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

In the year to Oct 28, 2026, with distributions reinvested, VTEB returned −0.4% and VTEC −0.8%.

Which is cheaper, VTEB or VTEC?

VTEB is cheaper, by 0.03 percentage points a year. That is about $3 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

VTEB vs VTEC: Differences, Returns & Fees

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VTEB's duration was 7.1 years on Jul 31, 2026 and VTEC's 6.5 on May 31, 2026; VTEB charges 0.03% to VTEC's 0.06%.

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Net assets on Sep 30, 2026: $49.6bn for Vanguard Tax-Exempt Bond ETF and $3.6bn for Vanguard California Tax-Exempt Bond ETF.

VTEB on its own →VTEC on its own →

At a glance

−0.4%

VTEB total return, 1 year

−0.8%

VTEC total return, 1 year

0.03%

VTEB expense ratio

0.06%

VTEC expense ratio

Pair scorecard

VTEB costs 0.03 points a year less; their one-year returns differ by 0.4 points; VTEB is 13.8 times larger.

VTEB vs VTEC: Differences, Returns & Fees
Measure	VTEB	VTEC
Return
Measure	VTEB	VTEC
Total return, 1 year	−0.4%	−0.8%
Benchmark
Measure	VTEB	VTEC
What it tracks	S&P National AMT-Free Municipal Bond Index	S&P California AMT-Free Municipal Bond Index
Cost and size
Measure	VTEB	VTEC
Expense ratio	0.03%	0.06%
Net assets, as of Sep 30, 2026	$49.6bn	$3.6bn
Holdings
Measure	VTEB	VTEC
Holdings in common	14%

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

Risk and return

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

VTEB VTEC

Return

Total return edge VTEB +4.6% +3.7%

Annualized edge VTEB +1.7% +1.3%

Price return edge VTEB (slight) −4.1% −4.3%

Risk

Volatility edge VTEC (slight) 4.4% 4.0%

Max drawdown edge Tie −5.7% −5.6%

Risk-adjusted

Sharpe edge VTEB −0.59 −0.73

Sortino edge VTEB −0.72 −0.89

Calmar edge VTEB 0.30 0.24

Reading

VTEB returned more: +4.6% to +3.7%. VTEC swung slightly less: 4.0% to 4.4%. VTEB and VTEC fell about the same at their worst: −5.7% and −5.6%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: VTEB vs VTEC: Differences, Returns & Fees
Measure	VTEB	VTEC	Edge	How it is measured
Return
Total return	+4.6%	+3.7%	VTEB	Price change plus distributions, reinvested.
Annualized	+1.7%	+1.3%	VTEB	Total return as a yearly rate.
Price return	−4.1%	−4.3%	VTEB (slight)	Price change alone, distributions left out.
Risk
Volatility	4.4%	4.0%	VTEC (slight)	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	3.6%	3.3%	VTEC (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−5.7%	−5.6%	Tie	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.59	−0.73	VTEB	Return above Treasury bills per unit of volatility.
Sortino	−0.72	−0.89	VTEB	Return above Treasury bills per unit of downside deviation.
Calmar	0.30	0.24	VTEB	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

14%

By the books each fund has filed, VTEB and VTEC hold 14% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.

50%

0 half 100%

half

14% in common

Positions both hold · largest shared weight first VTEB VTEC

CA REGENTS UNIV-CD, due May 15, 2036 0.11% 0.49%

CA REF, due Aug 1, 2032 0.10% 0.14%

LOS ANGELES DEPT-C, due Jul 1, 2030 0.07% 0.15%

CA REGENTS UNIV-CD, due May 15, 2030 0.07% 0.19%

LOS ANGELES UNIF SD-A, due Jul 1, 2034 0.06% 0.28%

CALIFORNIA ST EDUCTNL, due May 1, 2049 0.06% 0.22%

SAN FRANCISCO PUB -B, due Oct 1, 2026 0.06% 0.09%

LOS ANGELES UNIF SD-A, due Jul 1, 2031 0.06% 0.11%

CALIFORNIA ST-REF, due Oct 1, 2041 0.06% 0.09%

UNIV OF CALIFORNIA-M, due May 15, 2042 0.05% 0.08%

LOS ANGELES WTR-A-REF, due Jan 1, 2030 0.05% 0.13%

UNIV CA REGENTS-CF, due Nov 15, 2039 0.05% 0.08%

Only in one fund ↓

Only in VTEB

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

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%

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

OH ST WATER DEV AUTH, due Dec 1, 2035 0.08%

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

Only in VTEC

SAN FRANCISCO ARPT-C, due May 1, 2058 0.24%

UNIV OF CALIFORNIA CA, due May 15, 2032 0.22%

UNIV CA-AL-4-VAR, due May 15, 2048 0.20%

SAN FRANCISCO USD, due Jun 15, 2033 0.19%

BAY AREA TOLL AUTH-B, due Apr 1, 2059 0.19%

UNIV CA VAR-B-2, due May 15, 2032 0.18%

SAN MATEO TRANSPRTN-B, due Jun 1, 2049 0.16%

CA ST PUB WORKS BRD-A, due Sep 1, 2026 0.15%

Check overlap with more funds →

Side by side

VTEB Vanguard Tax-Exempt Bond ETF VTEC Vanguard California Tax-Exempt Bond ETF

Where it sits Bond ETF Bond ETF

Issuer Vanguard Vanguard

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

Total return, 1 year −0.4% −0.8%

Expense ratio 0.03% 0.06%

Holdings 11155 3944

Net assets, as of Sep 30, 2026 $49.6bn $3.6bn

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

Client brief · page 1 of 2 Report BR-B9DA76DCD8

VTEB and VTEC do different jobs. What does each one do in a portfolio?

What each follows. VTEB follows S&P National AMT-Free Municipal Bond Index and VTEC follows S&P California AMT-Free Municipal Bond Index.
Holdings in common. 14% of the weight is in the same securities (holdings dated Jul 31, 2026 and May 31, 2026).
Size. VTEB has $49.6bn in net assets and VTEC $3.6bn (net assets, as of Sep 30, 2026); VTEB is 13.8 times larger.

Data as of Oct 28, 2026.

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About each fund

VTEB

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 28, 2026 it returned −0.4% with distributions reinvested. The prospectus expense ratio is 0.03% a year.

VTEC

VTEC tracks an index. Over the year to Oct 28, 2026 it returned −0.8% with distributions reinvested. The prospectus expense ratio is 0.06% a year.

Questions people ask

Which returned more over the last year, VTEB or VTEC?: In the year to Oct 28, 2026, with distributions reinvested, VTEB returned −0.4% and VTEC −0.8%.
Which is cheaper, VTEB or VTEC?: VTEB is cheaper, by 0.03 percentage points a year. That is about $3 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

VTEB vs VTES VTEB vs VTEI HYMB vs VTEB JMUB vs VTEB CMF vs VTEC PWZ vs VTEC MUB vs VTEB SCMB vs VTEB

Where to next

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

Sources and dates

VTEB filings on SEC EDGAR ↗

VTEB prospectus with the expense ratio (SEC) ↗

Vanguard page for VTEB ↗

VTEC filings on SEC EDGAR ↗

VTEC prospectus with the expense ratio (SEC) ↗

Vanguard page for VTEC ↗

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

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