VTEB vs SPY

Comparison between VANGUARD TAX-EXEMPT BOND INDEX FUND ETF SHARES (VTEB, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed VTEB, delivering a return of +13.3% compared to +0.9%

VTEB vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	VTEB(ETF)	SPY(ETF)
Net Assets	$44B	$652B
Expense Ratio	0.03%	0.09%
Max Drawdown	17.00%	56.47%
Sharpe Ratio	0.80	2.07
5Y Beta	0.03	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	11.72%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

VTEB

$44B

Winner

SPY

$652B

Expense Ratio

Winner

VTEB

0.03%

SPY

0.09%

Max Drawdown

Winner

VTEB

17.00%

SPY

56.47%

Sharpe Ratio

VTEB

0.80

Winner

SPY

2.07

5Y Beta

Winner

VTEB

0.03

SPY

1.00

P/E Ratio

VTEB

N/A

SPY

28.24

Forward P/E

VTEB

N/A

SPY

21.85

5Y Dividends CAGR

Winner

VTEB

11.72%

SPY

5.43%

5Y EPS CAGR

VTEB

N/A

SPY

25.79%

Debt to Equity

VTEB

N/A

SPY

22.35%

P/S Ratio

VTEB

N/A

SPY

3.55

P/B Ratio

VTEB

N/A

SPY

5.29

VTEB vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	VTEB	SPY
1 month	+0.52%	+9.11%
3 months	+0.03%	+6.59%
6 months	+1.49%	+10.56%
1 year	+6.27%	+32.04%
5 years(CAGR)	+0.88%	+13.35%
10 years(CAGR)	+2.09%	+15.49%
Max(CAGR)	+2.39%	+8.50%

VTEB

+0.52%

Winner

SPY

+9.11%

VTEB

+0.03%

Winner

SPY

+6.59%

VTEB

+1.49%

Winner

SPY

+10.56%

VTEB

+6.27%

Winner

SPY

+32.04%

5Y(CAGR)

VTEB

+0.88%

Winner

SPY

+13.35%

10Y(CAGR)

VTEB

+2.09%

Winner

SPY

+15.49%

Max(CAGR)

VTEB

+2.39%

Winner

SPY

+8.50%

VTEB vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	VTEB	SPY
2026	+0.90%	+8.27%
2025	+3.58%	+18.00%
2024	+1.63%	+25.59%
2023	+5.87%	+26.72%
2022	-7.95%	-18.64%
2021	+1.14%	+30.52%
2020	+5.08%	+17.28%
2019	+7.32%	+31.09%
2018	+1.20%	-5.24%
2017	+5.10%	+20.78%
2016	+0.06%	+13.59%
2015	+2.44%	+1.31%
2014	N/A	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

VTEB vs SPY Drawdown Comparison

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

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current VTEB drawdown is -0.91%.

Rank	VTEB	SPY
#1	-17.00% Mar 9, 2020 - Jul 30, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-12.64% Jul 22, 2021 - Dec 4, 2024	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-5.82% Jul 5, 2016 - Aug 23, 2017	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-4.76% Dec 6, 2024 - Sep 11, 2025	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-2.71% Feb 27, 2026 - Mar 24, 2026	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-2.27% Dec 6, 2017 - Dec 7, 2018	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-2.04% Feb 10, 2021 - Jun 4, 2021	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-1.57% Aug 15, 2019 - Jan 3, 2020	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-1.40% Aug 10, 2020 - Nov 19, 2020	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-1.14% Sep 8, 2017 - Dec 6, 2017	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-0.95% Feb 11, 2016 - Apr 5, 2016	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-0.82% Aug 25, 2015 - Sep 24, 2015	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-0.63% Jun 16, 2016 - Jun 24, 2016	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-0.54% Oct 30, 2015 - Nov 20, 2015	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-0.52% Jun 10, 2021 - Jul 7, 2021	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between VTEB and SPY is 0.86 which considered as a strong positive correlation - the stocks tend to move together.

0.86

-101

Dividend Comparison (1999 - 2026)

VTEB vs SPY dividend yield comparison.

Year	VTEB	SPY
2026	1.14%	0.24%
2025	3.29%	1.07%
2024	3.14%	1.21%
2023	2.79%	1.40%
2022	2.09%	1.65%
2021	1.64%	1.20%
2020	1.99%	1.52%
2019	2.30%	1.75%
2018	2.25%	2.04%
2017	1.96%	1.80%
2016	1.66%	2.03%
2015	0.58%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%