VCRMvsFMUNETF Comparison
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Vanguard Core Tax-Exempt Bond ETF (VCRM) and Fidelity Systematic Municipal Bond Index ETF (FMUN) belong to the same industry segment: Municipal Bonds. VCRM's top 1 sector exposures are Municipal. In contrast, FMUN's top sector exposures are Municipal and Non-Corporate. VCRM is more expensive with a Total Expense Ratio (TER) of 0.12%, versus 0.05% for FMUN. VCRM is down -0.95% year-to-date (YTD) with +$1.18B in YTD flows. FMUN performs worse with -2.06% YTD performance, and +$12M in YTD flows. Run a side-by-side ETF comparison of VCRM and FMUN 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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VCRM vs FMUN performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/18/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VCRM FMUN | -2.07%-2.32% | -3.14%-3.64% | -0.95%-2.06% | +0.50%-0.85% | n/an/a | n/an/a |
| Flows | VCRM FMUN | +$134M- | +$300M+$1M | +$1.18B+$12M | +$1.49B+$14M | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VCRM FMUN | +3.20%+3.43% | +2.57%+2.71% | n/an/a | n/an/a |
| Max drawdown | VCRM FMUN | -3.57%-4.07% | -3.57%-4.08% | n/an/a | n/an/a |
| Max drawdown duration | VCRM FMUN | 74d74d | 74d201d | n/an/a | n/an/a |
Trading data
VCRM | FMUN | |
Last sale 9/18/2026 at 1:30 PM | $73.07 | $48.04 |
| Previous close 09/17/2026 | $73.27 | $48.20 |
| Consolidated volume 09/17/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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VCRM
is actively managed and doesn’t replicate an indexVCRM | FMUN | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/18/2026 at 1:30 PM
Live
Closed
VCRM | FMUN | |
|---|---|---|
| Last price | $73.07 | $48.04 |
| 1D performance | -0.27% | -0.33% |
| AuM | $1.93 B | $175.81 M |
| E/R | 0.12% | 0.05% |
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Exposure
Countries
VCRM
USA
58.45%
Other
41.55%
FMUN
USA
58.77%
Other
41.23%
Sectors
VCRM
Municipal
58.45%
Other
41.55%
FMUN
Municipal
58.52%
Other
41.48%
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Diversification
VCRM
Total weight of top 15 holdings out of 15
7.97%
FMUN
Total weight of top 15 holdings out of 15
9.67%
Top 15 holdings
Data as of July 31, 2026
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%
FMUN
California Community Choice Financing Authority, 5% 1jan2055, USD (2024B)
2.23%
US74440DFN93
0.89%
US79574CBW29
0.83%
US91412HSH74
0.60%
US56035DDX75
0.56%
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.52%
Pennsylvania Turnpike Commission, 5% 1dec2040, USD (2024)
0.51%
California, 5% 1aug2035, USD
0.50%
Southeast Energy Authority, 5.25% 1mar2055, USD (2025B)
0.48%
Triborough Bridge and Tunnel Authority, 4% 15may2046, USD (2021A)
0.47%
US452153JU45
0.46%
New York Transportation Development Corp., 5.375% 30jun2060, USD (2023)
0.44%
US56035DGT37
0.41%
Black Belt Energy Gas District, 5% 1may2055, USD (2024)
0.39%
Los Angeles Unified School District, 5% 1jul2031, USD (2024)
0.38%
Frequently asked questions about VCRM and FMUN
How have the VCRM and FMUN ETFs performed in 2026?
As of September 18, 2026, VCRM is down -0.95% year-to-date (YTD), while FMUN has lost -2.06%. That puts VCRM better performer ahead so far this year.
Which ETF is attracting more investor money: VCRM or FMUN?
Year-to-date, the VCRM ETF saw +$1.18B in flows, compared to +$12M for FMUN.
Which ETF is more volatile: VCRM or FMUN?
Over the past year, VCRM had a volatility of 2.57%, while FMUN experienced 2.71%.
Which ETF is bigger: VCRM or FMUN?
As of September 18, 2026, VCRM holds $1.93 B in assets under management (AUM), while FMUN manages $175.81 M.
What sectors do the VCRM and FMUN ETFs invest in?
VCRM leans toward sectors like Municipal. Meanwhile, FMUN focuses on Municipal.
What are the top holdings of the VCRM ETF and FMUN ETF?
VCRM top holdings include University of Cincinnati, 5% 1jun2045, USD (2017), Black Belt Energy Gas District, 5% 1oct2035, USD (2025) and Massachusetts, 5% 1jun2047, USD. FMUN holds in its top three: California Community Choice Financing Authority, 5% 1jan2055, USD (2024B), US74440DFN93 and US79574CBW29.
Which ETF is more diversified: VCRM or FMUN?
VCRM holds 2396 securities with 7.97% of its assets in the top 15. FMUN has 1171 securities and a top 15 weight of 9.67%.
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