TMNL vs VOO
T. Rowe Price Long Municipal Income ETF vs Vanguard S&P 500 ETF
Which is better, TMNL or VOO?
Long Term Municipal Bond against Large Cap Blend.
VOO has a lower expense ratio. VOO led over 1Y.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | TMNL | VOO |
|---|---|---|
| Expense Ratio | 0.26% | 0.03%Best |
| AUM | $24M | $1.0T |
| Dividend Yield | 3.79% | 1.06% |
| Holdings | 119 | 506 |
| YTD Return | +0.91% | +11.34%Best |
| 1Y Return | +1.33% | +11.66%Best |
| 3Y Return (annualized) | - | +21.71% |
| 5Y Return (annualized) | - | +11.73% |
| Volatility (annualized) | 6.5%Best | 13.4% |
| Fund Family | T.Rowe Price | Vanguard (US) |
| Category | Fixed Income | Equity |
| Style | Long Term Municipal Bond | Large Cap Blend |
| Inception | Nov 19, 2025 | Sep 7, 2010 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
TMNL vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
TMNL vs VOO Performance
T. Rowe Price Long Municipal Income ETF (TMNL) is an ETF from T.Rowe Price and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year TMNL returned +1.33% while VOO returned +11.66%. Year to date, TMNL is up 0.91% versus a gain of 11.34% for VOO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 13.4% compared with 6.5% for TMNL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.31. They move together some of the time, and apart the rest.
Fees and Cost Over Time
TMNL charges 0.26% per year while VOO charges 0.03%. On a $10,000 position that is $26 vs $3 annually, a gap of $23 per year that compounds over a long holding period. On income, TMNL currently yields 3.79% against 1.06% for VOO.
Holdings Overlap
We hold position weights for 40 holdings in TMNL and 504 in VOO, totalling 31.3% and 100.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 40 positions we hold weights for in TMNL and 504 in VOO, against full books of 119 and 506.
You are not choosing between two funds in isolation.
Whichever of TMNL and VOO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, TMNL or VOO?
TMNL has an expense ratio of 0.26% while VOO charges 0.03%. VOO is the cheaper option, by $23 a year on a $10,000 investment.
Which performed better, TMNL or VOO?
Over the past year TMNL returned +1.33% vs +11.66% for VOO, so VOO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TMNL or VOO?
VOO has been the more volatile fund at 13.4% annualized versus 6.5% for TMNL.
Should I hold both TMNL and VOO?
TMNL and VOO have a monthly-return correlation of 0.31, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, TMNL or VOO?
TMNL yields 3.79% while VOO yields 1.06%, so TMNL currently pays the higher dividend yield.
Is VOO better than TMNL?
VOO has a lower expense ratio. VOO led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.