Skip to content
etf.net

FECM vs VCRM

First Eagle Core Municipal ETF

FECMCNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.13pt a year

FECM0.25%VCRM0.12%

Avg volume · 30D

VCRM 653.1×the volume

FECM1.04KVCRM679K

FECM vs VCRM Performance

Jul 31, 2026 – Oct 30, 2026

−0.7%FECM−0.4%VCRM

Jul 31, 2026 to Oct 30, 2026. FECM −0.7%. VCRM −0.4%. Use the arrow keys to read each point.−5%−4%−3%−2%1%Jul 2026Sep 2026Oct 2026
Expense ratio
FECM 0.25%
VCRM 0.12%, better
Fund size
FECM $16M
VCRM $2.2B
1Y total return
FECM No data
VCRM +1.1%
Yield (12M)
FECM No data
VCRM 3.81%
Holdings
FECM 132
VCRM 2588
Avg volume (30D)
FECM 1.04K sh
VCRM 679K sh, better
NAV per share
FECM $24.33
VCRM $73.95
52W range

ETF.net Grade

FECM: Cost 70, Risk 39, Mission not scored, Tradability 13, Holdings 53, Durability 24. VCRM: Cost 89, Risk 68, Mission 100, Tradability 80, Holdings 81, Durability 74.
Pillar letters and Scores for FECM, VCRM, with each pillar’s weight
PillarFECMVCRM
Cost30% weightA70A89Higher
Mission25% weightNot scoredA100
Risk15% weightD39B68Higher
Tradability15% weightF13A80Higher
Holdings10% weightC53A81Higher
Durability5% weightF24A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FECM 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 FECM 53rd of 63 funds in the Other Municipal Bond Category.

  1. Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 88
  2. Rank 2AMUBiShares National Muni Bond ETFScore 86
  3. Rank 2ASCMBSchwab Municipal Bond ETFScore 86
  4. Rank 4AVCRMVanguard Core Tax-Exempt Bond EScore 85
  5. Rank 5ATFIState Street SPDR Nuveen ICE Municipal Bond ETFScore 82
  6. Rank 52CRJMIRJ Eagle Municipal Income ETFScore 48
  7. Rank 53CFECMFirst Eagle Core Municipal ETFScore 47
  8. Rank 54CRMCARockefeller California Municipal Bond ETFScore 43

Our read on each fund

ETF.net Research

FECMCFirst Eagle Core Municipal ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

FECM No data

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

FECM No data

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

Why people hold it

FECM No data

  • 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

FECM No data

  • 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 FECM profile⁠

Full VCRM profile⁠

FECM vs 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.

FECM vs VCRM Cost

Overpaying FECM vs VCRM

$2,639

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

  • FECM 0.25%

    $5,159

  • VCRM 0.12%

    $2,520

$10,000
30 years

Cost over time

  • FECM 0.25%
  • VCRM 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530FECM $5,159VCRM $2,520

Year by year

YearFECMVCRMOverpaying
10$455$220$235
20$1,769$859$910
30$5,159$2,520$2,639

Expense ratio

  • 0.25%FECM
  • 0.12%VCRM, cheaper
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

VCRM 8th cheapest of 63 funds

FECM 17th cheapest of 63 funds

FECM vs VCRM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FECM No data
VCRM 3.81%
Payout (12M)
FECM No data
VCRM $2.82
Last payment
FECM $0.09
VCRM $0.21
Ex-dividend
FECM Oct 1, 2026
VCRM Oct 1, 2026
Paid on
FECM Oct 5, 2026
VCRM Oct 5, 2026
Frequency
FECM Monthly
VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

FECMMonthly · 3 paymentsAll FECM payments⁠
One bar per payment. 3 payments from 2024 to 2026 YTD. Aug 4, 2026 $0.08; Sep 1, 2026 $0.09; Oct 1, 2026 $0.09. Use the arrow keys to read each point.$0$0.252026YTD
VCRMMonthly · 22 paymentsAll VCRM payments⁠
One bar per payment. 22 payments from 2024 to 2026 YTD. Dec 24, 2024 $0.30; Feb 3, 2025 $0.18; Mar 3, 2025 $0.19; Apr 1, 2025 $0.22; May 1, 2025 $0.18; Jun 2, 2025 $0.22; Jul 1, 2025 $0.23; Aug 1, 2025 $0.22; Sep 2, 2025 $0.22; Oct 1, 2025 $0.22; Nov 3, 2025 $0.23; Dec 1, 2025 $0.24; Dec 18, 2025 $0.24; Feb 2, 2026 $0.23; Mar 2, 2026 $0.23; Apr 1, 2026 $0.24; May 1, 2026 $0.24; Jun 1, 2026 $0.22; Jul 1, 2026 $0.24; Aug 3, 2026 $0.24; Sep 1, 2026 $0.25; Oct 1, 2026 $0.21. Use the arrow keys to read each point.$0$0.252026YTD

FECM vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FECM No dataVCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
FECM No dataVCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years
FECM No dataVCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years
FECM 0.00VCRM 0.17

Popular comparisons

  • FECMCvsVTEBA

    First Eagle Core Municipal ETF · Vanguard Tax-Exempt Bond ETF

    Expense ratio
    0.25% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VCRMAvsVTEBA

    Vanguard Core Tax-Exempt Bond E · Vanguard Tax-Exempt Bond ETF

    Expense ratio
    0.12% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FECMCvsMUBA

    First Eagle Core Municipal ETF · iShares National Muni Bond ETF

    Expense ratio
    0.25% · 0.05%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VCRMAvsMUBA

    Vanguard Core Tax-Exempt Bond E · iShares National Muni Bond ETF

    Expense ratio
    0.12% · 0.05%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • FECMCvsSCMBA

    First Eagle Core Municipal ETF · Schwab Municipal Bond ETF

    Expense ratio
    0.25% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • VCRMAvsSCMBA

    Vanguard Core Tax-Exempt Bond E · Schwab Municipal Bond ETF

    Expense ratio
    0.12% · 0.03%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.