CMFvsVCRMETF Comparison
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iShares California Muni Bond ETF (CMF) and Vanguard Core Tax-Exempt Bond ETF (VCRM) belong to the same industry segment: Municipal Bonds. CMF's top 2 sector exposures are Municipal and Non-Corporate. In contrast, VCRM's top sector exposures are Municipal. CMF is less expensive with a Total Expense Ratio (TER) of 0.08%, versus 0.12% for VCRM. CMF is down -1.77% year-to-date (YTD) with +$920M in YTD flows. VCRM performs better with -0.61% YTD performance, and +$1.12B in YTD flows. Run a side-by-side ETF comparison of CMF and VCRM below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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CMF vs VCRM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/11/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CMF VCRM | -2.42%-2.24% | -2.77%-2.46% | -1.77%-0.61% | -0.13%+1.24% | +7.71%n/a | +0.15%n/a |
| Flows | CMF VCRM | +$51M+$73M | +$254M+$283M | +$920M+$1.12B | +$1.31B+$1.44B | +$2.42B- | +$2.97B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CMF VCRM | +2.99%+3.16% | +2.40%+2.56% | +3.49%n/a | +3.47%n/a |
| Max drawdown | CMF VCRM | -3.60%-3.43% | -3.77%-3.43% | -5.18%n/a | -12.25%n/a |
| Max drawdown duration | CMF VCRM | 67d67d | 194d67d | 275dn/a | 1346dn/a |
Trading data
CMF | VCRM | |
Last sale 9/11/2026 at 1:30 PM | $55.34 | $73.30 |
| Previous close 09/10/2026 | $55.09 | $73.02 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 13, 2026
1-year trailing difference
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VCRM
is actively managed and doesn’t replicate an indexCMF | VCRM | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
CMF | VCRM | |
|---|---|---|
| Last price | $55.34 | $73.30 |
| 1D performance | +0.45% | +0.38% |
| AuM | $4.54 B | $1.88 B |
| E/R | 0.08% | 0.12% |
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Exposure
Countries
CMF
USA
61.5%
Other
38.5%
VCRM
USA
58.45%
Other
41.55%
Sectors
CMF
Municipal
61.5%
Other
38.5%
VCRM
Municipal
58.45%
Other
41.55%
Diversification
CMF
Total weight of top 15 holdings out of 15
5.91%
VCRM
Total weight of top 15 holdings out of 15
7.97%
Top 15 holdings
Data as of July 31, 2026
CMF
Orange Water District, FRN 1aug2042, USD (2003A)
0.50%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.47%
University of California, 5.5% 15may2040, USD
0.46%
US79905CAB90
0.43%
California Educational Facilities Authority, 5% 1may2045, USD
0.43%
Los Angeles Unified School District, 5% 1jul2034, USD (2024A)
0.41%
US13077DUT70
0.41%
University of California, 5% 15may2036, USD (2025)
0.39%
US032556NJ70
0.39%
California, 5% 1mar2055, USD
0.38%
US4636324Q95
0.36%
California, 5.25% 1aug2032, USD
0.35%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.32%
East Bay Municipal Utility District, 5% 1jun2039, USD (2026B)
0.31%
US842475M859
0.31%
VCRM
University of Cincinnati, 5% 1jun2045, USD (2017)
0.83%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.74%
Massachusetts, 5% 1jun2047, USD
0.66%
US09182TEC71
0.63%
Kentucky Public Energy Authority, 4% 1aug2052, USD (2022)
0.55%
Chicago O'Hare International Airport, 5% 1jan2047, USD (2016D)
0.55%
Jefferson Sales Tax District, 5% 1dec2042, USD (2017B)
0.54%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.47%
PEFA Inc., 5% 1apr2035, USD (2026A)
0.46%
Texas Department of Housing and Community Affairs, 6% 1jan2057, USD (2026B)
0.45%
Wisconsin Public Finance Authority, 5.75% 1jul2062, USD (2023-1, A)
0.43%
Energy Southeast, 5% 1sep2033, USD (2025B)
0.43%
Las Vegas Convention and Visitors Authority, 5% 1jul2043, USD
0.42%
US57563WAC29
0.42%
Grand Parkway Transportation Corp., 5% 1oct2043, USD (2018A)
0.40%
Frequently asked questions about CMF and VCRM
How have the CMF and VCRM ETFs performed in 2026?
As of September 11, 2026, CMF is down -1.77% year-to-date (YTD), while VCRM has lost -0.61%. That puts VCRM better performer ahead so far this year.
Which ETF is attracting more investor money: CMF or VCRM?
Year-to-date, the CMF ETF saw +$920M in flows, compared to +$1.12B for VCRM.
Which ETF is more volatile: CMF or VCRM?
Over the past year, CMF had a volatility of 2.4%, while VCRM experienced 2.56%.
Which ETF is bigger: CMF or VCRM?
As of September 11, 2026, CMF holds $4.54 B in assets under management (AUM), while VCRM manages $1.88 B.
What sectors do the CMF and VCRM ETFs invest in?
CMF leans toward sectors like Municipal. Meanwhile, VCRM focuses on Municipal.
What are the top holdings of the CMF ETF and VCRM ETF?
CMF top holdings include Orange Water District, FRN 1aug2042, USD (2003A), Los Angeles Unified School District, 5% 1jul2031, USD (2024) and University of California, 5.5% 15may2040, USD. VCRM holds in its top three: University of Cincinnati, 5% 1jun2045, USD (2017), Black Belt Energy Gas District, 5% 1oct2035, USD (2025) and Massachusetts, 5% 1jun2047, USD.
Which ETF is more diversified: CMF or VCRM?
CMF holds 1640 securities with 5.91% of its assets in the top 15. VCRM has 2396 securities and a top 15 weight of 7.97%.
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Latest news about CMF & VCRM
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