Skip to content
etf.net

VSDM vs VTES

Vanguard Short Duration Tax-Exempt Bond ETF

VSDMACboe

Vanguard Short-Term Tax-Exempt Bond ETF

VTESANYSE Arca

Overlap

No data

Expense ratio

VTES −0.07pt a year

VSDM0.12%VTES0.05%

Avg volume · 30D

VTES 1.9×the volume

VSDM258KVTES498K

VSDM vs VTES Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%VSDM+1.6%VTES

Oct 31, 2025 to Oct 30, 2026. VSDM +2.0%. VTES +1.6%. Use the arrow keys to read each point.−1%−0.5%0%0.5%1%Oct 2025Apr 2026Oct 2026
Expense ratio
VSDM 0.12%
VTES 0.05%, better
Fund size
VSDM $1.2B
VTES $3.6B
1Y total return
VSDM +2.0%, better
VTES +1.6%
Yield (12M)
VSDM 3.12%, better
VTES 2.67%
Holdings
VSDM 3315
VTES 3913
Avg volume (30D)
VSDM 258K sh
VTES 498K sh, better
NAV per share
VSDM $75.79
VTES $100.51
52W range

ETF.net Grade

VSDM: Cost 85, Risk 48, Mission 100, Tradability 78, Holdings 75, Durability 62. VTES: Cost 98, Risk 37, Mission 100, Tradability 75, Holdings 63, Durability 83.
Pillar letters and Scores for VSDM, VTES, with each pillar’s weight
PillarVSDMVTES
Cost30% weightA85A98Higher
Mission25% weightA100A100
Risk15% weightC48HigherD37
Tradability15% weightA78HigherA75
Holdings10% weightA75HigherB63
Durability5% weightB62A83Higher

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. VSDM and VTES 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 ›

VTES ranks 1st and VSDM 2nd of 27 funds in the Short-Duration Municipal Bonds Category.

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

Our read on each fund

ETF.net Research

VSDMAVanguard Short Duration Tax-Exempt Bond ETF

VTESAVanguard Short-Term Tax-Exempt Bond ETF

In short

VSDM No data

VTES Vanguard's muni ETF on a short leash: an AMT-free tax-exempt index, but capped at seven years to trim interest-rate sensitivity. Five basis points, roughly 2,700 bonds, income paid monthly.

Stated mandate

VSDM No data

VTES The Fund seeks to track an index representing investment-grade U.S. municipal bonds with remaining maturities from one month through seven years.

Why people hold it

VSDM No data

  • VTES Costs 0.05% a year, a fraction of what the typical muni-bond fund in its category charges. One of the cheapest ways into tax-exempt bonds.
  • Maturities run one month to seven years, so the portfolio moves less on rate swings than long-dated muni funds. Short duration is the whole point here.vanguard.com
  • The index is AMT-free national investment-grade munis, so interest is federally tax-exempt and not caught by the alternative minimum tax.vanguard.com
  • Roughly 2,700 bonds via index sampling, run by Vanguard's fixed income group, with distributions paid monthly. It tracks its benchmark closely.vanguard.com

Worth knowing

VSDM No data

  • VTES Short maturities cut both ways. Vanguard's own materials describe moderate current income, the trade-off for less rate sensitivity than longer muni portfolios.vanguard.com
  • It's a national fund, so it isn't structured to shelter state income tax the way single-state muni ETFs such as NYF are.
  • Launched in 2023, it has a shorter live record than muni ETFs that have been trading for over a decade, including its broader sibling VTEB.

Full VSDM profile⁠

Full VTES profile⁠

VSDM vs VTES 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.

