.3%. DFNM swung less: 2.8% to 3.8%. DFNM fell less at its worst: −4.0% to −5.3%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: DFNM vs VTEI: Differences, Returns & Fees
Measure	DFNM	VTEI	Edge	How it is measured
Return
Total return	+5.3%	+5.3%	Tie	Price change plus distributions, reinvested.
Annualized	+1.9%	+1.9%	Tie	Total return as a yearly rate.
Price return	−2.8%	−2.8%	Tie	Price change alone, distributions left out.
Risk
Volatility	2.8%	3.8%	DFNM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	2.3%	3.1%	DFNM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−4.0%	−5.3%	DFNM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.86	−0.63	VTEI	Return above Treasury bills per unit of volatility.
Sortino	−1.03	−0.76	VTEI	Return above Treasury bills per unit of downside deviation.
Calmar	0.48	0.36	DFNM	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 141 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, DFNM and VTEI hold 2% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.

50%

0 half 100%

half

2% in common

Positions both hold · largest shared weight first DFNM VTEI

STATE OF HAWAII, due Oct 1, 2030 0.30% 0.11%

TRIBOROUGH BRIDGE TUNNEL AUTHORITY, due Nov 15, 2028 0.19% 0.08%

STATE OF CALIFORNIA, due Mar 1, 2036 0.12% 0.08%

STATE OF WISCONSIN, due Nov 1, 2026 0.07% 0.09%

UNIVERSITY OF HOUSTON, due Feb 15, 2030 0.43% 0.07%

ENERGY NORTHWEST, due Jul 1, 2028 0.38% 0.07%

STATE OF CALIFORNIA, due Aug 1, 2030 0.18% 0.07%

ENERGY NORTHWEST, due Jul 1, 2042 0.06% 0.10%

STATE OF ILLINOIS, due Mar 1, 2029 0.11% 0.05%

SALT RIVER PROJECT AGRICULTURAL IMPROVEMENT POWE, due May 1, 2039 0.22% 0.05%

CITY OF HOUSTON TX, due Mar 1, 2035 0.14% 0.05%

E 470 PUBLIC HIGHWAY AUTHORITY, due Sep 1, 2026 0.05% 0.05%

Only in one fund ↓

Only in DFNM

COUNTY OF HUDSON NJ, due Feb 24, 2027 0.81%

CITY OF REVERE MA, due Jul 29, 2027 0.73%

CITY OF SOMERVILLE MA, due May 28, 2027 0.68%

CITY OF HOBOKEN NJ, due Mar 8, 2027 0.68%

CITY OF MANCHESTER NH, due Nov 12, 2026 0.60%

MICHIGAN STATE UNIVERSITY, due Aug 15, 2042 0.59%

STATE OF MARYLAND, due Jun 1, 2037 0.50%

STATE OF NEW MEXICO, due Mar 1, 2027 0.49%

Only in VTEI

CALIFORNIA ST-REF, due Oct 1, 2035 0.16%

BAY AREA TOLL AUTH-A, due Apr 1, 2061 0.16%

CALIFORNIA ST -REF, due Apr 1, 2035 0.14%

PALO ALTO UNIF SCH DT, due Aug 1, 2026 0.14%

CA REGENTS UNIV-CD, due May 15, 2036 0.13%

IDAHO ST-TANS, due Jun 30, 2027 0.13%

HOUSTON ISD-PREREFUND, due Feb 15, 2042 0.13%

NEW YORK CITY-G-1, due Nov 1, 2030 0.13%

Check overlap with more funds →

Side by side

DFNM Dimensional National Municipal Bond ETF VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF

Where it sits Bond ETF Bond ETF

Issuer Dimensional Vanguard

What it is Actively managed Tracks an index

Total return, 1 year +0.6% 0.0%

Its benchmark over the same days 0.0% (VTEI) not measured

Gap to its benchmark +0.6 pts vs VTEI not measured

Expense ratio 0.17% 0.08%

Holdings 1198 6268

Net assets, DFNM as of Jul 31, 2026 and VTEI as of Sep 30, 2026 $2.2bn $1.7bn

DFNM and VTEI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-636148DF9A

DFNM and VTEI are built for the same job. How do they differ in cost, holdings and results?

What each follows. DFNM follows No index, actively managed and VTEI follows S&P Intermediate Term National AMT-Free Municipal Bond Index.
Holdings in common. 2% of the weight is in the same securities (holdings dated Jul 31, 2026).
Number of holdings. DFNM holds 1,198 positions and VTEI holds 6268.

Data as of Oct 28, 2026.

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About each fund

DFNM

DFNM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.6% with distributions reinvested, against 0.0% for its benchmark, the S&P Intermediate Term National AMT-Free Municipal Bond Index. The prospectus expense ratio is 0.17% a year.

VTEI

VTEI tracks an index. Over the year to Oct 28, 2026 it returned 0.0% with distributions reinvested. The prospectus expense ratio is 0.08% a year.

Questions people ask

Which returned more over the last year, DFNM or VTEI?: In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and VTEI 0.0%.
Which is cheaper, DFNM or VTEI?: VTEI is cheaper, by 0.09 percentage points a year. That is about $9 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

DFNM vs MMIT DFNM vs ITM DFNM vs VSDM DFNM vs MUNI VSDM vs VTEI ITM vs VTEI MUNI vs VTEI MMIT vs VTEI

Where to next

DFNM on its own →VTEI on its own →Hold both: look the portfolio through →Rankings →DFNM dividend history →DFNM holdings →VTEI dividend history →VTEI holdings →Standards and sources →

Sources and dates

DFNM filings on SEC EDGAR ↗

DFNM prospectus with the expense ratio (SEC) ↗

Dimensional website ↗

VTEI filings on SEC EDGAR ↗

VTEI prospectus with the expense ratio (SEC) ↗

Vanguard page for VTEI ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, DFNM against VTEI, data as of Oct 28, 2026. https://etfiq.com/compare/any/dfnm-vs-vtei

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.