TMNL vs VTI
T. Rowe Price Long Municipal Income ETF vs Vanguard Morningstar Total Stock Market ETF
Which is better, TMNL or VTI?
Long Term Municipal Bond against Large Cap Blend.
VTI has a lower expense ratio. VTI 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 | VTI |
|---|---|---|
| Expense Ratio | 0.26% | 0.03%Best |
| AUM | $25M | $689.2B |
| Dividend Yield | 4.02% | 1.06% |
| Holdings | 264 | 3,542 |
| YTD Return | +1.86% | +12.23%Best |
| 1Y Return | +2.28% | +12.74%Best |
| 3Y Return (annualized) | - | +21.44% |
| 5Y Return (annualized) | - | +10.83% |
| Volatility (annualized) | 6.6%Best | 13.2% |
| Fund Family | T.Rowe Price | Vanguard (US) |
| Category | Fixed Income | Equity |
| Style | Long Term Municipal Bond | Large Cap Blend |
| Inception | Nov 19, 2025 | May 24, 2001 |
Not shown on this pair: Max Drawdown, $10,000 over the window, Top 10 Weight.
TMNL vs VTI 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 VTI Performance
T. Rowe Price Long Municipal Income ETF (TMNL) is an ETF from T.Rowe Price and Vanguard Morningstar Total Stock Market ETF (VTI) is an ETF from Vanguard (US). Over the past year TMNL returned +2.28% while VTI returned +12.74%. Year to date, TMNL is up 1.86% versus a gain of 12.23% for VTI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTI has been the more volatile fund, with annualized monthly volatility of 13.2% compared with 6.6% 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 0.36. They move together some of the time, and apart the rest.
Fees and Cost Over Time
TMNL charges 0.26% per year while VTI 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 4.02% against 1.06% for VTI.
Holdings Overlap
We hold position weights for 46 holdings in TMNL and 3,464 in VTI, totalling 33.2% and 97.2% 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 46 positions we hold weights for in TMNL and 3,464 in VTI, against full books of 264 and 3,542.
You are not choosing between two funds in isolation.
Whichever of TMNL and VTI 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 VTI?
TMNL has an expense ratio of 0.26% while VTI charges 0.03%. VTI is the cheaper option, by $23 a year on a $10,000 investment.
Which performed better, TMNL or VTI?
Over the past year TMNL returned +2.28% vs +12.74% for VTI, so VTI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TMNL or VTI?
VTI has been the more volatile fund at 13.2% annualized versus 6.6% for TMNL.
Should I hold both TMNL and VTI?
TMNL and VTI have a monthly-return correlation of 0.36, 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 VTI?
TMNL yields 4.02% while VTI yields 1.06%, so TMNL currently pays the higher dividend yield.
Is VTI better than TMNL?
VTI has a lower expense ratio. VTI led over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.