TFIvsVCRMETF Comparison
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State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) and Vanguard Core Tax-Exempt Bond ETF (VCRM) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. TFI is more expensive with a Total Expense Ratio (TER) of 0.23%, versus 0.12% for VCRM. TFI is up 0.47% year-to-date (YTD) with +$9M in YTD flows. VCRM performs better with 1.88% YTD performance, and +$2.44B in YTD flows. Run a side-by-side ETF comparison of TFI 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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TFI vs VCRM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 11/06/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TFI VCRM | +4.61%+4.79% | -0.07%+0.41% | +0.47%+1.88% | +0.89%+2.33% | +11.66%n/a | -0.83%n/a |
| Flows | TFI VCRM | -$20M+$886M | -$189M+$1.44B | +$9M+$2.44B | -$46M+$2.61B | -$506M- | -$565M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TFI VCRM | +5.68%+5.56% | +3.57%+3.53% | +4.06%n/a | +4.18%n/a |
| Max drawdown | TFI VCRM | -6.01%-5.58% | -7.00%-6.33% | -7.00%n/a | -14.88%n/a |
| Max drawdown duration | TFI VCRM | 85d85d | 250d123d | 250dn/a | 1513dn/a |
Trading data
TFI | VCRM | |
Last sale 11/6/2026 at 2:30 PM | $44.44 | $74.65 |
| Previous close 11/06/2026 | $44.39 | $74.41 |
| Consolidated volume 11/06/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of November 9, 2026
1-year trailing difference
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VCRM
is actively managed and doesn’t replicate an indexTFI | 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 11/6/2026 at 2:30 PM
Live
Closed
TFI | VCRM | |
|---|---|---|
| Last price | $44.44 | $74.65 |
| 1D performance | +0.11% | +0.32% |
| AuM | $2.95 B | $3.27 B |
| E/R | 0.23% | 0.12% |
Characteristics
TFI | VCRM | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | State Street Investment Management | Vanguard |
| Benchmark | ICE 1+ Year AMT-Free Broad Municipal Index | - |
| N° of holdings | 826 | 931 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | September 11, 2007 | November 19, 2024 |
| ESG | No | No |
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Exposure
Countries
TFI
USA
42.95%
Other
57.05%
VCRM
USA
45.4%
Other
54.6%
Sectors
TFI
Municipal
42.95%
Other
57.05%
VCRM
Municipal
45.4%
Other
54.6%
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Diversification
TFI
Total weight of top 15 holdings out of 15
2.82%
VCRM
Total weight of top 15 holdings out of 15
9.59%
Top 15 holdings
Data as of September 30, 2026
TFI
State of Washington, 5% 1feb2028, USD (2024A)
0.22%
Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B)
0.22%
US373385LV30
0.21%
US574193VL92
0.20%
US764581KP80
0.20%
US010831EC55
0.19%
California, 5% 1nov2032, USD
0.19%
California, 5% 1nov2031, USD
0.18%
City of New York, 5% 1aug2029, USD
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
US452152B916
0.18%
US207758N749
0.18%
US13068XJP50
0.17%
US13013JBJ43
0.16%
US64972LBD47
0.16%
VCRM
US59465HYV22
1.18%
US19648FJ476
0.94%
US13068XTN92
0.94%
US13068XTP41
0.92%
US01065CAM55
0.62%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.57%
City of New York, 5% 1aug2032, USD (2026)
0.56%
US79574CJF14
0.51%
US09182TEC71
0.50%
Triborough Bridge and Tunnel Authority, 5% 15nov2042, USD (2017C)
0.50%
State of Washington, 5% 1jun2040, USD (2021A)
0.50%
US13068XTR07
0.48%
Massachusetts Development Finance Agency, 5% 15may2055, USD (2025A-2)
0.47%
California, 5% 1oct2032, USD
0.46%
US250336FR00
0.45%
Frequently asked questions about TFI and VCRM
How have the TFI and VCRM ETFs performed in 2026?
As of November 6, 2026, TFI is up 0.47% year-to-date (YTD), while VCRM has returned 1.88%. That puts VCRM better performer ahead so far this year.
Which ETF is attracting more investor money: TFI or VCRM?
Year-to-date, the TFI ETF saw +$9M in flows, compared to +$2.44B for VCRM.
Which ETF is more volatile: TFI or VCRM?
Over the past year, TFI had a volatility of 3.57%, while VCRM experienced 3.53%.
Which ETF is bigger: TFI or VCRM?
As of November 6, 2026, TFI holds $2.95 B in assets under management (AUM), while VCRM manages $3.27 B.
What sectors do the TFI and VCRM ETFs invest in?
TFI leans toward sectors like Municipal. Meanwhile, VCRM focuses on Municipal.
What are the top holdings of the TFI ETF and VCRM ETF?
TFI top holdings include State of Washington, 5% 1feb2028, USD (2024A), Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B) and US373385LV30. VCRM holds in its top three: US59465HYV22, US19648FJ476 and US13068XTN92.
Which ETF is more diversified: TFI or VCRM?
TFI holds 1926 securities with 2.82% of its assets in the top 15. VCRM has 2587 securities and a top 15 weight of 9.59%.
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