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TMNL vs VTEL

T. Rowe Price Long Municipal Income ETF

TMNLCNasdaq

Vanguard Long-Term Tax-Exempt Bond ETF

VTELBCboe

Overlap

No data

Expense ratio

VTEL −0.17pt a year

TMNL0.26%VTEL0.09%

Avg volume · 30D

VTEL 117.1×the volume

TMNL922VTEL108K

TMNL vs VTEL Performance

Dec 31, 2025 – Oct 30, 2026

+0.9%TMNL−1.2%VTEL

Dec 31, 2025 to Oct 30, 2026. TMNL +0.9%. VTEL −1.2%. Use the arrow keys to read each point.−6%−4%2%Dec 2025Jun 2026Oct 2026
Expense ratio
TMNL 0.26%
VTEL 0.09%, better
Fund size
TMNL $24M
VTEL $417M
1Y total return
TMNL No data
VTEL −1.0%
Yield (12M)
TMNL No data
VTEL 3.93%
Holdings
TMNL 148
VTEL 4926
Avg volume (30D)
TMNL 922 sh
VTEL 108K sh, better
NAV per share
TMNL $48.74
VTEL $99.55
52W range

ETF.net Grade

TMNL: Cost 39, Risk 58, Mission 63, Tradability 25, Holdings 48, Durability 17. VTEL: Cost 80, Risk 48, Mission 59, Tradability 63, Holdings 77, Durability 53.
Pillar letters and Scores for TMNL, VTEL, with each pillar’s weight
PillarTMNLVTEL
Cost30% weightD39A80Higher
Mission25% weightB63HigherB59
Risk15% weightB58HigherC48
Tradability15% weightD25B63Higher
Holdings10% weightC48A77Higher
Durability5% weightF17C53Higher

Rank among Long-Duration Municipal Bonds funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. TMNL and VTEL are both graded against the same 5 Long-Duration Municipal Bonds funds, so their Grades compare head to head.

Long-Duration Municipal Bonds⁠

Category · 5 funds
See all 5 ›

VTEL ranks 1st and TMNL 4th of 5 funds in the Long-Duration Municipal Bonds Category.

  1. Rank 1BVTELVanguard Long-Term Tax-Exempt Bond ETFScore 65
  2. Rank 2BLMUBiShares Long-Term National Muni Bond ETFScore 63
  3. Rank 3BMLNVanEck Long Muni ETFScore 55
  4. Rank 4CTMNLT. Rowe Price Long Municipal Income ETFScore 45
  5. Rank 5CTAFLAB Tax-Aware Long Municipal ETFScore 42

Our read on each fund

ETF.net Research

TMNLCT. Rowe Price Long Municipal Income ETF

VTELBVanguard Long-Term Tax-Exempt Bond ETF

In short

TMNL T. Rowe Price's muni desk goes long: an active fund that parks past the ten-year mark on the muni curve, hunting federally tax-free income where the index giants just own the whole market.

VTEL No data

Stated mandate

TMNL The fund seeks high current income that is exempt from federal income taxes.

VTEL No data

Why people hold it

  • TMNL Built for the long end: under normal conditions the weighted average effective maturity runs beyond ten years, with no maturity limit on any individual bond.troweprice.com
  • The mandate is plain: high current income exempt from federal income taxes, with at least 80% of assets in munis. Federal is the break; state taxes are a separate question.troweprice.com
  • Active management at 0.26% a year, below the 0.30% median for muni bond ETFs. Unusual for an active fee to sit under the category middle.troweprice.com
  • Run by two career muni investors on T. Rowe Price's municipal team, each with more than two decades of investment experience.troweprice.com

VTEL No data

Worth knowing

  • TMNL Long bonds swing hardest when rates move: the prospectus flags that longer maturities and durations carry greater interest rate risk.troweprice.com
  • Cheap for active, rich next to the index crowd: VTEB charges 0.03% and MUB 0.05% for broad muni exposure.
  • It started trading in November 2025, so the record is short and volume is thin next to the category's largest muni funds.

VTEL No data

Full TMNL profile⁠

Full VTEL profile⁠

TMNL vs VTEL 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.

TMNL vs VTEL Cost

Overpaying TMNL vs VTEL

$3,460

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

  • TMNL 0.26%

    $5,358

  • VTEL 0.09%

    $1,898

$10,000
30 years

Cost over time

  • TMNL 0.26%
  • VTEL 0.09%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530TMNL $5,358VTEL $1,898

Year by year

YearTMNLVTELOverpaying
10$473$165$308
20$1,838$646$1,192
30$5,358$1,898$3,460

Expense ratio

  • 0.26%TMNL
  • 0.09%VTEL, cheaper
  • Middle half of Long-Duration Municipal Bonds funds
  • Median 0.24%

VTEL cheapest of 5 funds

TMNL 4th cheapest of 5 funds

TMNL vs VTEL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TMNL No data
VTEL 3.93%
Payout (12M)
TMNL No data
VTEL $3.91
Last payment
TMNL $0.17
VTEL $0.32
Ex-dividend
TMNL Oct 27, 2026
VTEL Oct 1, 2026
Paid on
TMNL Oct 29, 2026
VTEL Oct 5, 2026
Frequency
TMNL Monthly
VTEL Monthly

Distribution history

Per share, 2025 to 2026, same scale for both

TMNLMonthly · 11 paymentsAll TMNL payments⁠
One bar per payment. 11 payments from 2025 to 2026 YTD. Dec 23, 2025 $0.19; Jan 27, 2026 $0.17; Feb 24, 2026 $0.18; Mar 26, 2026 $0.18; Apr 27, 2026 $0.18; May 26, 2026 $0.18; Jun 25, 2026 $0.18; Jul 28, 2026 $0.18; Aug 26, 2026 $0.18; Sep 25, 2026 $0.18; Oct 27, 2026 $0.17. Use the arrow keys to read each point.$0$0.502026YTD
VTELMonthly · 16 paymentsAll VTEL payments⁠
One bar per payment. 16 payments from 2025 to 2026 YTD. Jul 1, 2025 $0.47; Aug 1, 2025 $0.25; Sep 2, 2025 $0.32; Oct 1, 2025 $0.30; Nov 3, 2025 $0.31; Dec 1, 2025 $0.33; Dec 18, 2025 $0.34; Feb 2, 2026 $0.33; Mar 2, 2026 $0.31; Apr 1, 2026 $0.34; May 1, 2026 $0.34; Jun 1, 2026 $0.33; Jul 1, 2026 $0.34; Aug 3, 2026 $0.31; Sep 1, 2026 $0.31; Oct 1, 2026 $0.32. Use the arrow keys to read each point.$0$0.502026YTD

TMNL vs VTEL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TMNL No dataVTEL 7.4%since Jun 2025
Return per unit of riskSharpe ratio, 3 years
TMNL No dataVTEL −0.03since Jun 2025
Worst fallMax drawdown, 5 years
TMNL No dataVTEL −8.6%since May 2025
Market sensitivityBeta, 5 years
TMNL 0.17VTEL 0.22

Popular comparisons

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    Category
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