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

In the year to Oct 28, 2026, with distributions reinvested, VSDM returned +1.9% and VTEI 0.0%.

Which is cheaper, VSDM or VTEI?

VTEI is cheaper, by 0.04 percentage points a year. That is about $4 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

VSDM vs VTEI: Differences, Returns & Fees

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On Jul 31, 2026 VSDM's duration was 4.5 years and VTEI's 5.6; VTEI charges 0.08% to VSDM's 0.12%.

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Net assets on Sep 30, 2026: $1.2bn for Vanguard Short Duration Tax-Exempt Bond ETF and $1.7bn for Vanguard Intermediate-Term Tax-Exempt Bond ETF.

VSDM on its own →VTEI on its own →

At a glance

+1.9%

VSDM total return, 1 year

0.0%

VTEI total return, 1 year

0.12%

VSDM expense ratio

0.08%

VTEI expense ratio

Pair scorecard

VTEI costs 0.04 points a year less; their one-year returns differ by 1.9 points; VTEI is 1.4 times larger.

VSDM vs VTEI: Differences, Returns & Fees
Measure	VSDM	VTEI
Return
Measure	VSDM	VTEI
Total return, 1 year	+1.9%	0.0%
Benchmark
Measure	VSDM	VTEI
What it tracks	No index, actively managed	S&P Intermediate Term National AMT-Free Municipal Bond Index
Cost and size
Measure	VSDM	VTEI
Expense ratio	0.12%	0.08%
Net assets, as of Sep 30, 2026	$1.2bn	$1.7bn
Holdings
Measure	VSDM	VTEI
Holdings in common	3%

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

Risk and return

Nov 29, 2024 to Oct 23, 2026 · 99 weekly returns

VSDM VTEI

Return

Total return edge VSDM +6.0% +3.0%

Annualized edge VSDM +3.1% +1.5%

Price return edge VSDM +0.1% −2.9%

Risk

Volatility edge VSDM 2.5% 4.1%

Max drawdown edge VSDM −2.2% −5.3%

Risk-adjusted

Sharpe edge VSDM −0.37 −0.58

Sortino edge VSDM −0.43 −0.69

Calmar edge VSDM 1.40 0.29

Reading

VSDM returned more: +6.0% to +3.0%. VSDM swung less: 2.5% to 4.1%. VSDM fell less at its worst: −2.2% to −5.3%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: VSDM vs VTEI: Differences, Returns & Fees
Measure	VSDM	VTEI	Edge	How it is measured
Return
Total return	+6.0%	+3.0%	VSDM	Price change plus distributions, reinvested.
Annualized	+3.1%	+1.5%	VSDM	Total return as a yearly rate.
Price return	+0.1%	−2.9%	VSDM	Price change alone, distributions left out.
Risk
Volatility	2.5%	4.1%	VSDM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	2.1%	3.5%	VSDM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−2.2%	−5.3%	VSDM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.37	−0.58	VSDM	Return above Treasury bills per unit of volatility.
Sortino	−0.43	−0.69	VSDM	Return above Treasury bills per unit of downside deviation.
Calmar	1.40	0.29	VSDM	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 99 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, VSDM and VTEI hold 3% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.

50%

0 half 100%

half

3% in common

Positions both hold · largest shared weight first VSDM VTEI

NEW YORK CITY-G-1, due Nov 1, 2033 0.08% 0.06%

HOUSTON TX ISD, due Jul 15, 2045 0.06% 0.05%

MA DEV FIN AGY-A, due Feb 15, 2031 0.07% 0.05%

NY TRANS FIN AUTH-D-1, due Nov 1, 2032 0.05% 0.05%

NYC MUNI WTR FIN-DD, due Jun 15, 2032 0.09% 0.05%

NEW YORK CITY-G-1, due Nov 1, 2034 0.04% 0.05%

BROWARD CO SCH BRD-A, due Jul 1, 2033 0.08% 0.04%

NE PUB PWR DT-B, due Jul 1, 2028 0.12% 0.04%

TRIBOROUGH BRIDGE, due Nov 15, 2033 0.05% 0.04%

CA MUNI FIN AUTH-B, due Jun 30, 2032 0.04% 0.07%

LOS ANGELES DEPT-C, due Jul 1, 2030 0.04% 0.04%

MET TRANS AUTH-C1-REF, due Nov 15, 2031 0.04% 0.06%

Only in one fund ↓

Only in VSDM

SE ENERGY AUTH-C, due Oct 1, 2055 0.50%

FLORIDA ST MUNI PWR A, due Oct 1, 2030 0.38%

CALIFORNIA CMNTY CHOI, due Feb 1, 2052 0.38%

CA CMNTY CHOICE-D, due May 1, 2054 0.37%

S E ENERGY-B-REV, due Nov 1, 2033 0.36%

BLACK BELT ENERGY-B, due Oct 1, 2055 0.35%

TEXAS ST MUNI GAS ACQ, due Jan 1, 2054 0.35%

SOUTHERN CA PUB PWR-A, due Nov 1, 2033 0.33%

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%

SAN FRANCISCO PUB -B, due Oct 1, 2026 0.13%

Check overlap with more funds →

Side by side

VSDM Vanguard Short Duration Tax-Exempt Bond ETF VTEI Vanguard Intermediate-Term Tax-Exempt Bond ETF

Where it sits Bond ETF Bond ETF

Issuer Vanguard Vanguard

What it is Actively managed Tracks an index

Total return, 1 year +1.9% 0.0%

Expense ratio 0.12% 0.08%

Holdings 3315 6268

Net assets, as of Sep 30, 2026 $1.2bn $1.7bn

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

Client brief · page 1 of 2 Report BR-25E4B281A1

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

What each follows. VSDM follows No index, actively managed and VTEI follows S&P Intermediate Term National AMT-Free Municipal Bond Index.
Holdings in common. 3% of the weight is in the same securities (holdings dated Jul 31, 2026).
One-year total return (similar). Over 1 year to Oct 28, 2026 VSDM returned +1.9% and VTEI 0.0% with distributions reinvested, a gap of 1.9 points.

Data as of Oct 28, 2026.

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About each fund

VSDM

VSDM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +1.9% with distributions reinvested. The prospectus expense ratio is 0.12% 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, VSDM or VTEI?: In the year to Oct 28, 2026, with distributions reinvested, VSDM returned +1.9% and VTEI 0.0%.
Which is cheaper, VSDM or VTEI?: VTEI is cheaper, by 0.04 percentage points a year. That is about $4 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

MMIT vs VSDM MUNI vs VSDM CGMU vs VSDM DFNM vs VSDM CGMU vs VTEI MMIT vs VTEI DFNM vs VTEI MUNI vs VTEI

Where to next

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

Sources and dates

VSDM and VTEI filings on SEC EDGAR ↗

VSDM and VTEI prospectus with the expense ratio (SEC) ↗

Vanguard page for VSDM ↗

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

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