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FTMA vs VCRM

Franklin Massachusetts Municipal Income ETF

FTMACNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.23pt a year

FTMA0.35%VCRM0.12%

Avg volume · 30D

VCRM 2.4×the volume

FTMA279KVCRM679K

FTMA vs VCRM Performance

Dec 31, 2025 – Oct 30, 2026

−0.4%FTMA+0.7%VCRM

Dec 31, 2025 to Oct 30, 2026. FTMA −0.4%. VCRM +0.7%. Use the arrow keys to read each point.−4%−2%2%Dec 2025Jun 2026Oct 2026
Expense ratio
FTMA 0.35%
VCRM 0.12%, better
Fund size
FTMA $279M
VCRM $2.2B
1Y total return
FTMA No data
VCRM +1.1%
Yield (12M)
FTMA No data
VCRM 3.81%
Holdings
FTMA 188
VCRM 2588
Avg volume (30D)
FTMA 279K sh
VCRM 679K sh, better
NAV per share
FTMA $8.76
VCRM $73.95
52W range

ETF.net Grade

FTMA: Cost 35, Risk 58, Mission 80, Tradability 60, Holdings 44, Durability 60. VCRM: Cost 89, Risk 68, Mission 100, Tradability 80, Holdings 81, Durability 74.
Pillar letters and Scores for FTMA, VCRM, with each pillar’s weight
PillarFTMAVCRM
Cost30% weightD35A89Higher
Mission25% weightA80A100Higher
Risk15% weightB58B68Higher
Tradability15% weightB60A80Higher
Holdings10% weightC44A81Higher
Durability5% weightB60A74Higher

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. FTMA 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 FTMA 37th 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 37BFLMBFranklin Municipal Green Bond ETFScore 55
  7. Rank 37CFTMAFranklin Massachusetts Municipal Income ETFScore 55
  8. Rank 37BFTMNFranklin Minnesota Municipal Income ETFScore 55

Our read on each fund

ETF.net Research

FTMACFranklin Massachusetts Municipal Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

FTMA 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

FTMA No data

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

Why people hold it

FTMA 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

FTMA 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 FTMA profile⁠

Full VCRM profile⁠

FTMA 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.

FTMA vs VCRM Cost

Overpaying FTMA vs VCRM

$4,606

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

  • FTMA 0.35%

    $7,126

  • VCRM 0.12%

    $2,520

$10,000
30 years

Cost over time

  • FTMA 0.35%
  • 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$6K$8K051015202530FTMA $7,126VCRM $2,520

Year by year

YearFTMAVCRMOverpaying
10$634$220$414
20$2,454$859$1,595
30$7,126$2,520$4,606

Expense ratio

  • 0.35%FTMA
  • 0.12%VCRM, cheaper
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

VCRM 8th cheapest of 63 funds

FTMA 37th cheapest of 63 funds

FTMA vs VCRM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FTMA No data
VCRM 3.81%
Payout (12M)
FTMA No data
VCRM $2.82
Last payment
FTMA $0.03
VCRM $0.21
Ex-dividend
FTMA Oct 1, 2026
VCRM Oct 1, 2026
Paid on
FTMA Oct 6, 2026
VCRM Oct 5, 2026
Frequency
FTMA Monthly
VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

FTMAMonthly · 11 paymentsAll FTMA payments⁠
One bar per payment. 11 payments from 2024 to 2026 YTD. Dec 1, 2025 $0.02; Dec 19, 2025 $0.03; Feb 2, 2026 $0.02; Mar 2, 2026 $0.02; Apr 1, 2026 $0.03; May 1, 2026 $0.03; Jun 1, 2026 $0.03; Jul 1, 2026 $0.03; Aug 3, 2026 $0.03; Sep 1, 2026 $0.03; Oct 1, 2026 $0.03. 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

FTMA vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FTMA No dataVCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
FTMA No dataVCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years
FTMA No dataVCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years
FTMA 0.13VCRM 0.17

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