Data as of Oct 28, 2026.
VTEB vs VTES: Differences, Returns & Fees
VTEB's duration was 7.1 years on Jul 31, 2026 and VTES's 2.8 on May 31, 2026; VTEB charges 0.03% to VTES's 0.05%.
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Net assets on Sep 30, 2026: $49.6bn for Vanguard Tax-Exempt Bond ETF and $3.6bn for Vanguard Short-Term Tax-Exempt Bond ETF.
Pair scorecard
VTEB costs 0.02 points a year less; their one-year returns differ by 1.8 points; VTEB is 13.8 times larger.
| Measure | VTEB | VTES |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.4% | +1.4% |
| Benchmark | ||
| What it tracks | S&P National AMT-Free Municipal Bond Index | S&P 0-7 Year National AMT-Free Municipal Bond Index |
| Cost and size | ||
| Expense ratio | 0.03% | 0.05% |
| Net assets, as of Sep 30, 2026 | $49.6bn | $3.6bn |
| Holdings | ||
| Holdings in common | 17% | |
Holdings in common uses holdings dated May 31, 2026 and Jul 31, 2026. Method
Risk and return
Mar 17, 2023 to Oct 23, 2026 · 188 weekly returnsVTES returned more: +9.2% to +8.2%. VTES swung less: 2.1% to 4.6%. VTES fell less at its worst: −2.6% to −5.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | VTEB | VTES | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +8.2% | +9.2% | VTES | Price change plus distributions, reinvested. |
| Annualized | +2.2% | +2.5% | VTES | Total return as a yearly rate. |
| Price return | −3.5% | −1.0% | VTES | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 4.6% | 2.1% | VTES | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.7% | 1.8% | VTES | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −5.7% | −2.6% | VTES | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.50 | −1.01 | VTEB | Return above Treasury bills per unit of volatility. |
| Sortino | −0.64 | −1.20 | VTEB | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.39 | 0.96 | VTES | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 188 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, VTEB and VTES hold 17% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jul 31, 2026.
half
17% in common
Only in one fund ↓
Side by side
VTEB and VTES on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
VTEB and VTES 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 VTES follows S&P 0-7 Year National AMT-Free Municipal Bond Index.
- Holdings in common. 17% 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 VTES $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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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.
VTES
VTES tracks an index. Over the year to Oct 28, 2026 it returned +1.4% with distributions reinvested. The prospectus expense ratio is 0.05% a year.
Questions people ask
- Which returned more over the last year, VTEB or VTES?
- In the year to Oct 28, 2026, with distributions reinvested, VTEB returned −0.4% and VTES +1.4%.
- Which is cheaper, VTEB or VTES?
- 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.
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 VTES, data as of Oct 28, 2026. https://etfiq.com/compare/any/vteb-vs-vtes
ETFIQ. (Oct 28, 2026). VTEB against VTES. Retrieved from https://etfiq.com/compare/any/vteb-vs-vtes
[VTEB against VTES (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/vteb-vs-vtes)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.