VCRM vs. APUE

Last updated Aug 4, 2026

VCRM (Vanguard Core Tax-Exempt Bond ETF) and APUE (ActivePassive U.S. Equity ETF) are both exchange-traded funds - VCRM is a Municipal Bonds fund tracking the S&P Broad AMT-Free Municipal Bond Index, while APUE is a Large Cap Blend Equities fund actively managed by ActivePassive. VCRM is passively managed, while APUE is actively managed. Over the past year, VCRM returned 5.81% vs 24.75% for APUE. Their 0.20 correlation means their historical movements had little consistent relationship. VCRM charges 0.12%/yr vs 0.33%/yr for APUE.

Performance

VCRM vs. APUE - Performance Comparison

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

Returns By Period

In the year-to-date period, VCRM achieves a 1.15% return, which is significantly lower than APUE's 12.36% return.

VCRM

• 1D: 0.07%
• 1M: -1.59%
• 6M: 0.32%
• YTD: 1.15%
• 1Y: 5.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.29%

APUE

• 1D: 1.52%
• 1M: 1.56%
• 6M: 9.75%
• YTD: 12.36%
• 1Y: 24.75%
• 3Y*: 20.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.29%

*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)
APUE ActivePassive U.S. Equity ETF	$3.21M	$10.30M	$6.29M
VCRM Vanguard Core Tax-Exempt Bond ETF	$18.95M	$17.75M	$16.81M

VCRM vs. APUE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VCRM Vanguard Core Tax-Exempt Bond ETF	1.15%	4.91%	-0.45%
APUE ActivePassive U.S. Equity ETF	12.36%	17.49%	-0.74%

Correlation

The correlation between VCRM and APUE is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024	0.20

Return for Risk

VCRM vs. APUE — Risk / Return Rank

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

VCRM

VCRM Risk / Return Rank: 74
VCRM Sharpe Ratio Rank: 82
VCRM Sortino Ratio Rank: 81
VCRM Omega Ratio Rank: 89
VCRM Calmar Ratio Rank: 58
VCRM Martin Ratio Rank: 60

APUE

APUE Risk / Return Rank: 78
APUE Sharpe Ratio Rank: 78
APUE Sortino Ratio Rank: 77
APUE Omega Ratio Rank: 77
APUE Calmar Ratio Rank: 74
APUE Martin Ratio Rank: 83

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.

VCRM vs. APUE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) and ActivePassive U.S. Equity ETF (APUE). 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.

	VCRM	APUE	Difference
Sharpe ratio: Return per unit of total volatility	1.96	1.93	+0.03
Sortino ratio: Return per unit of downside risk	2.73	2.67	+0.06
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.07
Calmar ratio: Return relative to maximum drawdown	2.14	2.77	-0.62
Martin ratio: Return relative to average drawdown	7.45	12.28	-4.83

VCRM vs. APUE - Sharpe Ratio Comparison

The current VCRM Sharpe Ratio is 1.96, which is comparable to the APUE Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of VCRM and APUE, 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

VCRM vs. APUE - Drawdown Comparison

The maximum VCRM drawdown since its inception was -4.12%, smaller than the maximum APUE drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for VCRM and APUE.

Drawdown Indicators

	VCRM	APUE	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-18.83%	+14.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-8.98%	+6.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.83%	—
Current Drawdown Current decline from peak	-1.59%	0.00%	-1.59%
Average Drawdown Average peak-to-trough decline	-1.07%	-2.03%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.02%	-1.24%

Volatility

VCRM vs. APUE - Volatility Comparison

The current volatility for Vanguard Core Tax-Exempt Bond ETF (VCRM) is 1.03%, while ActivePassive U.S. Equity ETF (APUE) has a volatility of 3.61%. This indicates that VCRM experiences smaller price fluctuations and is considered to be less risky than APUE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCRM	APUE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	3.61%	-2.58%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	10.10%	-7.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	12.93%	-9.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.80%	14.64%	-10.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.80%	14.64%	-10.84%

VCRM vs. APUE - Expense Ratio Comparison

VCRM has a 0.12% expense ratio, which is lower than APUE's 0.33% expense ratio.

Dividends

VCRM vs. APUE - Dividend Comparison

VCRM's dividend yield for the trailing twelve months is around 3.74%, more than APUE's 0.74% yield.

Position	TTM	2025	2024	2023
APUE ActivePassive U.S. Equity ETF	0.74%	0.83%	0.79%	0.41%
VCRM Vanguard Core Tax-Exempt Bond ETF	3.74%	3.42%	0.40%	0.00%

Frequently Asked Questions

Can I hold both VCRM and APUE in my portfolio?

VCRM and APUE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCRM or APUE?

APUE has higher volatility (3.61%) compared to VCRM (1.03%). In terms of maximum drawdown, VCRM dropped -4.12% vs APUE's -18.83%.

Which ETF is better, VCRM or APUE?

On 1-year performance, APUE leads with 24.75% vs 5.81% for VCRM. On fees, VCRM is cheaper at 0.12% per year. On volatility, VCRM has been the lower-risk option at 1.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VCRM or APUE?

Over the 1-year period, APUE has performed better with a 24.75% return vs 5.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VCRM or APUE?

VCRM is cheaper with a 0.12% expense ratio, compared with 0.33% for APUE.

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

VCRM has the higher dividend yield at 3.74%, compared with 0.74% for APUE.

What is the main difference between VCRM and APUE?

VCRM is categorized as Municipal Bonds, while APUE is Large Cap Blend Equities. They also come from different issuers: Vanguard and ActivePassive. Their fees differ too: 0.12% for VCRM and 0.33% for APUE.

Which has better risk-adjusted returns?

VCRM currently has the higher Sharpe Ratio (1.96 vs 1.93), 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.