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VCRM vs VTEB: Differences, Returns & Fees

On Jul 31, 2026 VCRM's duration was 7.7 years and VTEB's 7.1; VTEB charges 0.03% to VCRM's 0.12%. Net assets on Sep 30, 2026: $2.2bn for Vanguard Core Tax-Exempt Bond ETF and $49.6bn for Vanguard Tax-Exempt Bond ETF.

VTEB costs 0.09 points a year less; their one-year returns differ by 1.1 points; VTEB is far larger, $49.6bn against $2.2bn.

VCRMVTEB
Expense ratio0.12%0.03%
Net assets, as of Sep 30, 2026$2.2bn$49.6bn
Total return, 1 year−1.2%−2.3%
What it tracksNo index, actively managedS&P National AMT-Free Municipal Bond Index
Holdings in common4%
Below its high5.2%, high on Jul 2, 20265.6%, high on Jul 6, 2026

Holdings in common uses holdings dated Jul 31, 2026.

−1.2%
VCRM total return, 1 year
−2.3%
VTEB total return, 1 year
0.12%
VCRM expense ratio
0.03%
VTEB expense ratio

What they hold in common

By the books each fund has filed, VCRM and VTEB 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 VCRM VTEB
NEW YORK CITY-F-1-REF, due Aug 1, 2032 0.29% 0.07%
CHABOT ETC CMNTY CLG, due Aug 1, 2037 0.05% 0.05%
WA MET AREA TRANSIT-A, due Jul 15, 2060 0.14% 0.05%
LONG ISLAND AUTH - B, due Sep 1, 2055 0.05% 0.05%
WASHINGTON MET AREA-A, due Jul 15, 2045 0.09% 0.04%
PA ST TRNPK-B, due Dec 1, 2048 0.09% 0.04%
ILLINOIS ST TOLL HWY, due Jan 1, 2045 0.09% 0.04%
N TX TOLL AUTH-A-REF, due Jan 1, 2043 0.27% 0.04%
LAS VEGAS CONVENTION, due Jul 1, 2043 0.43% 0.04%
PENNSYLVANIA ST TURNP, due Dec 1, 2043 0.34% 0.04%
NY TRANSITIONAL FIN-B, due May 1, 2051 0.23% 0.04%
ILLINOIS ST TOLL HWY, due Jan 1, 2042 0.08% 0.04%
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%
BLACK BELT ENERGY-B, due Oct 1, 2055 0.64%
KY PUB ENERGY -A-1, due Aug 1, 2052 0.56%
BLACK BELT ENERGY-A, due Dec 1, 2034 0.48%
PEFA INC-A-REF-REV, due Apr 1, 2035 0.47%
TEXAS DEPT HSG-B, due Jan 1, 2057 0.46%
ENERGY SOUTHEAST-B, due Sep 1, 2033 0.44%
Only in VTEB
NEW YORK CITY-F-1-REF, due Aug 1, 2034 0.12%
CA REGENTS UNIV-CD, due May 15, 2036 0.11%
IDAHO ST-TANS, due Jun 30, 2027 0.10%
CA REF, due Aug 1, 2032 0.10%
MARYLAND ST-GROUP 2, due Jun 1, 2038 0.09%
NY ST THRUWAY AUTH-A, due Sep 15, 2035 0.09%
TRIBOROUGH BRIDGE-A-1, due Feb 1, 2028 0.09%
DALLAS ISD-B, due Feb 15, 2056 0.08%

Check overlap with more funds →

On the same fields

VCRM
Vanguard Core Tax-Exempt Bond ETF
VTEB
Vanguard Tax-Exempt Bond ETF
Where it sits Bond ETF Bond ETF
Issuer Vanguard Vanguard
What it is Actively managed Tracks an index of Tax-Exempt Bond
Total return, 1 year −1.2% −2.3%
S&P 500 over the same days +17.3% +17.3%
Gap to the S&P 500 −18.5 pts −19.5 pts
Expense ratio 0.12% 0.03%
Holdings 2387 10723
Net assets, as of Sep 30, 2026 $2.2bn $49.6bn

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

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.

VTEB in plain words

VTEB tracks an index of Tax-Exempt Bond. Over the year to Oct 9, 2026 it returned −2.3% with distributions reinvested. The prospectus expense ratio is 0.03% a year. It sat 5.6% below its high of Jul 6, 2026 on Oct 9, 2026.

Questions people ask

Which returned more over the last year, VCRM or VTEB?
In the year to Oct 9, 2026, with distributions reinvested, VCRM returned −1.2% and VTEB −2.3%.
Which is cheaper, VCRM or VTEB?
VTEB is cheaper, by 0.09 percentage points a year. That is about $9 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
MUB vs VCRMJMUB vs VCRMLMUB vs VCRMTAFM vs VCRMMUB vs VTEBFLMI vs VTEBFMB vs VTEBTFI vs VTEB
VCRM on its own →VTEB on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
VCRM and VTEB filings on SEC EDGAR ↗VCRM and VTEB prospectus with the expense ratio (SEC) ↗Vanguard page for VCRM ↗Vanguard page for VTEB ↗

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

Open data

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