SUB vs VTEB: Holdings Overlap
SUBiShares Short-Term National Muni Bond ETF
iShares · 2873 holdings · $11.3B · 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 (SUB: 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 SUB and VTEB?
iShares Short-Term National Muni Bond ETF (SUB, by iShares) holds 2873 positions; Vanguard Tax-exempt Bond Index Fund (VTEB, by Vanguard) holds 10185. They have 767 holdings in common, and by portfolio weight the two funds are 7.6% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 7.6%Sum of the smaller weight of each shared holding
- Shared Holdings
- 767SUB holds 2873 · VTEB holds 10185
- Weight in Shared Holdings
- SUB 33%·VTEB 9%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 SUB
2106 of 2873 positions (61.7% of the fund) are not held by VTEB. Showing the top 30 by weight.
- Empire State Development Corp., Series 2022A0.25%
- Commonwealth of Massachusetts, Series 2004A0.20%
- New York City Transitional Finance Authority Future Tax Secured, Series 2025A, Sub-Series A-10.20%
- State of Georgia, Series 2022A0.19%
- Kentucky State Property & Building Commission, Series B0.19%
- Minnesota Public Facilities Authority State Revolving Fund, Series 2023B0.19%
Only in VTEB
9418 of 10185 positions (89.9% of the fund) are not held by SUB. Showing the top 30 by weight.
- University of California, Series 2025CD0.12%
- TRIBOROUGH BRIDGE-A-10.11%
- COLORADO ST-B-TRANS0.11%
- State of California, Series 20070.11%
- NYC TRANSITIONAL-A-10.09%
- Ohio Water Development Authority Water Pollution Control Loan Fund, Series 20250.08%
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| SUB | +0.2% | +1.1% | +2.0% | +3.1% | +1.5% | +1.5% | 2.56% |
| 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 SUB vs VTEB →
Shared Holdings(767)
The top 10 shared positions account for 8% of the overlap, led by Dallas Independent School District, Series 2026B, State of Illinois, Series 2017C and Los Angeles Department of Water & Power, Series 2025C.
| Dallas Independent School District, Series 2026B | 0.09% | 0.09% | 0.09% |
|---|---|---|---|
| State of Illinois, Series 2017C | 0.15% | 0.08% | 0.08% |
| Los Angeles Department of Water & Power, Series 2025C | 0.10% | 0.08% | 0.08% |
| State of Illinois, Series 2017D | 0.14% | 0.07% | 0.07% |
| University of California, Series 2025CD | 0.25% | 0.06% | 0.06% |
| New Jersey Educational Facilities Authority, Series A-1 | 0.10% | 0.06% | 0.06% |
| State of New Jersey, Series 2020A | 0.17% | 0.06% | 0.06% |
| State of Texas, Series 2025 | 0.07% | 0.05% | 0.05% |
| Long Island Power Authority, Series 2025B | 0.09% | 0.05% | 0.05% |
| State of California | 0.15% | 0.05% | 0.05% |
| New Jersey Turnpike Authority, Series 2025B | 0.14% | 0.05% | 0.05% |
| State of New Jersey, Series 2020A | 0.05% | 0.07% | 0.05% |
| State of New Jersey, Series 2020A | 0.21% | 0.05% | 0.05% |
| City of San Antonio Electric & Gas Systems, Series 2025A | 0.09% | 0.05% | 0.05% |
| State of California | 0.11% | 0.05% | 0.05% |
| New York City Transitional Finance Authority Future Tax Secured, Series 2021F-1 | 0.11% | 0.05% | 0.05% |
| New Jersey Economic Development Authority, Series 2023RRR | 0.37% | 0.05% | 0.05% |
| New Jersey Transportation Trust Fund Authority, Series 2018A | 0.04% | 0.06% | 0.04% |
| State of New Jersey, Series 2020A | 0.11% | 0.04% | 0.04% |
| State of New Jersey, Series 2020A | 0.19% | 0.04% | 0.04% |
| City of San Antonio Electric & Gas Systems, Series 2025A | 0.13% | 0.04% | 0.04% |
| County of Williamson, Series 2021 | 0.09% | 0.04% | 0.04% |
| New Jersey Transportation Trust Fund Authority, Series 2006C | 0.04% | 0.05% | 0.04% |
| Connecticut State Health & Educational Facilities Authority, Series 2025B-1 | 0.20% | 0.04% | 0.04% |
| School Board of Miami-Dade County (The), Series 2026A | 0.05% | 0.04% | 0.04% |
Showing the top 250 of 767 shared holdings by overlap weight.
Frequently Asked Questions
How much do SUB and VTEB overlap?
SUB and VTEB overlap by 7.6% of portfolio weight. They share 767 holdings (SUB holds 2873 positions and VTEB holds 10185), based on each fund's latest SEC-reported holdings.
Is it redundant to own both SUB and VTEB?
The two portfolios are 7.6% 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 SUB and VTEB?
The largest positions held by both funds are Dallas Independent School District, Series 2026B, State of Illinois, Series 2017C, Los Angeles Department of Water & Power, Series 2025C, State of Illinois, Series 2017D and University of California, Series 2025CD. Together the top 10 shared positions account for 8% of the total overlap.
What does SUB own that VTEB doesn't?
2106 positions (61.7% of SUB) are unique to SUB, led by Empire State Development Corp., Series 2022A, Commonwealth of Massachusetts, Series 2004A and New York City Transitional Finance Authority Future Tax Secured, Series 2025A, Sub-Series A-1. In the other direction, 9418 positions (89.9% of VTEB) are unique to VTEB.