VCRM vs. CHAT

Last updated Jun 4, 2026

VCRM (Vanguard Core Tax-Exempt Bond ETF) and CHAT (Roundhill Generative AI & Technology ETF) are both exchange-traded funds - VCRM is a Municipal Bonds fund tracking the S&P Broad AMT-Free Municipal Bond Index, while CHAT is a Technology Equities fund actively managed by Roundhill. VCRM is passively managed, while CHAT is actively managed. Over the past year, VCRM returned 8.18% vs 144.01% for CHAT. At a 0.13 correlation, their price movements are largely independent. VCRM charges 0.12%/yr vs 0.75%/yr for CHAT.

Performance

VCRM vs. CHAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core Tax-Exempt Bond ETF (VCRM) and Roundhill Generative AI & Technology ETF (CHAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCRM achieves a 1.95% return, which is significantly lower than CHAT's 74.30% return.

VCRM

• 1D: -0.06%
• 1M: 0.74%
• YTD: 1.95%
• 6M: 2.36%
• 1Y: 8.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CHAT

• 1D: -0.66%
• 1M: 27.78%
• YTD: 74.30%
• 6M: 73.13%
• 1Y: 144.01%
• 3Y*: 55.51%
• 5Y*: —
• 10Y*: —

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

VCRM vs. CHAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VCRM Vanguard Core Tax-Exempt Bond ETF	1.95%	4.91%	-0.58%
CHAT Roundhill Generative AI & Technology ETF	74.30%	49.85%	0.85%

Correlation

The correlation between VCRM and CHAT is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024	0.13

Return for Risk

VCRM vs. CHAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VCRM

VCRM Risk / Return Rank: 76
VCRM Sharpe Ratio Rank: 82
VCRM Sortino Ratio Rank: 87
VCRM Omega Ratio Rank: 90
VCRM Calmar Ratio Rank: 60
VCRM Martin Ratio Rank: 62

CHAT

CHAT Risk / Return Rank: 94
CHAT Sharpe Ratio Rank: 97
CHAT Sortino Ratio Rank: 94
CHAT Omega Ratio Rank: 93
CHAT Calmar Ratio Rank: 96
CHAT Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VCRM vs. CHAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) and Roundhill Generative AI & Technology ETF (CHAT). 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.

	VCRM	CHAT	Difference
Sharpe ratio: Return per unit of total volatility	2.70	4.72	-2.03
Sortino ratio: Return per unit of downside risk	3.99	4.86	-0.87
Omega ratio: Gain probability vs. loss probability	1.59	1.65	-0.07
Calmar ratio: Return relative to maximum drawdown	3.02	8.90	-5.88
Martin ratio: Return relative to average drawdown	11.19	26.26	-15.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCRM vs. CHAT - Sharpe Ratio Comparison

The current VCRM Sharpe Ratio is 2.70, which is lower than the CHAT Sharpe Ratio of 4.72. The chart below compares the historical Sharpe Ratios of VCRM and CHAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VCRM	CHAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	4.72	-2.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	1.98	-0.91

Drawdowns

VCRM vs. CHAT - Drawdown Comparison

The maximum VCRM drawdown since its inception was -4.12%, smaller than the maximum CHAT drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for VCRM and CHAT.

Drawdown Indicators

	VCRM	CHAT	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-31.34%	+27.22%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-16.28%	+13.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-31.34%	—
Current Drawdown Current decline from peak	-0.26%	-0.66%	+0.40%
Average Drawdown Average peak-to-trough decline	-1.13%	-5.35%	+4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	5.51%	-4.78%

Volatility

VCRM vs. CHAT - Volatility Comparison

The current volatility for Vanguard Core Tax-Exempt Bond ETF (VCRM) is 0.98%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 11.70%. This indicates that VCRM experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCRM	CHAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	11.70%	-10.72%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	24.62%	-22.45%
Volatility (1Y) Calculated over the trailing 1-year period	3.05%	30.74%	-27.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.89%	29.90%	-26.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.89%	29.90%	-26.01%

VCRM vs. CHAT - Expense Ratio Comparison

VCRM has a 0.12% expense ratio, which is lower than CHAT's 0.75% expense ratio.

Dividends

VCRM vs. CHAT - Dividend Comparison

VCRM's dividend yield for the trailing twelve months is around 3.64%, more than CHAT's 1.64% yield.

Position	TTM	2025	2024
CHAT Roundhill Generative AI & Technology ETF	1.64%	2.85%	0.00%
VCRM Vanguard Core Tax-Exempt Bond ETF	3.64%	3.42%	0.40%

Frequently Asked Questions

Can I hold both VCRM and CHAT in my portfolio?

VCRM and CHAT have a correlation of 0.20, 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 CHAT?

CHAT has higher volatility (11.70%) compared to VCRM (0.98%). In terms of maximum drawdown, VCRM dropped -4.12% vs CHAT's -31.34%.

Which ETF is better, VCRM or CHAT?

On 1-year performance, CHAT leads with 144.01% vs 8.18% for VCRM. On fees, VCRM is cheaper at 0.12% per year. On volatility, VCRM has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VCRM or CHAT?

Over the 1-year period, CHAT has performed better with a 144.01% return vs 8.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VCRM or CHAT?

VCRM is cheaper with a 0.12% expense ratio, compared with 0.75% for CHAT.

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

VCRM has the higher dividend yield at 3.64%, compared with 1.64% for CHAT.

What is the main difference between VCRM and CHAT?

VCRM is categorized as Municipal Bonds, while CHAT is Technology Equities. They also come from different issuers: Vanguard and Roundhill. Their fees differ too: 0.12% for VCRM and 0.75% for CHAT.

Which has better risk-adjusted returns?

CHAT currently has the higher Sharpe Ratio (4.72 vs 2.70), 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.