VCRM vs. VPALX
Compare and contrast key facts about Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX).
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. VPALX is managed by Vanguard. It was launched on May 14, 2001.
Performance
VCRM vs. VPALX - Performance Comparison
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VCRM vs. VPALX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VCRM Vanguard Core Tax-Exempt Bond ETF | 0.34% | 4.91% | -0.58% |
VPALX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | -0.59% | 5.34% | 0.27% |
Returns By Period
In the year-to-date period, VCRM achieves a 0.34% return, which is significantly higher than VPALX's -0.59% return.
VCRM
- 1D
- 0.30%
- 1M
- -1.55%
- YTD
- 0.34%
- 6M
- 1.86%
- 1Y
- 4.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VPALX
- 1D
- 0.28%
- 1M
- -2.19%
- YTD
- -0.59%
- 6M
- 1.56%
- 1Y
- 4.32%
- 3Y*
- 3.78%
- 5Y*
- 1.14%
- 10Y*
- 2.68%
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VCRM vs. VPALX - Expense Ratio Comparison
VCRM has a 0.12% expense ratio, which is higher than VPALX's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VCRM vs. VPALX — Risk / Return Rank
VCRM
VPALX
VCRM vs. VPALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX). 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 | VPALX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.20 | 0.90 | +0.30 |
Sortino ratioReturn per unit of downside risk | 1.53 | 1.23 | +0.30 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.25 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.07 | +0.56 |
Martin ratioReturn relative to average drawdown | 4.63 | 3.31 | +1.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VCRM | VPALX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 0.90 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.26 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.61 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.86 | 1.02 | -0.16 |
Correlation
The correlation between VCRM and VPALX is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VCRM vs. VPALX - Dividend Comparison
VCRM's dividend yield for the trailing twelve months is around 3.59%, less than VPALX's 3.72% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VCRM Vanguard Core Tax-Exempt Bond ETF | 3.59% | 3.42% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VPALX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | 3.72% | 4.54% | 4.14% | 3.03% | 3.21% | 2.30% | 3.24% | 3.79% | 3.99% | 4.02% | 4.20% | 4.00% |
Drawdowns
VCRM vs. VPALX - Drawdown Comparison
The maximum VCRM drawdown since its inception was -4.12%, smaller than the maximum VPALX drawdown of -15.87%. Use the drawdown chart below to compare losses from any high point for VCRM and VPALX.
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Drawdown Indicators
| VCRM | VPALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -15.87% | +11.75% |
Max Drawdown (1Y)Largest decline over 1 year | -3.22% | -5.20% | +1.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.87% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.87% | — |
Current DrawdownCurrent decline from peak | -1.83% | -2.55% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -1.15% | -1.97% | +0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.68% | -0.55% |
Volatility
VCRM vs. VPALX - Volatility Comparison
Vanguard Core Tax-Exempt Bond ETF (VCRM) has a higher volatility of 1.49% compared to Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX) at 1.21%. This indicates that VCRM's price experiences larger fluctuations and is considered to be riskier than VPALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VCRM | VPALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 1.21% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 1.84% | +0.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 5.33% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 4.45% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 4.39% | -0.39% |