FMUB vs. VCRM

Last updated Aug 6, 2026

FMUB (Fidelity Municipal Bond Opportunities ETF) and VCRM (Vanguard Core Tax-Exempt Bond ETF) are both Municipal Bonds funds. FMUB is actively managed, while VCRM is passively managed. Over the past year, FMUB returned 5.57% vs 6.27% for VCRM. Their 0.74 correlation means they have sometimes moved together and sometimes differently. FMUB charges 0.30%/yr vs 0.12%/yr for VCRM.

Performance

FMUB vs. VCRM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Opportunities ETF (FMUB) and Vanguard Core Tax-Exempt Bond ETF (VCRM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMUB achieves a 1.70% return, which is significantly higher than VCRM's 1.45% return.

FMUB

• 1D: 0.31%
• 1M: -0.83%
• 6M: 1.01%
• YTD: 1.70%
• 1Y: 5.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.83%

VCRM

• 1D: -0.01%
• 1M: -1.30%
• 6M: 0.49%
• YTD: 1.45%
• 1Y: 6.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FMUB Fidelity Municipal Bond Opportunities ETF	$1.88M	$2.46M	$1.66M
VCRM Vanguard Core Tax-Exempt Bond ETF	$19.85M	$17.60M	$16.60M

FMUB vs. VCRM - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	1.70%	4.69%
VCRM Vanguard Core Tax-Exempt Bond ETF	1.45%	4.11%

Correlation

The correlation between FMUB and VCRM is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.74

The correlation between FMUB and VCRM has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

Return for Risk

FMUB vs. VCRM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FMUB

FMUB Risk / Return Rank: 72
FMUB Sharpe Ratio Rank: 80
FMUB Sortino Ratio Rank: 79
FMUB Omega Ratio Rank: 87
FMUB Calmar Ratio Rank: 55
FMUB Martin Ratio Rank: 60

VCRM

VCRM Risk / Return Rank: 74
VCRM Sharpe Ratio Rank: 82
VCRM Sortino Ratio Rank: 81
VCRM Omega Ratio Rank: 90
VCRM Calmar Ratio Rank: 56
VCRM Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FMUB vs. VCRM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) and Vanguard Core Tax-Exempt Bond ETF (VCRM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	FMUB	VCRM	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.11	-0.05
Sortino ratio: Return per unit of downside risk	2.88	2.95	-0.07
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	2.24	2.31	-0.07
Martin ratio: Return relative to average drawdown	8.13	7.95	+0.18

FMUB vs. VCRM - Sharpe Ratio Comparison

The current FMUB Sharpe Ratio is 2.06, which is comparable to the VCRM Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FMUB and VCRM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FMUB vs. VCRM - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum VCRM drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for FMUB and VCRM.

Drawdown Indicators

	FMUB	VCRM	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-4.12%	+1.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	-2.72%	+0.23%
Current Drawdown Current decline from peak	-0.88%	-1.30%	+0.42%
Average Drawdown Average peak-to-trough decline	-0.49%	-1.07%	+0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.69%	0.79%	-0.10%

Volatility

FMUB vs. VCRM - Volatility Comparison

Fidelity Municipal Bond Opportunities ETF (FMUB) and Vanguard Core Tax-Exempt Bond ETF (VCRM) have volatilities of 1.03% and 1.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMUB	VCRM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.08%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.23%	2.41%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	2.98%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	3.80%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	3.80%	-0.21%

FMUB vs. VCRM - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is higher than VCRM's 0.12% expense ratio.

Dividends

FMUB vs. VCRM - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.52%, less than VCRM's 3.72% yield.

Position	TTM	2025	2024
FMUB Fidelity Municipal Bond Opportunities ETF	3.52%	2.63%	0.00%
VCRM Vanguard Core Tax-Exempt Bond ETF	3.72%	3.42%	0.40%

Frequently Asked Questions

Can I hold both FMUB and VCRM in my portfolio?

FMUB and VCRM have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMUB or VCRM?

VCRM has higher volatility (1.08%) compared to FMUB (1.03%). In terms of maximum drawdown, FMUB dropped -2.74% vs VCRM's -4.12%.

Which ETF is better, FMUB or VCRM?

On 1-year performance, VCRM leads with 6.27% vs 5.57% for FMUB. On fees, VCRM is cheaper at 0.12% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMUB or VCRM?

Over the 1-year period, VCRM has performed better with a 6.27% return vs 5.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMUB or VCRM?

VCRM is cheaper with a 0.12% expense ratio, compared with 0.30% for FMUB.

Which ETF pays a higher dividend yield, FMUB or VCRM?

VCRM has the higher dividend yield at 3.72%, compared with 3.52% for FMUB.

What is the main difference between FMUB and VCRM?

They also come from different issuers: Fidelity and Vanguard. Their fees differ too: 0.30% for FMUB and 0.12% for VCRM.

Which has better risk-adjusted returns?

VCRM currently has the higher Sharpe Ratio (2.11 vs 2.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.