AVMU vs VCRM: Grades, Fees and Holdings Compared

Avantis Core Municipal Fixed Income ETF

AVMUBNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.03pt a year

AVMU0.15%VCRM0.12%

Avg volume · 30D

VCRM 25.2×the volume

AVMU26.9KVCRM679K

AVMU vs VCRM Performance

Oct 31, 2025 – Oct 30, 2026

0.0%AVMU+1.1%VCRM

Expense ratio: AVMU 0.15%; VCRM 0.12%, better
Fund size: AVMU $172M; VCRM $2.2B
1Y total return: AVMU 0.0%; VCRM +1.1%, better
Yield (12M): AVMU 3.59%; VCRM 3.81%, better
Holdings: AVMU 575; VCRM 2588
Avg volume (30D): AVMU 26.9K sh; VCRM 679K sh, better
NAV per share: AVMU $44.60; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for AVMU, VCRM, with each pillar’s weight
Pillar	AVMU	VCRM
Cost30% weight	A86	A89Higher
Mission25% weight	A89	A100Higher
Risk15% weight	C44	B68Higher
Tradability15% weight	D27	A80Higher
Holdings10% weight	B66	A81Higher
Durability5% weight	B59	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. AVMU and VCRM are both graded against the same 63 Other Municipal Bond funds, so their Grades compare head to head.

Other Municipal Bond⁠

Category · 63 funds

See all 63 ›

VCRM ranks 4th and AVMU 19th of 63 funds in the Other Municipal Bond Category.

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 88
Rank 2AMUBiShares National Muni Bond ETFScore 86
Rank 2ASCMBSchwab Municipal Bond ETFScore 86
Rank 4AVCRMVanguard Core Tax-Exempt Bond EScore 85
Rank 5ATFIState Street SPDR Nuveen ICE Municipal Bond ETFScore 82
Rank 17BPZAInvesco National AMT-Free Municipal Bond ETFScore 69
Rank 19BAVMUAvantis Core Municipal Fixed Income ETFScore 68
Rank 20BCATFAmerican Century California Municipal Bond ETFScore 66

Our read on each fund

ETF.net Research

AVMUBAvantis Core Municipal Fixed Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

AVMU Active muni management at index-fund pricing. Avantis runs a broad investment-grade portfolio of roughly 500 municipal bonds for 0.15%, half the typical fee in its category, aimed at income exempt from federal tax.

VCRM Vanguard'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.

Stated mandate

AVMU The fund seeks income exempt from federal income tax by investing broadly in investment-grade municipal debt. It uses active portfolio oversight and current-yield information while pursuing diversification and controlled turnover.

VCRM The fund seeks total return through current income exempt from federal personal income taxes and capital appreciation.

Why people hold it

AVMU 0.15% a year for an actively run muni portfolio, against a category median near 0.30%. A manager for close to what many funds charge to follow an index.
Broad by design: roughly 500 investment-grade munis, with diversification and controlled turnover written into the stated mandate rather than left to a manager's mood.avantisinvestors.com
The portfolio does what the prospectus says: US investment-grade municipal debt, federal tax-exempt income, and one of the stronger showings in a crowded muni peer group.

VCRM 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.vanguard.com
Sticks tightly to its stated mandate and grades among the strongest implementations in its muni peer group.

Worth knowing

AVMU Thinly traded with a modest asset base, so bid-ask spreads can run wider than at index heavyweights like VTEB and MUB.
Cheap for active, not cheap outright: index rivals VTEB and SCMB charge 0.03%. You are paying up for the oversight.
The exemption is federal only, and municipal bonds still carry interest-rate and credit risk. A 2020 launch means a shorter track record than the muni mainstays.avantisinvestors.com

VCRM 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

Full AVMU profile⁠

Full VCRM profile⁠

AVMU vs VCRM Holdings

How AVMU and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile99.8%

Sector

No Sector split for AVMU and VCRM.

Country, concentration and asset class

Country by domicile

Country weights in AVMU and VCRM, widest gap first
Country	More in AVMUMore in VCRM	AVMU	VCRM
United States	AVMU +0.2 points	100.0%	99.8%
Puerto Rico	VCRM +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

AVMU11.1%
VCRM8.8%

Securities held

AVMU554
VCRM2,426

Asset class

AVMU: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. AVMU holds 554 securities, VCRM 2,426.

All 549 AVMU holdings⁠All VCRM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AVMU vs VCRM Cost

Overpaying AVMU vs VCRM

$617

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AVMU 0.15%
$3,137
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

AVMU 0.15%
VCRM 0.12%
Overpaying

Year by year

Year	AVMU	VCRM	Overpaying
10	$274	$220	$54
20	$1,071	$859	$212
30	$3,137	$2,520	$617

Expense ratio

0.15%AVMU
0.12%VCRM, cheaper

VCRM0.12%AVMU0.15%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

AVMU 9th cheapest of 63 funds

AVMU vs VCRM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): AVMU 3.59%; VCRM 3.81%, better
Payout (12M): AVMU $1.60; VCRM $2.82
Last payment: AVMU $0.14; VCRM $0.21
Ex-dividend: AVMU Oct 6, 2026; VCRM Oct 1, 2026
Paid on: AVMU Oct 8, 2026; VCRM Oct 5, 2026
Frequency: AVMU Monthly; VCRM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

AVMUMonthly · 45 paymentsAll AVMU payments⁠

VCRMMonthly · 22 paymentsAll VCRM payments⁠

AVMU vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AVMU 6.6%VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: AVMU −0.03VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: AVMU −11.8%VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: AVMU 0.93VCRM 0.17; Market = 1

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