VSDM vs VTES Cost

Overpaying VSDM vs VTES

$1,460

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

  • VSDM 0.12%

    $2,520

  • VTES 0.05%

    $1,060

$10,000
30 years

Cost over time

  • VSDM 0.12%
  • VTES 0.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K051015202530VSDM $2,520VTES $1,060

Year by year

YearVSDMVTESOverpaying
10$220$92$128
20$859$360$499
30$2,520$1,060$1,460

Expense ratio

  • 0.12%VSDM
  • 0.05%VTES, cheaper
  • Middle half of Short-Duration Municipal Bonds funds
  • Median 0.21%

VTES cheapest of 27 funds

VSDM 5th cheapest of 27 funds

VSDM vs VTES Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
VSDM 3.12%, better
VTES 2.67%
Payout (12M)
VSDM $2.37
VTES $2.69
Last payment
VSDM $0.19
VTES $0.19
Ex-dividend
VSDM Oct 1, 2026
VTES Oct 1, 2026
Paid on
VSDM Oct 5, 2026
VTES Oct 5, 2026
Frequency
VSDM Monthly
VTES Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

VSDMMonthly · 22 paymentsAll VSDM payments⁠
One bar per payment. 22 payments from 2023 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. Use the arrow keys to read each point.$0$0.2520232026YTD
VTESMonthly · 44 paymentsAll VTES payments⁠
One bar per payment. 44 payments from 2023 to 2026 YTD. Mar 31, 2023 $0.13; Apr 3, 2023 $0.13; May 1, 2023 $0.16; Jun 1, 2023 $0.23; Jul 3, 2023 $0.21; Aug 1, 2023 $0.22; Sep 1, 2023 $0.22; Oct 2, 2023 $0.22; Nov 1, 2023 $0.19; Dec 1, 2023 $0.24; Dec 22, 2023 $0.25; Feb 1, 2024 $0.25; Mar 1, 2024 $0.25; Apr 1, 2024 $0.25; May 1, 2024 $0.24; Jun 3, 2024 $0.25; Jul 1, 2024 $0.25; Aug 1, 2024 $0.25; Sep 3, 2024 $0.25; Oct 1, 2024 $0.26; Nov 1, 2024 $0.25; Dec 2, 2024 $0.25; Dec 24, 2024 $0.24; Feb 3, 2025 $0.23; Mar 3, 2025 $0.25; Apr 1, 2025 $0.23; May 1, 2025 $0.23; Jun 2, 2025 $0.23; Jul 1, 2025 $0.24; Aug 1, 2025 $0.23; Sep 2, 2025 $0.24; Oct 1, 2025 $0.24; Nov 3, 2025 $0.24; Dec 1, 2025 $0.23; Dec 24, 2025 $0.23; Feb 2, 2026 $0.22; Mar 2, 2026 $0.24; Apr 1, 2026 $0.22; May 1, 2026 $0.23; Jun 1, 2026 $0.22; Jul 1, 2026 $0.23; Aug 3, 2026 $0.22; Sep 1, 2026 $0.21; Oct 1, 2026 $0.19. Use the arrow keys to read each point.$0$0.2520232026YTD

VSDM vs VTES Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
VSDM 2.9%since Dec 2024VTES 2.8%
Return per unit of riskSharpe ratio, 3 years
VSDM −0.26since Dec 2024VTES −0.33
Worst fallMax drawdown, 5 years
VSDM −2.8%since Nov 2024VTES −3.0%since Mar 2023
Market sensitivityBeta, 5 years
VSDM 0.09VTES 0.37

Popular comparisons

  • VSDMAvsSUBA

    Vanguard Short Duration Tax-Exempt Bond ETF · iShares Short-Term National Muni Bond ETF

    Expense ratio
    0.12% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VTESAvsSUBA

    Vanguard Short-Term Tax-Exempt Bond ETF · iShares Short-Term National Muni Bond ETF

    Expense ratio
    0.05% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VSDMAvsTAXSA

    Vanguard Short Duration Tax-Exempt Bond ETF · Northern Trust Short-Term Tax-Exempt Bond ETF

    Expense ratio
    0.12% · 0.05%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VTESAvsTAXSA

    Vanguard Short-Term Tax-Exempt Bond ETF · Northern Trust Short-Term Tax-Exempt Bond ETF

    Expense ratio
    0.05% · 0.05%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VSDMAvsSMBA

    Vanguard Short Duration Tax-Exempt Bond ETF · VanEck Short Muni ETF

    Expense ratio
    0.12% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VTESAvsSMBA

    Vanguard Short-Term Tax-Exempt Bond ETF · VanEck Short Muni ETF

    Expense ratio
    0.05% · 0.07%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.