JTNY vs VCRM: Grades, Fees and Holdings Compared

JPMorgan New York Tax Free Bond ETF

JTNYDNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.31pt a year

JTNY0.43%VCRM0.12%

Avg volume · 30D

VCRM 12.4×the volume

JTNY59KVCRM730K

JTNY vs VCRM Performance

Aug 7, 2026 – Nov 9, 2026

+0.2%JTNY+0.3%VCRM

Expense ratio: JTNY 0.43%; VCRM 0.12%, better
Fund size: JTNY $449M; VCRM $2.2B
1Y total return: JTNY No data; VCRM +2.3%
Yield (12M): JTNY No data; VCRM 3.75%
Holdings: JTNY 248; VCRM 2595
Avg volume (30D): JTNY 59K sh; VCRM 730K sh, better
NAV per share: JTNY $48.94; VCRM $74.68
52W range

ETF.net Grade

Pillar letters and Scores for JTNY, VCRM, with each pillar’s weight
Pillar	JTNY	VCRM
Cost30% weight	F15	A89Higher
Mission25% weight	Not scored	A100
Risk15% weight	C40	A72Higher
Tradability15% weight	C44	A82Higher
Holdings10% weight	C53	A81Higher
Durability5% weight	A74	A74

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. JTNY 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 2nd and JTNY 58th of 63 funds in the Other Municipal Bond Category.

Rank 1AVTEBVanguard Tax-Exempt Bond ETFScore 89
Rank 2AVCRMVanguard Core Tax-Exempt Bond EScore 86
Rank 3AMUBiShares National Muni Bond ETFScore 85
Rank 58DJCALJPMorgan California Tax Free Bond ETFScore 34
Rank 58DJTNYJPMorgan New York Tax Free Bond ETFScore 34
Rank 60DNMBSimplify National Muni Bond ETFScore 32

Our read on each fund

ETF.net Research

JTNYDJPMorgan New York Tax Free Bond ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

JTNY A 1997-vintage New York muni strategy that stepped into an ETF wrapper intact: income exempt from federal, New York State and New York City income taxes, picked bond by bond by a credit team instead of copied from an index.

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

JTNY The fund seeks federal tax-exempt income and capital preservation for New York residents through investments in municipal securities.

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

Why people hold it

JTNY Triple duty for New Yorkers. Interest is excluded from federal gross income and exempt from New York State and New York City personal income taxes.jpmorgan.com jpmorgan.com 2
Not a startup. The strategy dates to 1997 and arrived as a converted mutual fund, portfolio and managers in place, skipping the usual seeding phase.etftrends.com
Actively run: a dedicated credit team weighs each New York issuer against similar-rated bonds, spread over a couple hundred holdings.jpmorgan.com

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

JTNY Active costs more: 0.43%, gross and net, with no fee waiver. That sits above the category median and above national muni index funds like VTEB (0.03%) and MUB (0.05%).
One state's credit risk. New York issuers only, so a state budget squeeze or local tax-base stress lands harder here than in a 50-state muni fund.jpmorgan.com
Thinly traded, so bid-ask spreads can run wider than on the big national muni ETFs.

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 JTNY profile⁠

Full VCRM profile⁠

JTNY vs VCRM Holdings

How JTNY and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile97.9%
Asset classBonds100%
Sector2 Sectors99.7%

Sector

Sector weights in JTNY and VCRM, widest gap first
Sector	More in JTNYMore in VCRM	Gap	JTNY	VCRM
Municipal		JTNY +0.3 points	100.0%	99.7%
Securitized		VCRM +0.3 points	0.0%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in JTNY and VCRM, widest gap first
Country	More in JTNYMore in VCRM	Gap	JTNY	VCRM
United States		VCRM +2.1 points	97.7%	99.8%
Puerto Rico		JTNY +2.1 points	2.3%	0.2%

Concentration

Weight in the 10 largest Holdings

JTNY12.8%
VCRM8.8%

Securities held

JTNY241
VCRM2,433

Asset class

JTNY: Bonds
VCRM: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. JTNY holds 241 securities, VCRM 2,433.

All 246 JTNY holdings⁠All 2,586 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.

JTNY vs VCRM Cost

Overpaying JTNY vs VCRM

$6,142

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

JTNY 0.43%
$8,662
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

JTNY 0.43%
VCRM 0.12%
Overpaying

Year by year

Year	JTNY	VCRM	Overpaying
10	$776	$220	$556
20	$2,994	$859	$2,135
30	$8,662	$2,520	$6,142

Expense ratio

0.43%JTNY
0.12%VCRM, cheaper

VCRM0.12%JTNY0.43%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

JTNY 53rd cheapest of 63 funds

JTNY vs VCRM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): JTNY No data; VCRM 3.75%
Payout (12M): JTNY No data; VCRM $2.80
Last payment: JTNY $0.16; VCRM $0.21
Ex-dividend: JTNY Nov 2, 2026; VCRM Nov 2, 2026
Paid on: JTNY Nov 4, 2026; VCRM Nov 4, 2026
Frequency: JTNY Monthly; VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

JTNYMonthly · 5 paymentsAll JTNY payments⁠

VCRMMonthly · 23 paymentsAll VCRM payments⁠

JTNY vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JTNY No dataVCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: JTNY No dataVCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: JTNY No dataVCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: JTNY 0.88VCRM 0.17; Market = 1

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