VCRM vs. VBMFX

Last updated Apr 3, 2026

Compare and contrast key facts about Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Total Bond Market Index Fund (VBMFX).

VCRM is a passively managed fund by Vanguard that tracks the performance of the S&P Broad AMT-Free Municipal Bond Index. It was launched on Nov 21, 2024. VBMFX is managed by Vanguard. It was launched on Dec 11, 1986.

Performance

VCRM vs. VBMFX - Performance Comparison

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

VCRM vs. VBMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VCRM Vanguard Core Tax-Exempt Bond ETF	0.52%	4.91%	-0.58%
VBMFX Vanguard Total Bond Market Index Fund	-0.30%	7.05%	-0.12%

Returns By Period

In the year-to-date period, VCRM achieves a 0.52% return, which is significantly higher than VBMFX's -0.30% return.

VCRM

• 1D: 0.17%
• 1M: -0.79%
• YTD: 0.52%
• 6M: 2.10%
• 1Y: 5.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VBMFX

• 1D: 0.00%
• 1M: -1.53%
• YTD: -0.30%
• 6M: 0.25%
• 1Y: 3.66%
• 3Y*: 3.40%
• 5Y*: 0.08%
• 10Y*: 1.50%

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

VCRM vs. VBMFX - Expense Ratio Comparison

VCRM has a 0.12% expense ratio, which is lower than VBMFX'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%.

VBMFX

Vanguard Total Bond Market Index Fund

VCRM

Vanguard Core Tax-Exempt Bond ETF

Return for Risk

VCRM vs. VBMFX — Risk / Return Rank

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

VCRM

VCRM Risk / Return Rank: 58
VCRM Sharpe Ratio Rank: 69
VCRM Sortino Ratio Rank: 60
VCRM Omega Ratio Rank: 72
VCRM Calmar Ratio Rank: 50
VCRM Martin Ratio Rank: 38

VBMFX

VBMFX Risk / Return Rank: 29
VBMFX Sharpe Ratio Rank: 29
VBMFX Sortino Ratio Rank: 27
VBMFX Omega Ratio Rank: 20
VBMFX Calmar Ratio Rank: 43
VBMFX Martin Ratio Rank: 28

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. VBMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Total Bond Market Index Fund (VBMFX). 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	VBMFX	Difference
Sharpe ratio Return per unit of total volatility	1.29	0.83	+0.46
Sortino ratio Return per unit of downside risk	1.64	1.20	+0.44
Omega ratio Gain probability vs. loss probability	1.28	1.14	+0.14
Calmar ratio Return relative to maximum drawdown	1.54	1.42	+0.12
Martin ratio Return relative to average drawdown	4.37	3.96	+0.40
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. VBMFX - Sharpe Ratio Comparison

The current VCRM Sharpe Ratio is 1.29, which is higher than the VBMFX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of VCRM and VBMFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VCRM	VBMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	0.83	+0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.30	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.96	-0.07

Correlation

The correlation between VCRM and VBMFX is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VCRM vs. VBMFX - Dividend Comparison

VCRM's dividend yield for the trailing twelve months is around 3.58%, more than VBMFX's 3.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VCRM Vanguard Core Tax-Exempt Bond ETF	3.58%	3.42%	0.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VBMFX Vanguard Total Bond Market Index Fund	3.50%	3.76%	3.57%	2.99%	2.49%	1.72%	2.31%	2.63%	2.47%	2.45%	2.43%	2.71%

Drawdowns

VCRM vs. VBMFX - Drawdown Comparison

The maximum VCRM drawdown since its inception was -4.12%, smaller than the maximum VBMFX drawdown of -19.08%. Use the drawdown chart below to compare losses from any high point for VCRM and VBMFX.

Drawdown Indicators

	VCRM	VBMFX	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-19.08%	+14.96%
Max Drawdown (1Y) Largest decline over 1 year	-3.22%	-2.73%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.08%	—
Current Drawdown Current decline from peak	-1.66%	-3.56%	+1.90%
Average Drawdown Average peak-to-trough decline	-1.15%	-2.70%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.13%	0.98%	+0.15%

Volatility

VCRM vs. VBMFX - Volatility Comparison

Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Total Bond Market Index Fund (VBMFX) have volatilities of 1.50% and 1.55%, 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

	VCRM	VBMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	1.55%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.07%	2.58%	-0.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	4.32%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	5.98%	-1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	4.96%	-0.96%