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FECM vs VTEB

First Eagle Core Municipal ETF

FECMCNYSE Arca

Vanguard Tax-Exempt Bond ETF

VTEBANYSE Arca

Overlap

No data

Expense ratio

VTEB −0.22pt a year

FECM0.25%VTEB0.03%

Avg volume · 30D

VTEB 16509.2×the volume

FECM1.04KVTEB17.2M

FECM vs VTEB Performance

Jul 31, 2026 – Oct 30, 2026

−0.7%FECM−0.6%VTEB

Jul 31, 2026 to Oct 30, 2026. FECM −0.7%. VTEB −0.6%. Use the arrow keys to read each point.−5%−4%−3%−2%1%Jul 2026Sep 2026Oct 2026
Expense ratio
FECM 0.25%
VTEB 0.03%, better
Fund size
FECM $16M
VTEB $52.4B
1Y total return
FECM No data
VTEB +0.1%
Yield (12M)
FECM No data
VTEB 3.47%
Holdings
FECM 132
VTEB 11156
Avg volume (30D)
FECM 1.04K sh
VTEB 17.2M sh, better
NAV per share
FECM $24.33
VTEB $48.83
52W range

ETF.net Grade

FECM: Cost 70, Risk 39, Mission not scored, Tradability 13, Holdings 53, Durability 24. VTEB: Cost 99, Risk 58, Mission 100, Tradability 77, Holdings 85, Durability 95.
Pillar letters and Scores for FECM, VTEB, with each pillar’s weight
PillarFECMVTEB
Cost30% weightA70A99Higher
Mission25% weightNot scoredA100
Risk15% weightD39B58Higher
Tradability15% weightF13A77Higher
Holdings10% weightC53A85Higher
Durability5% weightF24A95Higher

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 VTEB 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 ›

VTEB ranks 1st 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 52CRJMIRJ Eagle Municipal Income ETFScore 48
  4. Rank 53CFECMFirst Eagle Core Municipal ETFScore 47
  5. Rank 54CRMCARockefeller California Municipal Bond ETFScore 43

Our read on each fund

ETF.net Research

FECMCFirst Eagle Core Municipal ETF

VTEBAVanguard Tax-Exempt Bond ETF

In short

FECM No data

VTEB Vanguard's national muni index fund, running since 2015 at three basis points, a tenth of what the typical muni ETF charges. Its benchmark screens for investment-grade bonds whose income is exempt from federal tax and the AMT.

Stated mandate

FECM No data

VTEB VTEB seeks to track an index measuring the investment-grade segment of the U.S. municipal bond market. It uses passive sampling to approximate the index and generally invests in federally tax-exempt municipal securities.

Why people hold it

FECM No data

  • VTEB Three basis points a year against a 0.30% muni-ETF median. On tax-exempt bonds, where coupons are modest, that fee gap is a real slice of the payout.
  • The index holds only investment-grade munis whose interest is exempt from federal income tax and the alternative minimum tax, so the income carries no AMT surprise.vanguard.com
  • A multi-billion-dollar fund and one of the most heavily traded in the muni category, which tends to show up as tight bid-ask spreads. Income is paid monthly.
  • It has tracked its benchmark closely and sits among the strongest implementations in a crowded muni bond peer group.

Worth knowing

FECM No data

  • VTEB Federal exemption, not blanket coverage. Income can still be taxable in your home state, which is why single-state funds like NYF exist alongside it.vanguard.com
  • Credit quality is investment grade, so rates are the main swing factor: when muni yields rise, bond prices and the fund's share price fall.vanguard.com
  • Sampling, not full replication. The fund owns a representative slice of a very large index rather than every bond in it.vanguard.com

Full FECM profile⁠

Full VTEB profile⁠

FECM vs VTEB 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 VTEB Cost

Overpaying FECM vs VTEB

$4,521

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

  • FECM 0.25%

    $5,159

  • VTEB 0.03%

    $638

$10,000
30 years

Cost over time

  • FECM 0.25%
  • VTEB 0.03%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530FECM $5,159VTEB $638

Year by year

YearFECMVTEBOverpaying
10$455$55$400
20$1,769$216$1,553
30$5,159$638$4,521

Expense ratio

  • 0.25%FECM
  • 0.03%VTEB, cheaper
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

VTEB cheapest of 63 funds

FECM 17th cheapest of 63 funds

FECM vs VTEB Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FECM No data
VTEB 3.47%
Payout (12M)
FECM No data
VTEB $1.70
Last payment
FECM $0.09
VTEB $0.14
Ex-dividend
FECM Oct 1, 2026
VTEB Oct 1, 2026
Paid on
FECM Oct 5, 2026
VTEB Oct 5, 2026
Frequency
FECM Monthly
VTEB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FECMMonthly · 3 paymentsAll FECM payments⁠
One bar per payment. 3 payments from 2023 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$0.1020232026YTD
VTEBMonthly · 45 paymentsAll VTEB payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.11; Mar 1, 2023 $0.12; Apr 3, 2023 $0.11; May 1, 2023 $0.12; Jun 1, 2023 $0.11; Jul 3, 2023 $0.12; Aug 1, 2023 $0.12; Sep 1, 2023 $0.12; Oct 2, 2023 $0.12; Nov 1, 2023 $0.12; Dec 1, 2023 $0.13; Dec 22, 2023 $0.13; Feb 1, 2024 $0.13; Mar 1, 2024 $0.13; Apr 1, 2024 $0.13; May 1, 2024 $0.13; Jun 3, 2024 $0.13; Jul 1, 2024 $0.13; Aug 1, 2024 $0.13; Sep 3, 2024 $0.13; Oct 1, 2024 $0.13; Nov 1, 2024 $0.13; Dec 2, 2024 $0.13; Dec 24, 2024 $0.13; Feb 3, 2025 $0.13; Mar 3, 2025 $0.14; Apr 1, 2025 $0.14; May 1, 2025 $0.14; Jun 2, 2025 $0.14; Jul 1, 2025 $0.14; Aug 1, 2025 $0.14; Sep 2, 2025 $0.14; Oct 1, 2025 $0.14; Nov 3, 2025 $0.14; Dec 1, 2025 $0.14; Dec 18, 2025 $0.14; Feb 2, 2026 $0.14; Mar 2, 2026 $0.15; Apr 1, 2026 $0.14; May 1, 2026 $0.14; Jun 1, 2026 $0.14; Jul 1, 2026 $0.14; Aug 3, 2026 $0.14; Sep 1, 2026 $0.14; Oct 1, 2026 $0.14. Use the arrow keys to read each point.$0$0.1020232026YTD

FECM vs VTEB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FECM No dataVTEB 5.8%
Return per unit of riskSharpe ratio, 3 years
FECM No dataVTEB −0.004
Worst fallMax drawdown, 5 years
FECM No dataVTEB −12.3%
Market sensitivityBeta, 5 years
FECM 0.00VTEB 0.95

FECM and VTEB in the news

All news⁠

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