MUB vs VTEB: Holdings Overlap
MUBiShares National Muni Bond ETF
iShares · 6603 holdings · $45.3B · as of 2026-05-31
VTEBVanguard Tax-exempt Bond Index Fund
Vanguard · 10185 holdings · $45.7B · as of 2026-04-30
Holdings snapshots are 31 days apart (MUB: 2026-05-31, VTEB: 2026-04-30). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are MUB and VTEB?
iShares National Muni Bond ETF (MUB, by iShares) holds 6603 positions; Vanguard Tax-exempt Bond Index Fund (VTEB, by Vanguard) holds 10185. They have 3353 holdings in common, and by portfolio weight the two funds are 26.1% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 26.1%Sum of the smaller weight of each shared holding
- Shared Holdings
- 3353MUB holds 6603 · VTEB holds 10185
- Weight in Shared Holdings
- MUB 50%·VTEB 40%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in MUB
3250 of 6603 positions (45.1% of the fund) are not held by VTEB. Showing the top 30 by weight.
- Board of Regents of the University of Texas System, Series 2025B0.19%
- State of California0.12%
- Washoe County School District, Series 2017C0.11%
- Commonwealth of Massachusetts, Series 2022E0.10%
- San Diego Unified School District, Series 2020D-20.10%
- City of Colorado Springs Utilities System, Series 2024A0.10%
Only in VTEB
6832 of 10185 positions (58.8% of the fund) are not held by MUB. Showing the top 30 by weight.
- TRIBOROUGH BRIDGE-A-10.11%
- COLORADO ST-B-TRANS0.11%
- NYC TRANSITIONAL-A-10.09%
- TNDR OPT-FLTRS-VRS2220.08%
- NH MUNI BD BK-C0.08%
- Los Angeles Unified School District, Series 2024A0.07%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| MUB | -0.9% | +0.8% | +5.1% | +3.3% | +0.7% | +1.9% | 3.22% |
| VTEB | -0.9% | +1.0% | +5.5% | +3.5% | +0.7% | +1.9% | 3.41% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in MUB vs VTEB →
Shared Holdings(3353)
The top 10 shared positions account for 3% of the overlap, led by New York State Dormitory Authority, Series 2019D, Ohio State University (The), Series 2026A and New York State Dormitory Authority, Series 2024A.
| New York State Dormitory Authority, Series 2019D | 0.13% | 0.08% | 0.08% |
|---|---|---|---|
| Ohio State University (The), Series 2026A | 0.13% | 0.08% | 0.08% |
| New York State Dormitory Authority, Series 2024A | 0.08% | 0.08% | 0.08% |
| State of Illinois, Series 2017D | 0.11% | 0.07% | 0.07% |
| Triborough Bridge & Tunnel Authority, Series 2021A-1 | 0.09% | 0.07% | 0.07% |
| Houston Higher Education Finance Corp., Series 2024 | 0.13% | 0.06% | 0.06% |
| New Jersey Educational Facilities Authority, Series A-1 | 0.11% | 0.06% | 0.06% |
| Empire State Development Corp., Series 2020A | 0.09% | 0.06% | 0.06% |
| State of Maryland Department of Transportation, Series 2025C | 0.06% | 0.06% | 0.06% |
| Los Angeles Unified School District, Series 2024A | 0.06% | 0.06% | 0.06% |
| State of New Jersey, Series 2020A | 0.13% | 0.06% | 0.06% |
| New York City Transitional Finance Authority Future Tax Secured, Series 2026B | 0.05% | 0.07% | 0.05% |
| State of California | 0.11% | 0.05% | 0.05% |
| California Educational Facilities Authority, Series 2025A | 0.09% | 0.05% | 0.05% |
| County of Jefferson, Series 2024 | 0.08% | 0.05% | 0.05% |
| State of Wisconsin, Series 2026A | 0.05% | 0.07% | 0.05% |
| Oklahoma Turnpike Authority, Series 2025A | 0.06% | 0.05% | 0.05% |
| City of New York, Series 2026B, Sub-Series B-1 | 0.10% | 0.05% | 0.05% |
| Alabama Federal Aid Highway Finance Authority, Series 2016A | 0.05% | 0.05% | 0.05% |
| Los Angeles Unified School District, Series 2024A | 0.05% | 0.06% | 0.05% |
| State of New Jersey, Series 2020A | 0.05% | 0.07% | 0.05% |
| New York Power Authority, Series 2020A | 0.07% | 0.05% | 0.05% |
| Private Colleges & Universities Authority, Series 2023B | 0.05% | 0.05% | 0.05% |
| Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A | 0.11% | 0.05% | 0.05% |
| Bay Area Toll Authority, Series 2017S-7 | 0.06% | 0.05% | 0.05% |
Showing the top 250 of 3353 shared holdings by overlap weight.
Frequently Asked Questions
How much do MUB and VTEB overlap?
MUB and VTEB overlap by 26.1% of portfolio weight. They share 3353 holdings (MUB holds 6603 positions and VTEB holds 10185), based on each fund's latest SEC-reported holdings.
Is it redundant to own both MUB and VTEB?
The two portfolios are 26.1% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of MUB and VTEB?
The largest positions held by both funds are New York State Dormitory Authority, Series 2019D, Ohio State University (The), Series 2026A, New York State Dormitory Authority, Series 2024A, State of Illinois, Series 2017D and Triborough Bridge & Tunnel Authority, Series 2021A-1. Together the top 10 shared positions account for 3% of the total overlap.
What does MUB own that VTEB doesn't?
3250 positions (45.1% of MUB) are unique to MUB, led by Board of Regents of the University of Texas System, Series 2025B, State of California and Washoe County School District, Series 2017C. In the other direction, 6832 positions (58.8% of VTEB) are unique to VTEB.