VTESvsVCRMETF Comparison
VS
Vanguard Short-Term Tax-Exempt Bond ETF (VTES) 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. VTES is less expensive with a Total Expense Ratio (TER) of 0.05%, versus 0.12% for VCRM. VTES is up 0.05% year-to-date (YTD) with +$2.52B in YTD flows. VCRM performs worse with -1.33% YTD performance, and +$1.84B in YTD flows. Run a side-by-side ETF comparison of VTES 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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VTES vs VCRM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | VTES VCRM | +0.15%-0.38% | -0.72%-3.26% | +0.05%-1.33% | +0.53%-0.75% | +9.70%n/a | n/an/a |
| Flows | VTES VCRM | +$1.06B+$677M | +$1.95B+$905M | +$2.52B+$1.84B | +$2.69B+$2.06B | +$3.87B- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | VTES VCRM | +2.60%+5.29% | +1.59%+3.35% | +1.59%n/a | n/an/a |
| Max drawdown | VTES VCRM | -2.66%-5.68% | -2.95%-6.33% | -2.95%n/a | n/an/a |
| Max drawdown duration | VTES VCRM | 64d92d | 232d102d | 232dn/a | n/an/a |
Trading data
VTES | VCRM | |
Last sale 10/19/2026 at 7:18 PM | $99.51 | $72.49 |
| Previous close 10/16/2026 | $99.59 | $72.58 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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VCRM
is actively managed and doesn’t replicate an indexVTES | 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 10/19/2026 at 7:18 PM
Live
Closed
VTES | VCRM | |
|---|---|---|
| Last price | $99.51 | $72.49 |
| 1D performance | -0.08% | -0.12% |
| AuM | $4.08 B | $2.59 B |
| E/R | 0.05% | 0.12% |
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Exposure
Countries
VTES
USA
52.32%
Other
47.68%
VCRM
USA
50.9%
Other
49.1%
Sectors
VTES
Municipal
52.32%
Other
47.68%
VCRM
Municipal
50.9%
Other
49.1%
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Diversification
VTES
Total weight of top 15 holdings out of 15
5.61%
VCRM
Total weight of top 15 holdings out of 15
7.11%
Top 15 holdings
Data as of August 31, 2026
VTES
US13063EUN48
0.91%
US13063EUM64
0.86%
US13063EUP95
0.78%
US13063EUU80
0.42%
North Colonie Central School District, 3.75% 25jun2027, USD (2026)
0.40%
US13063EUQ78
0.38%
US13063EUS35
0.30%
Illinois, 5% 1nov2028, USD (2017D)
0.22%
US64972JQM35
0.21%
US13063ENN21
0.19%
Illinois, 5% 1nov2027, USD (2017D)
0.19%
Los Angeles Unified School District, 5% 1jul2032, USD (2024)
0.19%
New Jersey, 5% 1jun2029, USD
0.19%
Pennsylvania Public School Building Authority, 5% 1jun2033, USD (2016A)
0.18%
New Jersey Economic Development Authority, 5% 15jun2042, USD
0.18%
VCRM
Black Belt Energy Gas District, 5% 1oct2035, USD (2025)
0.71%
US09182TEC71
0.61%
Kentucky Public Energy Authority, 4% 1aug2052, USD (2022)
0.53%
Jefferson Sales Tax District, 5% 1dec2042, USD (2017B)
0.52%
Los Angeles Metropolitan Transportation Authority, 5% 1jul2042, USD (2021-A)
0.48%
State of Hawaii, 4% 1may2036, USD
0.47%
US625517PJ02
0.46%
Black Belt Energy Gas District, 5% 1dec2034, USD (2026)
0.45%
PEFA Inc., 5% 1apr2035, USD (2026A)
0.44%
Texas Department of Housing and Community Affairs, 6% 1jan2057, USD (2026B)
0.44%
Energy Southeast, 5% 1sep2033, USD (2025B)
0.42%
Wisconsin Public Finance Authority, 5.75% 1jul2062, USD (2023-1, A)
0.41%
US235330AW70
0.40%
US57563WAC29
0.40%
Indiana Finance Authority, 5% 1oct2046, USD (2016A)
0.38%
Frequently asked questions about VTES and VCRM
How have the VTES and VCRM ETFs performed in 2026?
As of October 16, 2026, VTES is up 0.05% year-to-date (YTD), while VCRM has lost -1.33%. That puts VTES better performer ahead so far this year.
Which ETF is attracting more investor money: VTES or VCRM?
Year-to-date, the VTES ETF saw +$2.52B in flows, compared to +$1.84B for VCRM.
Which ETF is more volatile: VTES or VCRM?
Over the past year, VTES had a volatility of 1.59%, while VCRM experienced 3.35%.
Which ETF is bigger: VTES or VCRM?
As of October 16, 2026, VTES holds $4.08 B in assets under management (AUM), while VCRM manages $2.59 B.
What sectors do the VTES and VCRM ETFs invest in?
VTES leans toward sectors like Municipal. Meanwhile, VCRM focuses on Municipal.
What are the top holdings of the VTES ETF and VCRM ETF?
VTES top holdings include US13063EUN48, US13063EUM64 and US13063EUP95. VCRM holds in its top three: Black Belt Energy Gas District, 5% 1oct2035, USD (2025), US09182TEC71 and Kentucky Public Energy Authority, 4% 1aug2052, USD (2022).
Which ETF is more diversified: VTES or VCRM?
VTES holds 3442 securities with 5.61% of its assets in the top 15. VCRM has 2385 securities and a top 15 weight of 7.11%.
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Latest news about VTES & VCRM
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