Which returned more over the last year, LMUB or VTEB?

In the year to Oct 9, 2026, with distributions reinvested, LMUB returned −3.7% and VTEB −2.3%.

Which is cheaper, LMUB or VTEB?

VTEB is cheaper, by 0.06 percentage points a year. That is about $6 on $10,000 held for a year. Fees come from each fund's prospectus.

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LMUB vs VTEB: Differences, Returns & Fees

LMUB's duration was 9.8 years on May 31, 2026 and VTEB's 7.1 on Jul 31, 2026; VTEB charges 0.03% to LMUB's 0.09%. Net assets: $1.6bn on Oct 9, 2026 for iShares Long-Term National Muni Bond ETF, and $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.

VTEB costs 0.06 points a year less; their one-year returns differ by 1.4 points; VTEB is far larger, $49.6bn against $1.5bn.

	LMUB	VTEB
Expense ratio	0.09%	0.03%
Net assets, as of Sep 30, 2026	$1.5bn	$49.6bn
Total return, 1 year	−3.7%	−2.3%
What it tracks	ICE Long AMT-Free US National Municipal Index	S&P National AMT-Free Municipal Bond Index
Holdings in common	5%
Below its high	8.4%, high on Jul 2, 2026	5.6%, high on Jul 6, 2026

Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026.

−3.7%

LMUB total return, 1 year

−2.3%

VTEB total return, 1 year

0.09%

LMUB expense ratio

0.03%

VTEB expense ratio

What they hold in common

By the books each fund has filed, LMUB and VTEB hold 5% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated May 31, 2026 and Jul 31, 2026.

50%

half

5% in common

Positions both hold, largest shared weight first

Holding LMUB VTEB

New York State Dormitory Authority, Series 2024A, due Jul 1, 2054 0.12% 0.08%

New York State Dormitory Authority, Series 2025A, due Mar 15, 2055 0.49% 0.06%

Texas Water Development Board, Series 2025, due Oct 15, 2050 0.31% 0.06%

Commonwealth of Massachusetts Transportation Fund, Series 2023A, due Jun 1, 2053 0.17% 0.05%

Empire State Development Corp., Series 2020A, due Mar 15, 2049 0.29% 0.05%

University of California, Series 2026CF, due Nov 15, 2039 0.36% 0.05%

New Jersey Transportation Trust Fund Authority, Series 2025AA, due Jun 15, 2050 0.38% 0.05%

Oklahoma Turnpike Authority, Series 2025A, due Jan 1, 2054 0.28% 0.05%

Central Puget Sound Regional Transit Authority, Series 2021S1, due Nov 1, 2046 0.36% 0.05%

New York State Thruway Authority, Series 2025A, due Mar 15, 2053 0.45% 0.04%

Port Authority of Houston of Harris County Texas, Series 2023, due Oct 1, 2053 0.19% 0.04%

Texas Transportation Finance Corp., Series 2025A, due Oct 1, 2050 0.04% 0.04%

Only in LMUB

Commonwealth of Massachusetts, Series 2023D, due Oct 1, 2052 0.85%

State of Washington, Series 2026D, due Jun 1, 2046 0.70%

Oklahoma Capitol Improvement Authority, Series 2025A, due Jul 1, 2050 0.63%

State of New Jersey, due Jun 1, 2040 0.61%

Commonwealth of Pennsylvania, Series 2026, due Apr 1, 2041 0.61%

Clark County School District, Series 2026A, due Jun 15, 2040 0.60%

Permanent University Fund - University of Texas System, Series 2026A, due Jul 1, 2040 0.56%

Empire State Development Corp., Series 2024A, due Mar 15, 2054 0.52%

Only in VTEB

NEW YORK CITY-F-1-REF, due Aug 1, 2034 0.12%

CA REGENTS UNIV-CD, due May 15, 2036 0.11%

IDAHO ST-TANS, due Jun 30, 2027 0.10%

CA REF, due Aug 1, 2032 0.10%

MARYLAND ST-GROUP 2, due Jun 1, 2038 0.09%

NY ST THRUWAY AUTH-A, due Sep 15, 2035 0.09%

TRIBOROUGH BRIDGE-A-1, due Feb 1, 2028 0.09%

DALLAS ISD-B, due Feb 15, 2056 0.08%

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On the same fields

LMUB

iShares Long-Term National Muni Bond ETF

VTEB

Vanguard Tax-Exempt Bond ETF

Where it sits Bond ETF Bond ETF

Issuer iShares Vanguard

What it is Tracks an index Tracks an index of Tax-Exempt Bond

Total return, 1 year −3.7% −2.3%

S&P 500 over the same days +17.3% +17.3%

Gap to the S&P 500 −20.9 pts −19.5 pts

Expense ratio 0.09% 0.03%

Holdings 975 10723

Net assets, LMUB as of Oct 9, 2026 and VTEB as of Sep 30, 2026 $1.6bn $49.6bn

LMUB and VTEB on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

LMUB in plain words

LMUB tracks an index. Over the year to Oct 9, 2026 it returned −3.7% with distributions reinvested. The prospectus expense ratio is 0.09% a year. It sat 8.4% below its high of Jul 2, 2026 on Oct 9, 2026.

VTEB in plain words

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 9, 2026 it returned −2.3% with distributions reinvested. The prospectus expense ratio is 0.03% a year. It sat 5.6% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, LMUB or VTEB?: In the year to Oct 9, 2026, with distributions reinvested, LMUB returned −3.7% and VTEB −2.3%.
Which is cheaper, LMUB or VTEB?: VTEB is cheaper, by 0.06 percentage points a year. That is about $6 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

LMUB vs MUB JMUB vs LMUB LMUB vs PZA LMUB vs SCMB FLMI vs VTEB MUB vs VTEB FMB vs VTEB VCRM vs VTEB

LMUB on its own →VTEB on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Where these figures came from

LMUB filings on SEC EDGAR ↗LMUB prospectus with the expense ratio (SEC) ↗iShares page for LMUB ↗VTEB filings on SEC EDGAR ↗VTEB prospectus with the expense ratio (SEC) ↗Vanguard page for VTEB ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. 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, LMUB against VTEB, data as of Oct 9, 2026. https://etfiq.com/compare/any/lmub-vs-vteb

Open data

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