VCRM vs. RVNU
VCRM (Vanguard Core Tax-Exempt Bond ETF) and RVNU (Xtrackers Municipal Infrastructure Revenue Bond ETF) are both Municipal Bonds funds - VCRM tracks the S&P Broad AMT-Free Municipal Bond Index while RVNU tracks the Solactive Municipal Infrastructure Revenue Bond Index. Both are passively managed. Over the past year, VCRM returned 6.32% vs 7.60% for RVNU. Their 0.60 correlation means they have sometimes moved together and sometimes differently. VCRM charges 0.12%/yr vs 0.15%/yr for RVNU.
Performance
VCRM vs. RVNU - Performance Comparison
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Returns By Period
In the year-to-date period, VCRM achieves a 1.45% return, which is significantly lower than RVNU's 2.79% return.
VCRM
- 1D
- 0.29%
- 1M
- -1.30%
- 6M
- 0.59%
- YTD
- 1.45%
- 1Y
- 6.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.46%
RVNU
- 1D
- 0.37%
- 1M
- -2.26%
- 6M
- 1.50%
- YTD
- 2.79%
- 1Y
- 7.60%
- 3Y*
- 3.17%
- 5Y*
- -0.64%
- 10Y*
- 1.70%
- ALL TIME*
- 2.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.00M | $607.66K | $646.11K | |
| $18.72M | $17.51M | $16.43M |
VCRM vs. RVNU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VCRM Vanguard Core Tax-Exempt Bond ETF | 1.45% | 4.91% | -0.45% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 2.79% | 0.58% | -1.24% |
Correlation
The correlation between VCRM and RVNU is 0.55, 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. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024 | 0.60 |
The correlation between VCRM and RVNU has been stable across timeframes, ranging from 0.55 to 0.60 - a consistent structural relationship.
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Return for Risk
VCRM vs. RVNU — Risk / Return Rank
VCRM
RVNU
VCRM vs. RVNU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). 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 | RVNU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.29 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.89 | -0.55 |
| Martin ratioReturn relative to average drawdown | 8.06 | 9.35 | -1.30 |
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Drawdowns
VCRM vs. RVNU - Drawdown Comparison
The maximum VCRM drawdown since its inception was -4.12%, smaller than the maximum RVNU drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for VCRM and RVNU.
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Drawdown Indicators
| VCRM | RVNU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -23.51% | +19.39% |
Max Drawdown (1Y)Largest decline over 1 year | -2.72% | -2.64% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.81% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -22.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.51% | — |
Current DrawdownCurrent decline from peak | -1.30% | -3.67% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -1.07% | -4.95% | +3.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.82% | -0.03% |
Volatility
VCRM vs. RVNU - Volatility Comparison
The current volatility for Vanguard Core Tax-Exempt Bond ETF (VCRM) is 1.09%, while Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) has a volatility of 1.56%. This indicates that VCRM experiences smaller price fluctuations and is considered to be less risky than RVNU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCRM | RVNU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.56% | -0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 2.41% | 3.69% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.99% | 4.98% | -1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.80% | 7.22% | -3.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.80% | 7.25% | -3.45% |
VCRM vs. RVNU - Expense Ratio Comparison
VCRM has a 0.12% expense ratio, which is lower than RVNU's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VCRM vs. RVNU - Dividend Comparison
VCRM's dividend yield for the trailing twelve months is around 3.72%, more than RVNU's 3.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 3.62% | 3.46% | 3.06% | 2.79% | 2.81% | 2.18% | 2.43% | 2.75% | 2.76% | 2.49% | 2.72% | 3.01% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 3.72% | 3.42% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VCRM and RVNU have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RVNU has higher volatility (1.56%) compared to VCRM (1.09%). In terms of maximum drawdown, VCRM dropped -4.12% vs RVNU's -23.51%.
On 1-year performance, RVNU leads with 7.60% vs 6.32% for VCRM. On fees, VCRM is cheaper at 0.12% per year. On volatility, VCRM has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, RVNU has performed better with a 7.60% return vs 6.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCRM is cheaper with a 0.12% expense ratio, compared with 0.15% for RVNU.
VCRM has the higher dividend yield at 3.72%, compared with 3.62% for RVNU.
VCRM tracks S&P Broad AMT-Free Municipal Bond Index, while RVNU tracks Solactive Municipal Infrastructure Revenue Bond Index. They also come from different issuers: Vanguard and Deutsche Bank. Their fees differ too: 0.12% for VCRM and 0.15% for RVNU.
VCRM currently has the higher Sharpe Ratio (2.13 vs 1.54), 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.
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