Vanguard Core Tax-Exempt Bond E
$72.25−0.72 (−0.99%)
- Expense ratio
- 0.12%
- Fund size
- $1.9B
- 1Y return
- +0.5%
- Yield · Last 12 months
- 3.87%
- Volume · 30D
- 0.3M sh
- NAV per share
- $73.02
- 52W range
The ETF.net VCRM Grade
Score 83 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 89Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 97Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 58Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 88Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 71Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 73Category rank
Our read on VCRM
AVanguard's active answer in a mostly-index category: managers working the whole muni curve for 0.12% a year, under half the muni ETF median fee. Monthly income, exempt from federal personal income taxes.
The fund seeks total return through current income exempt from federal personal income taxes and capital appreciation.
Why people hold it
- Active management priced at 0.12% a year, less than half the 0.30% median for muni ETFs.
- Run by Vanguard's Fixed Income Group, with all-curve exposure to primarily high-quality investment-grade munis spread across sectors, states and credit tiers.prnewswire.com
- Pays monthly, with income the fund seeks to keep exempt from federal personal income taxes.personal.vanguard.com
- Sticks tightly to its stated mandate and grades among the strongest implementations in its muni peer group.
Worth knowing
- You pay up for the manager: index peers VTEB and SCMB run at 0.03%, a quarter of VCRM's 0.12%.
- Launched in November 2024, so there is only a short record to judge the active mandate on.
- All-curve exposure puts longer maturities in the mix, so prices move with rates. And the exemption is federal: state treatment of a national muni fund depends on where you live.prnewswire.com
VCRM Holdings
- Bonds
- —
- 10%
- Vanguard Municipal Low Duration Fund 12/31/2049
VCRM Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | VCRM |
|---|---|
| Year to date | −1.0% |
| 1 month | −2.2% |
| 3 months | −3.2% |
| 1 year | +0.5% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | VCRM |
|---|---|---|
| 2026 YTD | −1.0% | |
| 2025 | +4.9% | |
| 2024 | −0.6% |
VCRM in the news
ETF.net Research hasn’t filed on VCRM yet — coverage lands here as it’s written.
VCRM Dividends
- 3.87%
- $2.82
- $0.25 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 1, 2026 | Sep 3, 2026 | $0.25 |
| Aug 3, 2026 | Aug 5, 2026 | $0.24 |
| Jul 1, 2026 | Jul 6, 2026 | $0.24 |
| Jun 1, 2026 | Jun 3, 2026 | $0.22 |
| May 1, 2026 | May 5, 2026 | $0.24 |
| Apr 1, 2026 | Apr 6, 2026 | $0.24 |
| Mar 2, 2026 | Mar 4, 2026 | $0.23 |
| Feb 2, 2026 | Feb 4, 2026 | $0.23 |
| Dec 18, 2025 | Dec 22, 2025 | $0.24 |
| Dec 1, 2025 | Dec 3, 2025 | $0.24 |
| Nov 3, 2025 | Nov 5, 2025 | $0.23 |
| Oct 1, 2025 | Oct 3, 2025 | $0.22 |
VCRM Risk
- 4.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.36
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −4.1%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.17
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
VCRM Cost
- The middle half of Other Municipal Bond funds
- Median 0.30%
7 of the 62 Other Municipal Bond funds charge less.