VTEB vs QUAL

Comparison between VANGUARD TAX-EXEMPT BOND INDEX FUND ETF SHARES (VTEB, ETF) and ISHARES MSCI USA QUALITY FACTOR ETF (QUAL, ETF).

5-Year PerformanceQUAL has outperformed VTEB, delivering a return of +11.5% compared to +0.9%

VTEB vs QUAL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	VTEB(ETF)	QUAL(ETF)
Net Assets	$44B	$47B
Expense Ratio	0.03%	0.15%
Max Drawdown	17.00%	34.06%
Sharpe Ratio	0.80	1.52
5Y Beta	0.03	0.91
P/E Ratio	N/A	27.29
Forward P/E	N/A	23.25
PEG Ratio	N/A	0.86
5Y Dividends CAGR	11.72%	7.13%
5Y EPS CAGR	N/A	27.89%
Debt to Equity	N/A	58.35%
P/S Ratio	N/A	4.39
P/B Ratio	N/A	7.04

Net Assets

VTEB

$44B

Winner

QUAL

$47B

Expense Ratio

Winner

VTEB

0.03%

QUAL

0.15%

Max Drawdown

Winner

VTEB

17.00%

QUAL

34.06%

Sharpe Ratio

VTEB

0.80

Winner

QUAL

1.52

5Y Beta

Winner

VTEB

0.03

QUAL

0.91

P/E Ratio

VTEB

N/A

QUAL

27.29

Forward P/E

VTEB

N/A

QUAL

23.25

PEG Ratio

VTEB

N/A

QUAL

0.86

5Y Dividends CAGR

Winner

VTEB

11.72%

QUAL

7.13%

5Y EPS CAGR

VTEB

N/A

QUAL

27.89%

Debt to Equity

VTEB

N/A

QUAL

58.35%

P/S Ratio

VTEB

N/A

QUAL

4.39

P/B Ratio

VTEB

N/A

QUAL

7.04

VTEB vs QUAL - Historical Returns

Returns include dividend reinvestment.

Period	VTEB	QUAL
1 month	+0.52%	+5.74%
3 months	+0.03%	+3.36%
6 months	+1.49%	+9.48%
1 year	+6.27%	+23.93%
5 years(CAGR)	+0.88%	+11.52%
10 years(CAGR)	+2.09%	+14.14%
Max(CAGR)	+2.39%	+13.56%

VTEB

+0.52%

Winner

QUAL

+5.74%

VTEB

+0.03%

Winner

QUAL

+3.36%

VTEB

+1.49%

Winner

QUAL

+9.48%

VTEB

+6.27%

Winner

QUAL

+23.93%

5Y(CAGR)

VTEB

+0.88%

Winner

QUAL

+11.52%

10Y(CAGR)

VTEB

+2.09%

Winner

QUAL

+14.14%

Max(CAGR)

VTEB

+2.39%

Winner

QUAL

+13.56%

VTEB vs QUAL - Annual Returns (2013 - 2026)

Returns include dividend reinvestment.

Year	VTEB	QUAL
2026	+0.90%	+5.87%
2025	+3.58%	+12.95%
2024	+1.63%	+23.18%
2023	+5.87%	+31.26%
2022	-7.95%	-20.28%
2021	+1.14%	+28.99%
2020	+5.08%	+16.02%
2019	+7.32%	+33.96%
2018	+1.20%	-6.11%
2017	+5.10%	+21.39%
2016	+0.06%	+10.84%
2015	+2.44%	+5.47%
2014	N/A	+12.54%
2013	N/A	+13.45%

VTEB vs QUAL Drawdown Comparison

The maximum drawdown for VTEB was -17.00%, occurring on Mar 19, 2020. Recovery took 100 trading sessions.

The maximum drawdown for QUAL was -34.06%, occurring on Mar 23, 2020. Recovery took 122 trading sessions.

The current VTEB drawdown is -0.91%.

Rank	VTEB	QUAL
#1	-17.00% Mar 9, 2020 - Jul 30, 2020	-34.06% Feb 19, 2020 - Aug 12, 2020
#2	-12.64% Jul 22, 2021 - Dec 4, 2024	-28.22% Dec 29, 2021 - Dec 11, 2023
#3	-5.82% Jul 5, 2016 - Aug 23, 2017	-20.46% Sep 21, 2018 - Apr 5, 2019
#4	-4.76% Dec 6, 2024 - Sep 11, 2025	-18.00% Dec 4, 2024 - Jul 23, 2025
#5	-2.71% Feb 27, 2026 - Mar 24, 2026	-11.49% Jul 20, 2015 - Oct 28, 2015
#6	-2.27% Dec 6, 2017 - Dec 7, 2018	-11.20% Nov 3, 2015 - Apr 1, 2016
#7	-2.04% Feb 10, 2021 - Jun 4, 2021	-9.92% Jan 26, 2018 - Aug 20, 2018
#8	-1.57% Aug 15, 2019 - Jan 3, 2020	-9.03% Feb 25, 2026 - Apr 17, 2026
#9	-1.40% Aug 10, 2020 - Nov 19, 2020	-8.69% Sep 2, 2020 - Nov 9, 2020
#10	-1.14% Sep 8, 2017 - Dec 6, 2017	-7.63% Jul 16, 2024 - Aug 21, 2024
#11	-0.95% Feb 11, 2016 - Apr 5, 2016	-7.40% Aug 30, 2021 - Oct 29, 2021
#12	-0.82% Aug 25, 2015 - Sep 24, 2015	-6.92% Apr 23, 2019 - Jun 20, 2019
#13	-0.63% Jun 16, 2016 - Jun 24, 2016	-6.63% Sep 19, 2014 - Oct 30, 2014
#14	-0.54% Oct 30, 2015 - Nov 20, 2015	-6.58% Mar 21, 2024 - May 15, 2024
#15	-0.52% Jun 10, 2021 - Jul 7, 2021	-6.46% Jan 21, 2014 - Feb 26, 2014

Correlation

Correlation between VTEB and QUAL is 0.87 which considered as a strong positive correlation - the stocks tend to move together.

0.87

-101

Dividend Comparison (2013 - 2026)

VTEB vs QUAL dividend yield comparison.

Year	VTEB	QUAL
2026	1.14%	0.20%
2025	3.29%	0.94%
2024	3.14%	1.02%
2023	2.79%	1.23%
2022	2.09%	1.59%
2021	1.64%	1.20%
2020	1.99%	1.39%
2019	2.30%	1.60%
2018	2.25%	2.00%
2017	1.96%	1.76%
2016	1.66%	1.96%
2015	0.58%	1.63%
2014	0.00%	1.35%
2013	0.00%	0.63%