VCRMvsTFIETF Comparison
VS
Vanguard Core Tax-Exempt Bond ETF (VCRM) and State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. VCRM is less expensive with a Total Expense Ratio (TER) of 0.12%, versus 0.23% for TFI. VCRM is up 0.76% year-to-date (YTD) with +$2.26B in YTD flows. TFI performs worse with -0.57% YTD performance, and +$27M in YTD flows. Run a side-by-side ETF comparison of VCRM and TFI 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 TFI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 11/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VCRM TFI | +3.37%+3.22% | -0.31%-0.67% | +0.76%-0.57% | +1.25%-0.09% | n/a+11.65% | n/a-1.42% |
| Flows | VCRM TFI | +$753M-$2M | +$1.27B-$140M | +$2.26B+$27M | +$2.44B-$23M | --$392M | --$485M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VCRM TFI | +5.49%+5.63% | +3.49%+3.53% | n/a+4.08% | n/a+4.17% |
| Max drawdown | VCRM TFI | -5.58%-6.01% | -6.33%-7.00% | n/a-7.00% | n/a-14.88% |
| Max drawdown duration | VCRM TFI | 81d81d | 119d246d | n/a246d | n/a1513d |
Trading data
VCRM | TFI | |
Last sale 11/3/2026 at 2:30 PM | $73.85 | $44.00 |
| Previous close 11/02/2026 | $73.84 | $44.00 |
| Consolidated volume 11/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of November 4, 2026
1-year trailing difference
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VCRM
is actively managed and doesn’t replicate an indexVCRM | TFI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
Main metrics
Last update 11/3/2026 at 2:30 PM
Live
Closed
VCRM | TFI | |
|---|---|---|
| Last price | $73.85 | $44.00 |
| 1D performance | +0.01% | +0.00% |
| AuM | $3.06 B | $2.93 B |
| E/R | 0.12% | 0.23% |
Characteristics
VCRM | TFI | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Vanguard | State Street Investment Management |
| Benchmark | - | ICE 1+ Year AMT-Free Broad Municipal Index |
| N° of holdings | 931 | 826 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2024 | September 11, 2007 |
| ESG | No | No |
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Exposure
Countries
VCRM
USA
45.4%
Other
54.6%
TFI
USA
42.95%
Other
57.05%
Sectors
VCRM
Municipal
45.4%
Other
54.6%
TFI
Municipal
42.95%
Other
57.05%
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Diversification
VCRM
Total weight of top 15 holdings out of 15
9.59%
TFI
Total weight of top 15 holdings out of 15
2.82%
Top 15 holdings
Data as of September 30, 2026
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%
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%
California, 5% 1nov2032, USD
0.19%
US010831EC55
0.19%
California, 5% 1nov2031, USD
0.18%
US207758N749
0.18%
City of New York, 5% 1aug2029, USD
0.18%
US452152B916
0.18%
California Community Choice Financing Authority, 5% 1may2054, USD (2024A)
0.18%
US13068XJP50
0.17%
US13013JBJ43
0.16%
US64972LBD47
0.16%
Frequently asked questions about VCRM and TFI
How have the VCRM and TFI ETFs performed in 2026?
As of November 2, 2026, VCRM is up 0.76% year-to-date (YTD), while TFI has lost -0.57%. That puts VCRM better performer ahead so far this year.
Which ETF is attracting more investor money: VCRM or TFI?
Year-to-date, the VCRM ETF saw +$2.26B in flows, compared to +$27M for TFI.
Which ETF is more volatile: VCRM or TFI?
Over the past year, VCRM had a volatility of 3.49%, while TFI experienced 3.53%.
Which ETF is bigger: VCRM or TFI?
As of November 2, 2026, VCRM holds $3.06 B in assets under management (AUM), while TFI manages $2.93 B.
What sectors do the VCRM and TFI ETFs invest in?
VCRM leans toward sectors like Municipal. Meanwhile, TFI focuses on Municipal.
What are the top holdings of the VCRM ETF and TFI ETF?
VCRM top holdings include US59465HYV22, US19648FJ476 and US13068XTN92. TFI holds in its top three: State of Washington, 5% 1feb2028, USD (2024A), Triborough Bridge and Tunnel Authority, 5% 15nov2028, USD (2023B) and US373385LV30.
Which ETF is more diversified: VCRM or TFI?
VCRM holds 2587 securities with 9.59% of its assets in the top 15. TFI has 1926 securities and a top 15 weight of 2.82%.
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