- ISIN
- US9229077121
- CUSIP
- 922907712
- Issuer
- Vanguard
- Inception Date
- Nov 21, 2024
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- S&P Broad AMT-Free Municipal Bond Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $2B
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
VCRM Performance Chart
Vanguard Core Tax-Exempt Bond ETF (VCRM) is up 2.3% since the beginning of the year. VCRM is currently trading at $76 per share.
Loading charts...
Returns By Period
Vanguard Core Tax-Exempt Bond ETF (VCRM) has returned 2.25% so far this year and 7.68% over the past 12 months.
Vanguard Core Tax-Exempt Bond ETF
- 1D
- -0.01%
- 1M
- 1.46%
- YTD
- 2.25%
- 6M
- 2.41%
- 1Y
- 7.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
VCRM Monthly Returns History
Based on dividend-adjusted daily data since Nov 21, 2024, VCRM's average daily return is +0.02%, while the average monthly return is +0.34%. At this rate, an investment would double in approximately 17.0 years.
Historically, 70% of months were positive and 30% were negative. The best month was Sep 2025 with a return of +2.7%, while the worst month was Mar 2026 at -2.1%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, VCRM closed higher 58% of trading days. The best single day was Aug 1, 2025 with a return of +0.8%, while the worst single day was Apr 7, 2025 at -2.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.74% | 1.46% | -2.12% | 1.18% | 0.51% | 0.50% | 2.25% | ||||||
| 2025 | 0.47% | 1.20% | -1.62% | -0.58% | -0.31% | 0.83% | -0.49% | 1.00% | 2.69% | 1.29% | 0.31% | 0.06% | 4.91% |
| 2024 | 1.01% | -1.45% | -0.45% |
Benchmark Metrics
Vanguard Core Tax-Exempt Bond ETF has an annualized alpha of 3.88%, beta of 0.03, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since November 21, 2024.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (18.65%) than losses (16.05%) - typical of diversified or defensive assets.
- Beta of 0.03 may look defensive, but with R2 of 0.02 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.02 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.88%
- Beta
- 0.03
- R²
- 0.02
- Upside Capture
- 18.65%
- Downside Capture
- 16.05%
Expense Ratio
VCRM has an expense ratio of 0.12%, which is considered low.
Return for Risk
Risk / Return Rank
VCRM ranks 76 for risk / return — better than 76% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VCRM | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.37 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 2.78 | +0.05 |
| Martin ratioReturn relative to average drawdown | 10.50 | 12.44 | -1.94 |
Dividends
Dividend History
Vanguard Core Tax-Exempt Bond ETF provided a 3.63% dividend yield over the last twelve months, with an annual payout of $2.76 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $2.76 | $2.59 | $0.30 |
Dividend yield | 3.63% | 3.42% | 0.40% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Core Tax-Exempt Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.23 | $0.23 | $0.24 | $0.24 | $0.22 | $1.16 | ||||||
| 2025 | $0.00 | $0.18 | $0.19 | $0.22 | $0.18 | $0.22 | $0.23 | $0.22 | $0.22 | $0.22 | $0.23 | $0.48 | $2.59 |
| 2024 | $0.30 | $0.30 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Vanguard Core Tax-Exempt Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Vanguard Core Tax-Exempt Bond ETF was 4.12%, occurring on Apr 11, 2025. Recovery took 101 trading sessions.
The current Vanguard Core Tax-Exempt Bond ETF drawdown is 0.01%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -4.12%Apr 2025 | 1mo 13d | 5mo | 6mo 13dFeb 2025 - Sep 2025 |
2026 pullback2026 | -2.72%Mar 2026 | 22d | 2mo 26d | 3mo 18dMar 2026 - Jun 2026 |
2025 pullback2025 | -2.64%Jan 2025 | 1mo 6d | 1mo 13d | 2mo 19dDec 2024 - Feb 2025 |
2025 pullback2025 | -0.44%Sep 2025 | 1d | 12d | 13dSep 2025 - Oct 2025 |
2025 pullback2025 | -0.42%Dec 2025 | 3d | 26d | 29dDec 2025 - Dec 2025 |
Drawdown Indicators
| VCRM | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -56.78% | +52.66% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -9.10% | +6.38% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.01% | -1.80% | +1.79% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -10.71% | +9.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 2.03% | -1.30% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with VCRM
Add Vanguard Core Tax-Exempt Bond ETF to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with VCRM