(VTES) Short-Term Tax-Exempt Bond - Overview
Etf: Municipal Bonds, Short-Term, Investment Grade, Tax-Exempt
Dividends
| Dividend Yield | 2.99% |
| Yield on Cost 5y | 3.04% |
| Yield CAGR 5y | 16.94% |
| Payout Consistency | 97.3% |
| Payout Ratio | - |
| Risk 5d forecast | |
|---|---|
| Volatility | 1.47% |
| Relative Tail Risk | -9.11% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.14 |
| Alpha | 0.26 |
| Character TTM | |
|---|---|
| Beta | 0.005 |
| Beta Downside | -0.018 |
| Drawdowns 3y | |
|---|---|
| Max DD | 2.42% |
| CAGR/Max DD | 1.47 |
Description: VTES Short-Term Tax-Exempt Bond January 16, 2026
The Vanguard Short-Term Tax-Exempt Bond ETF (VTES) seeks to track a short-duration municipal bond index by **sampling** the index rather than holding every constituent. Through this method it captures the index’s key risk factors-such as average credit quality, sector weightings, and duration-while keeping the portfolio size manageable. The fund is classified as **non-diversified**, meaning it holds fewer than 40 securities and therefore may exhibit higher idiosyncratic risk than a fully diversified muni fund.
From a data-driven perspective, three current metrics are especially relevant: (1) **Expense Ratio:** 0.07%, well below the industry average for short-term muni ETFs, which enhances net yield; (2) **Weighted Average Maturity (WAM):** approximately 2.6 years, positioning the fund to benefit from a steepening yield curve if short-term rates fall; and (3) **Effective Federal Tax Rate:** around 70% of the fund’s yield is typically tax-free for investors in the 24%–35% marginal tax brackets, making it attractive in a high-tax environment. Key economic drivers include municipal credit supply (state and local budget health) and the Federal Reserve’s short-term policy stance, both of which directly affect the fund’s yield and price volatility.
For a deeper dive into how VTES’s risk-adjusted performance stacks up against peers, you might explore the analytics on ValueRay.
What is the price of VTES shares?
Over the past week, the price has changed by +0.22%, over one month by +0.76%, over three months by +1.55% and over the past year by +4.41%.
Is VTES a buy, sell or hold?
What are the forecasts/targets for the VTES price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | - | - |
| Analysts Target Price | - | - |
| ValueRay Target Price | 108.1 | 5.6% |
VTES Fundamental Data Overview February 05, 2026
EBIT TTM = 0.0 USD
EBITDA TTM = 0.0 USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = unknown
Net Debt = unknown
Enterprise Value = 1.66b USD (1.66b + (null Debt) - (null CCE))
Interest Coverage Ratio = unknown (Ebit TTM 0.0 / Interest Expense TTM 0.0)
EV/FCF = unknown (FCF TTM 0.0)
FCF Yield = 0.0% (FCF TTM 0.0 / Enterprise Value 1.66b)
FCF Margin = unknown (Revenue TTM is 0 or missing)
Net Margin = unknown
Gross Margin = unknown ((Revenue TTM 0.0 - Cost of Revenue TTM 0.0) / Revenue TTM)
Tobins Q-Ratio = unknown (Enterprise Value 1.66b / Total Assets none)
Interest Expense / Debt = unknown (Interest Expense 0.0 / Debt none)
Taxrate = 21.0% (US default 21%)
NOPAT = 0.0 (EBIT 0.0 * (1 - 21.00%))
Current Ratio = unknown (Total Current Assets none / Total Current Liabilities none)
Debt / Equity = unknown (Debt none)
Debt / EBITDA = unknown (Net Debt none / EBITDA 0.0)
Debt / FCF = unknown (Net Debt none / FCF TTM 0.0)
Total Stockholder Equity = 0.0 (from calculated bookValueOfEquity)
RoA = unknown (Net Income 0.0 / Total Assets none)
RoE = unknown (Net Income TTM 0.0 / Total Stockholder Equity 0.0)
RoCE = unknown (EBIT 0.0 / Capital Employed )
RoIC = unknown (NOPAT 0.0, Invested Capital 0.0, EBIT 0.0)
WACC = 5.93% (E(1.66b)/V(1.66b) * Re(5.93%) + (debt-free company))
Discount Rate = 5.93% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Fair Price DCF = unknown (Cash Flow 0.0)