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FMB vs VCRM: Differences, Returns & Fees

On Jul 31, 2026 FMB's duration was 6.8 years and VCRM's 7.7; VCRM charges 0.12% to FMB's 0.39%. Net assets: $1.9bn on Oct 9, 2026 for First Trust Managed Municipal ETF, and $2.2bn on Sep 30, 2026 for Vanguard Core Tax-Exempt Bond ETF.

VCRM costs 0.27 points a year less; their one-year returns differ by 0.9 points; FMB is 1.1 times larger.

FMBVCRM
Expense ratio0.39%0.12%
Net assets, as of Jul 31, 2026$2.0bn$1.8bn
Total return, 1 year−2.1%−1.2%
What it tracksNo index, actively managedNo index, actively managed
Holdings in common4%
Below its high5.8%, high on Jul 6, 20265.2%, high on Jul 2, 2026

Holdings in common uses holdings dated Jul 31, 2026.

−2.1%
FMB total return, 1 year
−1.2%
VCRM total return, 1 year
0.39%
FMB expense ratio
0.12%
VCRM expense ratio

What they hold in common

By the books each fund has filed, FMB and VCRM hold 4% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026.

half

4% in common

Positions both hold, largest shared weight first
Holding FMB VCRM
AL SEEPWR 11/01/2051, due Nov 1, 2051 0.40% 0.35%
AL BBEUTL 5.25 06/01/2036, due Jun 1, 2036 0.28% 0.29%
AL SEEPWR 5 09/01/2035, due Sep 1, 2035 0.26% 0.21%
TX TMGUTL 01/01/2054, due Jan 1, 2054 0.21% 0.38%
AL BBEUTL 10/01/2052, due Oct 1, 2052 0.38% 0.20%
AL BBEUTL 10/01/2052, due Oct 1, 2052 0.50% 0.20%
NJ NJSDEV 5 06/15/2044, due Jun 15, 2044 0.19% 0.23%
AL BBEUTL 5 06/01/2036, due Jun 1, 2036 0.15% 0.20%
CA CCEDEV 5 10/01/2034, due Oct 1, 2034 0.16% 0.15%
KY KYSPWR 5 05/01/2036, due May 1, 2036 0.13% 0.12%
MT MTSMED 06/01/2056, due Jun 1, 2056 0.11% 0.11%
AL ESDPWR 5 11/01/2033, due Nov 1, 2033 0.10% 0.16%
Only in FMB
KY MEADEV 08/01/2061, due Aug 1, 2061 0.79%
NY NYCGEN 4 11/01/2037, due Nov 1, 2037 0.48%
TN TNSUTL 5 11/01/2034, due Nov 1, 2034 0.44%
GA ATLAPT 4 07/01/2037, due Jul 1, 2037 0.43%
NY NYSHGR 5 03/15/2038, due Mar 15, 2038 0.40%
PR PRCGEN 4.5 07/01/2034, due Jul 1, 2034 0.40%
CO COSMED 4 01/01/2040, due Jan 1, 2040 0.38%
NY NYCUTL 06/15/2041, due Jun 15, 2041 0.35%
Only in VCRM
UNIVERSITY CINCINNATI OHIO GEN GEN RCPTS BDS 2017 A, due Jun 1, 2045 0.84%
BLACK BELT GAS DT-B, due Oct 1, 2035 0.75%
MASSACHUSETTS ST-A, due Jun 1, 2047 0.67%
BLACK BELT ENERGY-B, due Oct 1, 2055 0.64%
KY PUB ENERGY -A-1, due Aug 1, 2052 0.56%
CHICAGO IL O'HARE INT, due Jan 1, 2047 0.56%
JEFFERSON SALES TAX-B, due Dec 1, 2042 0.55%
BLACK BELT ENERGY-A, due Dec 1, 2034 0.48%

Check overlap with more funds →

On the same fields

FMB
First Trust Managed Municipal ETF
VCRM
Vanguard Core Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
Issuer First Trust Vanguard
What it is Actively managed Actively managed
Total return, 1 year −2.1% −1.2%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −19.4 pts −18.5 pts
Expense ratio 0.39% 0.12%
Holdings 1249 2387
Net assets, FMB as of Oct 9, 2026 and VCRM as of Sep 30, 2026 $1.9bn $2.2bn

FMB and VCRM on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

FMB in plain words

FMB is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −2.1% with distributions reinvested. The prospectus expense ratio is 0.39% a year. It sat 5.8% below its high of Jul 6, 2026 on Oct 9, 2026.

VCRM in plain words

VCRM is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned −1.2% with distributions reinvested. The prospectus expense ratio is 0.12% a year. It sat 5.2% below its high of Jul 2, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, FMB or VCRM?
In the year to Oct 9, 2026, with distributions reinvested, FMB returned −2.1% and VCRM −1.2%.
Which is cheaper, FMB or VCRM?
VCRM is cheaper, by 0.27 percentage points a year. That is about $27 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
FMB vs TFIFMB vs LMUBFMB vs PZAFMB vs TAFMVCRM vs VTEBLMUB vs VCRMTAFM vs VCRMSCMB vs VCRM
FMB on its own →VCRM on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
FMB filings on SEC EDGAR ↗FMB prospectus with the expense ratio (SEC) ↗First Trust page for FMB ↗VCRM filings on SEC EDGAR ↗VCRM prospectus with the expense ratio (SEC) ↗Vanguard page for VCRM ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, FMB against VCRM, data as of Oct 9, 2026. https://etfiq.com/compare/any/fmb-vs-vcrm

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.