VCRMvsTMNLETF Comparison
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Vanguard Core Tax-Exempt Bond ETF (VCRM) and T. Rowe Price Long Municipal Income ETF (TMNL) 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 0.26% for TMNL. VCRM is up 0.78% year-to-date (YTD) with +$2.27B in YTD flows. TMNL performs better with 1.2% YTD performance, and +$4M in YTD flows. Run a side-by-side ETF comparison of VCRM and TMNL 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 TMNL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 11/03/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VCRM TMNL | +3.54%+3.56% | -0.29%-0.21% | +0.78%+1.20% | +1.26%n/a | n/an/a | n/an/a |
| Flows | VCRM TMNL | +$699M+$1M | +$1.28B+$2M | +$2.27B+$4M | +$2.45B- | -- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VCRM TMNL | +5.45%+6.11% | +3.48%n/a | n/an/a | n/an/a |
| Max drawdown | VCRM TMNL | -5.58%-5.91% | -6.33%n/a | n/an/a | n/an/a |
| Max drawdown duration | VCRM TMNL | 82d81d | 120dn/a | n/an/a | n/an/a |
Trading data
VCRM | TMNL | |
Last sale 11/4/2026 at 2:30 PM | $74.12 | $49.08 |
| Previous close 11/03/2026 | $73.85 | $48.80 |
| Consolidated volume 11/03/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 11/4/2026 at 2:30 PM
Live
Closed
VCRM | TMNL | |
|---|---|---|
| Last price | $74.12 | $49.08 |
| 1D performance | +0.37% | +0.57% |
| AuM | $3.07 B | $24.39 M |
| E/R | 0.12% | 0.26% |
Characteristics
VCRM | TMNL | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Vanguard | T. Rowe Price |
| Benchmark | - | - |
| N° of holdings | 931 | 52 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 19, 2024 | November 19, 2025 |
| ESG | No | No |
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Exposure
Countries
VCRM
USA
45.4%
Other
54.6%
TMNL
USA
44.11%
Other
55.89%
Sectors
VCRM
Municipal
45.4%
Other
54.6%
TMNL
Municipal
44.11%
Other
55.89%
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Diversification
VCRM
Total weight of top 15 holdings out of 15
9.59%
TMNL
Total weight of top 15 holdings out of 15
29.57%
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%
TMNL
US42605KAB26
3.24%
New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026)
2.87%
US914713W996
2.54%
New York Transitional Finance Authority, 5% 1may2051, USD (2026)
2.16%
US499526AT89
2.14%
Maryland Economic Development Corp., 5.25% 30jun2052, USD (2022B)
1.89%
US574218T373
1.80%
New York Transportation Development Corp., 6% 30jun2059, USD (2025)
1.80%
US249182LT15
1.79%
New York Mortgage Agency, 3.4% 1oct2030, USD
1.73%
Port of Portland, 5.25% 1jul2054, USD
1.72%
North Carolina Turnpike Authority, 4% 1jan2039, USD
1.66%
Virginia Small Business Financing Authority, 5% 31dec2056, USD (2017)
1.48%
US57419TTP65
1.39%
Geo. L. Smith II World Congress Center Authority, 4% 1jan2054, USD (2021A)
1.35%
Frequently asked questions about VCRM and TMNL
How have the VCRM and TMNL ETFs performed in 2026?
As of November 3, 2026, VCRM is up 0.78% year-to-date (YTD), while TMNL has returned 1.2%. That puts TMNL better performer ahead so far this year.
Which ETF is attracting more investor money: VCRM or TMNL?
Year-to-date, the VCRM ETF saw +$2.27B in flows, compared to +$4M for TMNL.
Which ETF is bigger: VCRM or TMNL?
As of November 3, 2026, VCRM holds $3.07 B in assets under management (AUM), while TMNL manages $24.39 M.
What sectors do the VCRM and TMNL ETFs invest in?
VCRM leans toward sectors like Municipal. Meanwhile, TMNL focuses on Municipal.
What are the top holdings of the VCRM ETF and TMNL ETF?
VCRM top holdings include US59465HYV22, US19648FJ476 and US13068XTN92. TMNL holds in its top three: US42605KAB26, New York Municipal Water Finance Authority, 5.25% 15jun2055, USD (2026) and US914713W996.
Which ETF is more diversified: VCRM or TMNL?
VCRM holds 2587 securities with 9.59% of its assets in the top 15. TMNL has 124 securities and a top 15 weight of 29.57%.
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