VPALX vs. VCRM
Compare and contrast key facts about Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX) and Vanguard Core Tax-Exempt Bond ETF (VCRM).
VPALX is managed by Vanguard. It was launched on May 14, 2001. 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.
Performance
VPALX vs. VCRM - Performance Comparison
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VPALX vs. VCRM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VPALX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | -0.87% | 5.34% | 0.27% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 0.04% | 4.91% | -0.58% |
Returns By Period
In the year-to-date period, VPALX achieves a -0.87% return, which is significantly lower than VCRM's 0.04% return.
VPALX
- 1D
- 0.28%
- 1M
- -2.82%
- YTD
- -0.87%
- 6M
- 1.37%
- 1Y
- 4.42%
- 3Y*
- 3.68%
- 5Y*
- 1.10%
- 10Y*
- 2.65%
VCRM
- 1D
- 0.32%
- 1M
- -2.12%
- YTD
- 0.04%
- 6M
- 1.72%
- 1Y
- 4.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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VPALX vs. VCRM - Expense Ratio Comparison
VPALX has a 0.09% expense ratio, which is lower than VCRM's 0.12% 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%.
Return for Risk
VPALX vs. VCRM — Risk / Return Rank
VPALX
VCRM
VPALX vs. VCRM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX) and Vanguard Core Tax-Exempt Bond ETF (VCRM). 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.
| VPALX | VCRM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 1.23 | -0.24 |
Sortino ratioReturn per unit of downside risk | 1.37 | 1.57 | -0.21 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.09 | 1.59 | -0.50 |
Martin ratioReturn relative to average drawdown | 3.38 | 4.54 | -1.16 |
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
| VPALX | VCRM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 1.23 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.81 | +0.21 |
Correlation
The correlation between VPALX and VCRM 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
VPALX vs. VCRM - Dividend Comparison
VPALX's dividend yield for the trailing twelve months is around 3.74%, more than VCRM's 3.56% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VPALX Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares | 3.74% | 4.54% | 4.14% | 3.03% | 3.21% | 2.30% | 3.24% | 3.79% | 3.99% | 4.02% | 4.20% | 4.00% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 3.56% | 3.42% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
VPALX vs. VCRM - Drawdown Comparison
The maximum VPALX drawdown since its inception was -15.87%, which is greater than VCRM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for VPALX and VCRM.
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Drawdown Indicators
| VPALX | VCRM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.87% | -4.12% | -11.75% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -3.22% | -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 | -2.82% | -2.12% | -0.70% |
Average DrawdownAverage peak-to-trough decline | -1.97% | -1.15% | -0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.67% | 1.12% | +0.55% |
Volatility
VPALX vs. VCRM - Volatility Comparison
The current volatility for Vanguard Pennsylvania Long-Term Tax-Exempt Fund Admiral Shares (VPALX) is 1.17%, while Vanguard Core Tax-Exempt Bond ETF (VCRM) has a volatility of 1.54%. This indicates that VPALX experiences smaller price fluctuations and is considered to be less risky than VCRM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPALX | VCRM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 1.54% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 2.05% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.33% | 4.01% | +1.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.45% | 4.00% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.39% | 4.00% | +0.39% |