MUNX vs VCRM: Grades, Fees and Holdings Compared

AMG GW&K Muni Income ETF

MUNXCNYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.17pt a year

MUNX0.29%VCRM0.12%

Avg volume · 30D

VCRM 342.7×the volume

MUNX1.98KVCRM679K

MUNX vs VCRM Performance

Oct 31, 2025 – Oct 30, 2026

+0.1%MUNX+1.1%VCRM

Expense ratio: MUNX 0.29%; VCRM 0.12%, better
Fund size: MUNX $18M; VCRM $2.2B
1Y total return: MUNX +0.1%; VCRM +1.1%, better
Yield (12M): MUNX No data; VCRM 3.81%
Holdings: MUNX 70; VCRM 2588
Avg volume (30D): MUNX 1.98K sh; VCRM 679K sh, better
NAV per share: MUNX $24.21; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for MUNX, VCRM, with each pillar’s weight
Pillar	MUNX	VCRM
Cost30% weight	B60	A89Higher
Mission25% weight	A95	A100Higher
Risk15% weight	C45	B68Higher
Tradability15% weight	F11	A80Higher
Holdings10% weight	D32	A81Higher
Durability5% weight	F24	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. MUNX 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 MUNX 41st 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 41CFTPAFranklin Pennsylvania Municipal Income ETFScore 54
Rank 41CMUNXAMG GW&K Muni Income ETFScore 54
Rank 41CPZTInvesco New York AMT-Free Municipal Bond ETFScore 54

Our read on each fund

ETF.net Research

MUNXCAMG GW&K Muni Income ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

MUNX A Boston bond boutique's muni playbook in an ETF wrapper. GW&K's team picks individual tax-exempt bonds across sectors, maturities and credit tiers, aiming at federally tax-free income instead of mirroring 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

MUNX The Fund seeks current income exempt from federal income tax while preserving capital. Capital appreciation is a secondary objective.

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

Why people hold it

MUNX Actively run rather than index-shadowing: managers can shift sectors, maturities and credit quality inside a muni market where many bonds trade by appointment.amgetfs.com
At 0.29% a year, it charges a shade under the typical muni bond ETF while running an active book instead of a rules-based one.
Clear job description: core intermediate US munis, federally tax-exempt income first, capital preservation alongside it, price appreciation only a secondary goal.amgetfs.com
Income is designed to arrive monthly per the fund's filings, and the portfolio stays tightly inside that tax-exempt muni mandate with no side bets.

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

MUNX Index munis undercut it sharply: VTEB and SCMB charge 0.03%. Active bond selection is the entire reason to pay the difference here.
Launched in late 2025, so the record is short and trading has been light. Spreads can run wider than the big muni index funds, which makes execution matter.
Payout timing has been uneven early on, and the exemption is federal only: state taxes and bonds subject to the AMT are still in play.aaii.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 MUNX profile⁠

Full VCRM profile⁠

MUNX vs VCRM Holdings

How MUNX 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 MUNX and VCRM.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

MUNX25.6%
VCRM8.8%

Securities held

MUNX69
VCRM2,426

Asset class

MUNX: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. MUNX holds 69 securities, VCRM 2,426.

All 73 MUNX 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.

MUNX vs VCRM Cost

Overpaying MUNX vs VCRM

$3,432

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

MUNX 0.29%
$5,952
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

MUNX 0.29%
VCRM 0.12%
Overpaying

Year by year

Year	MUNX	VCRM	Overpaying
10	$527	$220	$307
20	$2,044	$859	$1,185
30	$5,952	$2,520	$3,432

Expense ratio

0.29%MUNX
0.12%VCRM, cheaper

VCRM0.12%MUNX0.29%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

MUNX 28th cheapest of 63 funds

MUNX vs VCRM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MUNX No data; VCRM 3.81%
Payout (12M): MUNX No data; VCRM $2.82
Last payment: MUNX $0.08; VCRM $0.21
Ex-dividend: MUNX Oct 1, 2026; VCRM Oct 1, 2026
Paid on: MUNX Oct 6, 2026; VCRM Oct 5, 2026
Frequency: MUNX Monthly; VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

MUNXMonthly · 11 paymentsAll MUNX payments⁠

VCRMMonthly · 22 paymentsAll VCRM payments⁠

MUNX vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MUNX 7.1%since Nov 2025VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: MUNX −0.49since Nov 2025VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: MUNX −7.1%since Oct 2025VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: MUNX 0.18VCRM 0.17; Market = 1

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