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

In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and VTEB −0.4%.

Which is cheaper, MUB or VTEB?

VTEB is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

MUB vs VTEB: Differences, Returns & Fees

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MUB's duration was 7.0 years on Aug 31, 2026 and VTEB's 7.1 on Jul 31, 2026; VTEB charges 0.03% to MUB's 0.05%.

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Net assets: $54.1bn on Oct 27, 2026 for iShares National Muni Bond ETF, and $49.6bn on Sep 30, 2026 for Vanguard Tax-Exempt Bond ETF.

MUB on its own →VTEB on its own →

At a glance

−0.4%

MUB total return, 1 year

−0.4%

VTEB total return, 1 year

0.05%

MUB expense ratio

0.03%

VTEB expense ratio

Pair scorecard

VTEB costs 0.02 points a year less; both returned −0.4% over a year; VTEB is 1.1 times larger.

MUB vs VTEB: Differences, Returns & Fees
Measure	MUB	VTEB
Return
Measure	MUB	VTEB
Total return, 1 year	−0.4%	−0.4%
Benchmark
Measure	MUB	VTEB
What it tracks	ICE AMT-Free US National Municipal Index	S&P National AMT-Free Municipal Bond Index
Cost and size
Measure	MUB	VTEB
Expense ratio	0.05%	0.03%
Net assets, as of Sep 30, 2026	$46.6bn	$49.6bn
Holdings
Measure	MUB	VTEB
Holdings in common	27%

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

Risk and return

Sep 4, 2015 to Oct 23, 2026 · 581 weekly returns

MUB VTEB

Return

Total return edge VTEB (slight) +24.9% +26.3%

Annualized edge VTEB (slight) +2.0% +2.1%

Price return edge VTEB −5.1% −2.9%

Risk

Volatility edge MUB 5.8% 6.7%

Max drawdown edge MUB −12.4% −14.8%

Risk-adjusted

Sharpe edge VTEB −0.02 0.00

Sortino edge VTEB −0.03 0.01

Calmar edge MUB 0.16 0.14

Reading

VTEB returned slightly more: +26.3% to +24.9%. MUB swung less: 5.8% to 6.7%. MUB fell less at its worst: −12.4% to −14.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: MUB vs VTEB: Differences, Returns & Fees
Measure	MUB	VTEB	Edge	How it is measured
Return
Total return	+24.9%	+26.3%	VTEB (slight)	Price change plus distributions, reinvested.
Annualized	+2.0%	+2.1%	VTEB (slight)	Total return as a yearly rate.
Price return	−5.1%	−2.9%	VTEB	Price change alone, distributions left out.
Risk
Volatility	5.8%	6.7%	MUB	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	4.1%	4.6%	MUB	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−12.4%	−14.8%	MUB	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.02	0.00	VTEB	Return above Treasury bills per unit of volatility.
Sortino	−0.03	0.01	VTEB	Return above Treasury bills per unit of downside deviation.
Calmar	0.16	0.14	MUB	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 581 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

27%

By the books each fund has filed, MUB and VTEB hold 27% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Aug 31, 2026.

50%

0 half 100%

half

27% in common

Positions both hold · largest shared weight first MUB VTEB

State of Illinois, Series 2017D, due Nov 1, 2027 0.11% 0.08%

Ohio State University (The), Series 2026A, due Jun 1, 2035 0.12% 0.08%

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

Triborough Bridge & Tunnel Authority, Series 2021A-1, due May 15, 2051 0.09% 0.06%

Houston Higher Education Finance Corp., Series 2024, due May 15, 2034 0.12% 0.06%

New York State Dormitory Authority, Series 2019D, due Feb 15, 2047 0.13% 0.06%

Commonwealth of Massachusetts, Series 2024B, due May 1, 2054 0.10% 0.06%

New Jersey Educational Facilities Authority, Series A-1, due Jul 1, 2064 0.11% 0.05%

State of Maryland Department of Transportation, Series 2025C, due Nov 1, 2028 0.06% 0.05%

Empire State Development Corp., Series 2020A, due Mar 15, 2049 0.08% 0.05%

New York City Transitional Finance Authority Future Tax Secured, Series 2026B, due May 1, 2055 0.05% 0.07%

City of Los Angeles, due Jun 24, 2027 0.06% 0.05%

Only in one fund ↓

Only in MUB

San Antonio Water System, Series 2025D, due May 1, 2055 0.15%

State of California, due Sep 1, 2031 0.12%

City of Seattle, Series 2023B, due Nov 1, 2046 0.11%

City of Houston Combined Utility System, Series 2018C, due May 15, 2034 0.11%

Triborough Bridge & Tunnel Authority, Series 2005B-2, due Jan 1, 2032 0.11%

County of King, Series 2024, due Jan 1, 2042 0.11%

Washoe County School District, Series 2017C, due Oct 1, 2047 0.11%

Metropolitan Atlanta Rapid Transit Authority, Series 2026B, due Jul 1, 2045 0.10%

Only in VTEB

IDAHO ST-TANS, due Jun 30, 2027 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%

ENERGY NORTHWEST-A, due Jul 1, 2034 0.08%

ENERGY NORTHWEST-A, due Jul 1, 2041 0.08%

NY ST THRUWAY AUTH-A, due Sep 15, 2030 0.07%

NEW YORK CITY-F-1-REF, due Aug 1, 2032 0.07%

Check overlap with more funds →

Side by side

MUB iShares 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 of National Muni Bond Tracks an index of Tax-Exempt Bond

Total return, 1 year −0.4% −0.4%

Expense ratio 0.05% 0.03%

Holdings 7873 11155

Net assets, MUB as of Oct 27, 2026 and VTEB as of Sep 30, 2026 $54.1bn $49.6bn

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

Client brief · page 1 of 2 Report BR-6575D5664A

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

What each follows. MUB follows ICE AMT-Free US National Municipal Index and VTEB follows S&P National AMT-Free Municipal Bond Index.
Holdings in common. 27% of the weight is in the same securities (holdings dated Aug 31, 2026 and Jul 31, 2026).
One-year total return (similar). Over 1 year to Oct 28, 2026 MUB returned −0.4% and VTEB −0.4% with distributions reinvested, a gap of 0.0 points.

Data as of Oct 28, 2026.

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About each fund

MUB

MUB tracks an index of National Muni Bond. Over the year to Oct 28, 2026 it returned −0.4% with distributions reinvested. The prospectus expense ratio is 0.05% a year.

VTEB

VTEB tracks an index of Tax-Exempt Bond. The prospectus expense ratio is 0.03% a year.

Questions people ask

Which returned more over the last year, MUB or VTEB?: In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and VTEB −0.4%.
Which is cheaper, MUB or VTEB?: VTEB is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

JMUB vs MUB MUB vs PZA MUB vs SCMB MUB vs TFI JMUB vs VTEB FLMI vs VTEB TAFM vs VTEB PZA vs VTEB

Where to next

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

Sources and dates

MUB filings on SEC EDGAR ↗

MUB prospectus with the expense ratio (SEC) ↗

iShares page for MUB ↗

VTEB filings on SEC EDGAR ↗

VTEB prospectus with the expense ratio (SEC) ↗

Vanguard page for VTEB ↗

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, MUB against VTEB, data as of Oct 28, 2026. https://etfiq.com/compare/any/mub-vs-vteb

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