Which returned more over the last year, TFI or VCRM?

In the year to Oct 9, 2026, with distributions reinvested, TFI returned −2.7% and VCRM −1.2%.

Which is cheaper, TFI or VCRM?

VCRM is cheaper, by 0.11 percentage points a year. That is about $11 on $10,000 held for a year. Fees come from each fund's prospectus.

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TFI vs VCRM: Differences, Returns & Fees

TFI's duration was 6.0 years on Jun 30, 2026 and VCRM's 7.7 on Jul 31, 2026; VCRM charges 0.12% to TFI's 0.23%. Net assets: $2.8bn on Oct 8, 2026 for State Street SPDR Nuveen ICE Municipal Bond ETF, and $2.2bn on Sep 30, 2026 for Vanguard Core Tax-Exempt Bond ETF.

VCRM costs 0.11 points a year less; their one-year returns differ by 1.5 points; TFI is 1.3 times larger.

	TFI	VCRM
Expense ratio	0.23%	0.12%
Net assets, as of Sep 30, 2026	$2.8bn	$2.2bn
Total return, 1 year	−2.7%	−1.2%
What it tracks	ICE 1+ Year AMT-Free Broad Municipal Index ?	No index, actively managed
Holdings in common	5%
Below its high	6.2%, high on Jul 19, 2021	5.2%, high on Jul 2, 2026

Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.

−2.7%

TFI total return, 1 year

−1.2%

VCRM total return, 1 year

0.23%

TFI expense ratio

0.12%

VCRM expense ratio

What they hold in common

By the books each fund has filed, TFI and VCRM hold 5% 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 Jun 30, 2026 and Jul 31, 2026.

50%

half

5% in common

Positions both hold, largest shared weight first

Holding TFI VCRM

SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE, due Nov 1, 2051 0.12% 0.35%

LOS ANGELES CA DEPT OF WTR & PWR REVENUE, due Jul 1, 2051 0.13% 0.08%

LOWER COLORADO RIVER TX AUTH REVENUE, due May 15, 2045 0.08% 0.10%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Feb 1, 2052 0.10% 0.08%

TENNERGY CORP TN GAS REVENUE, due Dec 1, 2051 0.13% 0.08%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Nov 1, 2054 0.08% 0.09%

NEW MEXICO ST MUNI ENERGY ACQUISITION AUTH GAS SPLY, due Jun 1, 2054 0.08% 0.10%

SEGUIN TX, due Sep 1, 2059 0.08% 0.18%

ILLINOIS ST TOLL HIGHWAY AUTH, due Jan 1, 2041 0.07% 0.14%

BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE, due Feb 1, 2053 0.07% 0.07%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Dec 1, 2035 0.07% 0.10%

CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REVENUE, due Feb 1, 2055 0.07% 0.16%

Only in TFI

CALIFORNIA ST, due Nov 1, 2027 0.23%

NEW YORK NY, due Aug 1, 2031 0.22%

NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE, due Jun 15, 2047 0.20%

UNIV OF CALIFORNIA CA REVENUES, due May 15, 2040 0.20%

WASHINGTON ST, due Feb 1, 2028 0.20%

TRIBOROUGH NY BRIDGE & TUNNEL AUTH PAYROLL MOBILITY TAX, due Nov 15, 2028 0.20%

MADISON WI, due Oct 1, 2032 0.20%

GEORGIA ST, due Jul 1, 2030 0.19%

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%

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%

TEXAS DEPT HSG-B, due Jan 1, 2057 0.46%

Check overlap with more funds →

On the same fields

TFI

State Street SPDR Nuveen ICE Municipal Bond ETF

VCRM

Vanguard Core Tax-Exempt Bond ETF

Where it sits Bond ETF Bond ETF

Issuer State Street Vanguard

What it is Tracks an index Actively managed

Total return, 1 year −2.7% −1.2%

S&P 500 over the same days +17.3% +17.3%

Gap to the S&P 500 −19.9 pts −18.5 pts

Expense ratio 0.23% 0.12%

Holdings 1990 2387

Net assets, TFI as of Oct 8, 2026 and VCRM as of Sep 30, 2026 $2.8bn $2.2bn

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

TFI in plain words

TFI tracks an index. Over the year to Oct 9, 2026 it returned −2.7% with distributions reinvested. The prospectus expense ratio is 0.23% a year. It sat 6.2% below its high of Jul 19, 2021 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, TFI or VCRM?: In the year to Oct 9, 2026, with distributions reinvested, TFI returned −2.7% and VCRM −1.2%.
Which is cheaper, TFI or VCRM?: VCRM is cheaper, by 0.11 percentage points a year. That is about $11 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

TFI vs VTEB FLMI vs TFI FMB vs TFI LMUB vs TFI MUB vs VCRM FLMI vs VCRM PZA vs VCRM FMB vs VCRM

TFI on its own →VCRM on its own →Hold both: look the portfolio through →Rankings →Standards and sources →

Where these figures came from

TFI filings on SEC EDGAR ↗TFI prospectus with the expense ratio (SEC) ↗State Street website ↗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, TFI against VCRM, data as of Oct 9, 2026. https://etfiq.com/compare/any/tfi-vs-vcrm

Open data

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