VCRMvsVTESETF Comparison
VS
Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Short-Term Tax-Exempt Bond ETF (VTES) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. VCRM is more expensive with a Total Expense Ratio (TER) of 0.12%, versus 0.05% for VTES. VCRM is down -0.95% year-to-date (YTD) with +$1.18B in YTD flows. VTES performs better with -0.21% YTD performance, and +$1.61B in YTD flows. Run a side-by-side ETF comparison of VCRM and VTES 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 VTES 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 VTES | -2.07%-1.02% | -3.14%-1.03% | -0.95%-0.21% | +0.50%-0.01% | n/a+8.60% | n/an/a |
| Flows | VCRM VTES | +$134M+$925M | +$300M+$1.14B | +$1.18B+$1.61B | +$1.49B+$1.85B | -+$2.98B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VCRM VTES | +3.20%+1.46% | +2.57%+1.18% | n/a+1.50% | n/an/a |
| Max drawdown | VCRM VTES | -3.57%-1.22% | -3.57%-1.48% | n/a-1.81% | n/an/a |
| Max drawdown duration | VCRM VTES | 74d74d | 74d204d | n/a59d | n/an/a |
Trading data
VCRM | VTES | |
Last sale 9/21/2026 at 1:30 PM | $73.06 | $99.50 |
| Previous close 09/18/2026 | $73.07 | $99.51 |
| Consolidated volume 09/18/2026 | ||
| 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 | VTES | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/21/2026 at 1:30 PM
Live
Closed
VCRM | VTES | |
|---|---|---|
| Last price | $73.06 | $99.50 |
| 1D performance | -0.01% | -0.01% |
| AuM | $1.93 B | $3.16 B |
| E/R | 0.12% | 0.05% |
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Exposure
Countries
VCRM
USA
58.45%
Other
41.55%
VTES
USA
59.38%
Other
40.62%
Sectors
VCRM
Municipal
58.45%
Other
41.55%
VTES
Municipal
59.38%
Other
40.62%
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Diversification
VCRM
Total weight of top 15 holdings out of 15
7.97%
VTES
Total weight of top 15 holdings out of 15
3.27%
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%
VTES
North Colonie Central School District, 3.75% 25jun2027, USD (2026)
0.46%
US64972JQM35
0.25%
US13063ENN21
0.22%
Illinois, 5% 1nov2027, USD (2017D)
0.22%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.21%
New Jersey Economic Development Authority, 5% 15jun2042, USD
0.21%
Dallas Independent School District, 5% 15feb2056, USD (2026B)
0.21%
New Jersey, 5% 1jun2029, USD
0.20%
New Jersey, 5% 1jun2028, USD
0.20%
New Jersey Transportation Trust Fund Authority, 5% 15jun2028, USD
0.20%
California, 5.25% 1aug2032, USD
0.18%
Wyandotte Unified School District №500, 5.25% 1sep2042, USD (2016-A)
0.18%
East AWP Joint Powers Authority, 3.125% 1sep2026, USD (2024A)
0.18%
New Jersey, 4% 1jun2030, USD
0.17%
US544647HQ66
0.17%
Frequently asked questions about VCRM and VTES
How have the VCRM and VTES ETFs performed in 2026?
As of September 18, 2026, VCRM is down -0.95% year-to-date (YTD), while VTES has lost -0.21%. That puts VTES better performer ahead so far this year.
Which ETF is attracting more investor money: VCRM or VTES?
Year-to-date, the VCRM ETF saw +$1.18B in flows, compared to +$1.61B for VTES.
Which ETF is more volatile: VCRM or VTES?
Over the past year, VCRM had a volatility of 2.57%, while VTES experienced 1.18%.
Which ETF is bigger: VCRM or VTES?
As of September 18, 2026, VCRM holds $1.93 B in assets under management (AUM), while VTES manages $3.16 B.
What sectors do the VCRM and VTES ETFs invest in?
VCRM leans toward sectors like Municipal. Meanwhile, VTES focuses on Municipal.
What are the top holdings of the VCRM ETF and VTES 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. VTES holds in its top three: North Colonie Central School District, 3.75% 25jun2027, USD (2026), US64972JQM35 and US13063ENN21.
Which ETF is more diversified: VCRM or VTES?
VCRM holds 2396 securities with 7.97% of its assets in the top 15. VTES has 3414 securities and a top 15 weight of 3.27%.
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Latest news about VCRM & VTES
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