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TMNS vs VSDM

T. Rowe Price Short Municipal Income ETF

TMNSBNasdaq

Vanguard Short Duration Tax-Exempt Bond ETF

VSDMACboe

Overlap

No data

Expense ratio

VSDM −0.06pt a year

TMNS0.18%VSDM0.12%

Avg volume · 30D

VSDM 349.4×the volume

TMNS802VSDM280K

TMNS vs VSDM Performance

Dec 31, 2025 – Nov 9, 2026

+2.0%TMNS+2.1%VSDM

Dec 31, 2025 to Nov 9, 2026. TMNS +2.0%. VSDM +2.1%. Use the arrow keys to read each point.−1%−0.5%0%0.5%1%Dec 2025Jun 2026Nov 2026
Expense ratio
TMNS 0.18%
VSDM 0.12%, better
Fund size
TMNS $22M
VSDM $1.2B
1Y total return
TMNS No data
VSDM +2.6%
Yield (12M)
TMNS No data
VSDM 3.10%
Holdings
TMNS 213
VSDM 3315
Avg volume (30D)
TMNS 802 sh
VSDM 280K sh, better
NAV per share
TMNS $49.70
VSDM $76.00
52W range

ETF.net Grade

TMNS: Cost 72, Risk 46, Mission 100, Tradability 36, Holdings 31, Durability 12. VSDM: Cost 85, Risk 46, Mission 100, Tradability 78, Holdings 75, Durability 61.
Pillar letters and Scores for TMNS, VSDM, with each pillar’s weight
PillarTMNSVSDM
Cost30% weightA72A85Higher
Mission25% weightA100A100
Risk15% weightC46C46
Tradability15% weightD36A78Higher
Holdings10% weightD31A75Higher
Durability5% weightF12B61Higher

Rank among Short-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. TMNS 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 ›

VSDM ranks 3rd and TMNS 13th of 27 funds in the Short-Duration Municipal Bonds Category.

  1. Rank 1ASUBiShares Short-Term National Muni Bond ETFScore 80
  2. Rank 1AVTESVanguard Short-Term Tax-Exempt Bond ETFScore 80
  3. Rank 3AVSDMVanguard Short Duration Tax-Exempt Bond ETFScore 79
  4. Rank 4ATAXSNorthern Trust Short-Term Tax-Exempt Bond ETFScore 77
  5. Rank 12BMEARiShares Short Maturity Municipal Bond Active ETFScore 64
  6. Rank 13BTMNST. Rowe Price Short Municipal Income ETFScore 62
  7. Rank 14BCGSMCapital Group Short Duration Municipal Income ETFScore 61

Our read on each fund

ETF.net Research

TMNSBT. Rowe Price Short Municipal Income ETF

VSDMAVanguard Short Duration Tax-Exempt Bond ETF

In short

TMNS T. Rowe Price's short-maturity muni fund, launched in 2025 as part of a four-ETF push that filled out the firm's tax-free lineup. Active management, investment-grade bonds, and a fee well under the typical muni ETF.

VSDM No data

Stated mandate

TMNS The fund seeks income and, secondarily, capital appreciation.

VSDM No data

Why people hold it

  • TMNS Costs 0.18% a year, below the 0.30% median for muni bond ETFs, and cheap for a fund with a human picking the bonds.troweprice.com
  • Actively run by James Lynch, who also manages T. Rowe's intermediate muni ETF, rather than tracking a fixed index.troweprice.com
  • Holds short- and intermediate-term investment-grade munis, so it carries less interest-rate sensitivity than long-dated muni funds while seeking federally tax-exempt income.troweprice.com
  • One rung of a four-fund muni ladder (short, intermediate, long, high yield), so the duration slot is yours to choose instead of blended for you.troweprice.com

VSDM No data

Worth knowing

  • TMNS Launched in November 2025. The record is short, and any read on how it handles rate swings rests on limited history.
  • Still a small fund that trades thinly, which can mean wider gaps between bid and ask prices.
  • Index-tracking muni giants like VTEB, SCMB and MUB charge a few basis points. You are paying up here for active bond selection.

VSDM No data

Full TMNS profile⁠

Full VSDM profile⁠

TMNS vs 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.

TMNS vs VSDM Cost

Overpaying TMNS vs VSDM

$1,229

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

  • TMNS 0.18%

    $3,749

  • VSDM 0.12%

    $2,520

$10,000
30 years

Cost over time

  • TMNS 0.18%
  • VSDM 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K$4K051015202530TMNS $3,749VSDM $2,520

Year by year

YearTMNSVSDMOverpaying
10$328$220$108
20$1,281$859$422
30$3,749$2,520$1,229

Expense ratio

  • 0.18%TMNS
  • 0.12%VSDM, cheaper
  • Middle half of Short-Duration Municipal Bonds funds
  • Median 0.21%

VSDM 5th cheapest of 27 funds

TMNS 8th cheapest of 27 funds

TMNS vs VSDM Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
TMNS No data
VSDM 3.10%
Payout (12M)
TMNS No data
VSDM $2.36
Last payment
TMNS $0.14
VSDM $0.19
Ex-dividend
TMNS Oct 27, 2026
VSDM Nov 2, 2026
Paid on
TMNS Oct 29, 2026
VSDM Nov 4, 2026
Frequency
TMNS Monthly
VSDM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

TMNSMonthly · 11 paymentsAll TMNS payments⁠
One bar per payment. 11 payments from 2024 to 2026 YTD. Dec 23, 2025 $0.16; Jan 27, 2026 $0.14; Feb 24, 2026 $0.14; Mar 26, 2026 $0.14; Apr 27, 2026 $0.14; May 26, 2026 $0.14; Jun 25, 2026 $0.14; Jul 28, 2026 $0.13; Aug 26, 2026 $0.14; Sep 25, 2026 $0.15; Oct 27, 2026 $0.14. Use the arrow keys to read each point.$0$0.252026YTD
VSDMMonthly · 23 paymentsAll VSDM payments⁠
One bar per payment. 23 payments from 2024 to 2026 YTD. Dec 24, 2024 $0.26; Feb 3, 2025 $0.20; Mar 3, 2025 $0.20; Apr 1, 2025 $0.16; May 1, 2025 $0.19; Jun 2, 2025 $0.20; Jul 1, 2025 $0.19; Aug 1, 2025 $0.19; Sep 2, 2025 $0.20; Oct 1, 2025 $0.20; Nov 3, 2025 $0.20; Dec 1, 2025 $0.20; Dec 18, 2025 $0.20; Feb 2, 2026 $0.19; Mar 2, 2026 $0.20; Apr 1, 2026 $0.20; May 1, 2026 $0.20; Jun 1, 2026 $0.20; Jul 1, 2026 $0.20; Aug 3, 2026 $0.20; Sep 1, 2026 $0.20; Oct 1, 2026 $0.19; Nov 2, 2026 $0.19. Use the arrow keys to read each point.$0$0.252026YTD

TMNS vs VSDM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TMNS No dataVSDM 2.9%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
TMNS No dataVSDM −0.26since Dec 2024
Worst fallMax drawdown, 5 years
TMNS No dataVSDM −2.8%since Nov 2024
Market sensitivityBeta, 5 years
TMNS 0.06VSDM 0.09

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