SUB vs VSDM: Grades, Fees and Holdings Compared

iShares Short-Term National Muni Bond ETF

SUBANYSE Arca

Vanguard Short Duration Tax-Exempt Bond ETF

VSDMACboe

Overlap

No data

Expense ratio

SUB −0.05pt a year

SUB0.07%VSDM0.12%

Avg volume · 30D

SUB 3.3×the volume

SUB860KVSDM258K

SUB vs VSDM Performance

Oct 31, 2025 – Oct 30, 2026

+2.1%SUB+2.0%VSDM

Expense ratio: SUB 0.07%, better; VSDM 0.12%
Fund size: SUB $13.3B; VSDM $1.2B
1Y total return: SUB +2.1%, better; VSDM +2.0%
Yield (12M): SUB 2.57%; VSDM 3.12%, better
Holdings: SUB 3188; VSDM 3315
Avg volume (30D): SUB 860K sh, better; VSDM 258K sh
NAV per share: SUB $105.87; VSDM $75.79
52W range

ETF.net Grade

Pillar letters and Scores for SUB, VSDM, with each pillar’s weight
Pillar	SUB	VSDM
Cost30% weight	A91Higher	A85
Mission25% weight	A100	A100
Risk15% weight	C44	C48Higher
Tradability15% weight	B60	A78Higher
Holdings10% weight	A81Higher	A75
Durability5% weight	A94Higher	B62

Rank among Short-Duration Municipal Bonds funds

How we build Categories ›

Same Category. SUB and VSDM are both graded against the same 27 Short-Duration Municipal Bonds funds, so their Grades compare head to head.

Short-Duration Municipal Bonds⁠

Category · 27 funds

See all 27 ›

SUB ranks 2nd and VSDM 2nd of 27 funds in the Short-Duration Municipal Bonds Category.

Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 81
Rank 2ASUBiShares Short-Term National Muni Bond ETFScore 80
Rank 2AVSDMVanguard Short Duration Tax-Exempt Bond ETFScore 80
Rank 4ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFScore 77

Our read on each fund

ETF.net Research

SUBAiShares Short-Term National Muni Bond ETF

VSDMAVanguard Short Duration Tax-Exempt Bond ETF

In short

SUB Munis, but only the near end of the curve. Since 2008 SUB has tracked an AMT-free index of investment-grade municipal bonds maturing inside five years, paying tax-exempt income monthly with far less rate sensitivity than long-dated muni funds.

VSDM No data

Stated mandate

SUB The fund seeks to track an index of short-term, investment-grade U.S. municipal bonds maturing from one month through five years, providing tax-exempt income while managing interest-rate risk.

VSDM No data

Why people hold it

SUB Charges 0.07% a year against a category median near 0.30%. On tax-exempt bond income, that fee gap is a meaningful slice of what actually reaches you.
Two dials set on purpose: maturities from one month to five years, and an AMT-free index, so neither rate swings nor the alternative minimum tax hit the same way.ishares.com
A multi-billion-dollar fund running since 2008 under iShares, with tight tracking of its ICE benchmark. One of the sturdier implementations in the muni group.
Pays monthly, so the tax-exempt income arrives on a regular cadence rather than in quarterly lumps.

VSDM No data

Worth knowing

SUB The five-year ceiling is the whole design, and it cuts both ways: less rate sensitivity, but a shorter stretch of the curve to draw income from than full-maturity muni funds.
This is a national portfolio. Single-state funds like NYF chase a home-state tax break that a nationwide muni basket cannot offer.
Broad-maturity peers VTEB and SCMB run at 0.03%. The short-end tilt here costs a few basis points more.

VSDM No data

Full SUB profile⁠

Full VSDM profile⁠

SUB vs VSDM Holdings

How SUB and VSDM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile99.1%
Asset classFixed Income100%

Sector

No Sector split for VSDM.

Country, concentration and asset class

Country by domicile

Country weights in SUB and VSDM, widest gap first
Country	More in SUBMore in VSDM	SUB	VSDM
United States	SUB +0.9 points	100.0%	99.1%
Puerto Rico	VSDM +0.9 points	0.0%	0.9%

Concentration

Weight in the 10 largest Holdings

SUB3.3%
VSDM5.4%

Securities held

SUB2,459
VSDM2,951

Asset class

SUB: Fixed Income
VSDM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. SUB holds 2,459 securities, VSDM 2,951.

All 3,128 SUB holdings⁠All VSDM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SUB vs VSDM Cost

Overpaying VSDM vs SUB

$1,040

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SUB 0.07%
$1,480
VSDM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

SUB 0.07%
VSDM 0.12%
Overpaying

Year by year

Year	SUB	VSDM	Overpaying
10	$128	$220	$92
20	$503	$859	$356
30	$1,480	$2,520	$1,040

Expense ratio

0.07%SUB, cheaper
0.12%VSDM

SUB0.07%VSDM0.12%

0.05%0.55%

Middle half of Short-Duration Municipal Bonds funds
Median 0.21%

SUB 3rd cheapest of 27 funds

VSDM 5th cheapest of 27 funds

SUB vs VSDM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SUB 2.57%; VSDM 3.12%, better
Payout (12M): SUB $2.73; VSDM $2.37
Last payment: SUB $0.23; VSDM $0.19
Ex-dividend: SUB Oct 1, 2026; VSDM Oct 1, 2026
Paid on: SUB Oct 6, 2026; VSDM Oct 5, 2026
Frequency: SUB Monthly; VSDM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SUBMonthly · 45 paymentsAll SUB payments⁠

VSDMMonthly · 22 paymentsAll VSDM payments⁠

SUB vs VSDM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SUB 2.0%VSDM 2.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: SUB −0.59VSDM −0.26since Dec 2024
Worst fallMax drawdown, 5 years: SUB −4.0%VSDM −2.8%since Nov 2024
Market sensitivityBeta, 5 years: SUB 0.26VSDM 0.09; Market = 1

SUB and VSDM in the news

All news⁠

New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026SUB
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026SUB

Popular comparisons

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SUB vs VSDM

In short

Stated mandate

Why people hold it

Worth knowing

How SUB and VSDM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

How SUB and VSDM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings