XTEN vs. VCRM
XTEN (BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF) and VCRM (Vanguard Core Tax-Exempt Bond ETF) are both exchange-traded funds - XTEN is a Government Bonds fund tracking the Bloomberg US Treasury 10 Year Target Duration Index, while VCRM is a Municipal Bonds fund tracking the S&P Broad AMT-Free Municipal Bond Index. Both are passively managed. Over the past year, XTEN returned 4.51% vs 8.19% for VCRM. A 0.68 correlation means they provide meaningful diversification when combined. XTEN charges 0.07%/yr vs 0.12%/yr for VCRM.
Performance
XTEN vs. VCRM - Performance Comparison
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Returns By Period
In the year-to-date period, XTEN achieves a -0.74% return, which is significantly lower than VCRM's 2.08% return.
XTEN
- 1D
- 0.38%
- 1M
- -0.89%
- YTD
- -0.74%
- 6M
- -0.44%
- 1Y
- 4.51%
- 3Y*
- 1.76%
- 5Y*
- —
- 10Y*
- —
VCRM
- 1D
- 0.09%
- 1M
- 0.61%
- YTD
- 2.08%
- 6M
- 2.53%
- 1Y
- 8.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XTEN vs. VCRM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | -0.74% | 7.37% | -1.17% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 2.08% | 4.91% | -0.45% |
Correlation
The correlation between XTEN and VCRM is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024 | 0.68 |
The correlation between XTEN and VCRM has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
XTEN vs. VCRM — Risk / Return Rank
XTEN
VCRM
XTEN vs. VCRM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) 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.
| XTEN | VCRM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.99 | ||
| Sortino ratioReturn per unit of downside risk | -2.93 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.59 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | 3.02 | -2.19 |
| Martin ratioReturn relative to average drawdown | 2.36 | 11.19 | -8.84 |
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
| XTEN | VCRM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 2.71 | -1.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.14 | 1.10 | -0.96 |
Drawdowns
XTEN vs. VCRM - Drawdown Comparison
The maximum XTEN drawdown since its inception was -13.86%, which is greater than VCRM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for XTEN and VCRM.
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Drawdown Indicators
| XTEN | VCRM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.86% | -4.12% | -9.74% |
Max Drawdown (1Y)Largest decline over 1 year | -5.42% | -2.72% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -11.15% | — | — |
Current DrawdownCurrent decline from peak | -3.70% | -0.13% | -3.57% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -1.12% | -2.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 0.73% | +1.18% |
Volatility
XTEN vs. VCRM - Volatility Comparison
BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) has a higher volatility of 2.01% compared to Vanguard Core Tax-Exempt Bond ETF (VCRM) at 0.98%. This indicates that XTEN's price experiences larger fluctuations and is considered to be riskier 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
| XTEN | VCRM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 0.98% | +1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 4.44% | 2.18% | +2.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.27% | 3.04% | +3.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.54% | 3.87% | +5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.54% | 3.87% | +5.67% |
XTEN vs. VCRM - Expense Ratio Comparison
XTEN has a 0.08% 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%.
Dividends
XTEN vs. VCRM - Dividend Comparison
XTEN's dividend yield for the trailing twelve months is around 4.41%, more than VCRM's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
VCRM Vanguard Core Tax-Exempt Bond ETF | 3.63% | 3.42% | 0.40% | 0.00% | 0.00% |
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 4.41% | 4.05% | 4.21% | 3.71% | 1.04% |
Frequently Asked Questions
XTEN and VCRM have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XTEN has higher volatility (2.01%) compared to VCRM (0.98%). In terms of maximum drawdown, XTEN dropped -13.86% vs VCRM's -4.12%.
On 1-year performance, VCRM leads with 8.19% vs 4.51% for XTEN. On fees, XTEN is cheaper at 0.07% 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.
Over the 1-year period, VCRM has performed better with a 8.19% return vs 4.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XTEN is cheaper with a 0.07% expense ratio, compared with 0.12% for VCRM.
XTEN has the higher dividend yield at 4.41%, compared with 3.63% for VCRM.
XTEN is categorized as Government Bonds, while VCRM is Municipal Bonds. XTEN tracks Bloomberg US Treasury 10 Year Target Duration Index, while VCRM tracks S&P Broad AMT-Free Municipal Bond Index. They also come from different issuers: BondBloxx and Vanguard. Their fees differ too: 0.07% for XTEN and 0.12% for VCRM.
VCRM currently has the higher Sharpe Ratio (2.71 vs 0.72), 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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