TAXF vs VCRM: Grades, Fees and Holdings Compared

American Century Diversified Municipal Bond ETF

TAXFANYSE Arca

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

VCRM −0.13pt a year

TAXF0.25%VCRM0.12%

Avg volume · 30D

VCRM 6.4×the volume

TAXF106KVCRM679K

TAXF vs VCRM Performance

Oct 31, 2025 – Oct 30, 2026

+0.2%TAXF+1.1%VCRM

Expense ratio: TAXF 0.25%; VCRM 0.12%, better
Fund size: TAXF $763M; VCRM $2.2B
1Y total return: TAXF +0.2%; VCRM +1.1%, better
Yield (12M): TAXF 3.93%, better; VCRM 3.81%
Holdings: TAXF 817; VCRM 2588
Avg volume (30D): TAXF 106K sh; VCRM 679K sh, better
NAV per share: TAXF $48.89; VCRM $73.95
52W range

ETF.net Grade

Pillar letters and Scores for TAXF, VCRM, with each pillar’s weight
Pillar	TAXF	VCRM
Cost30% weight	A70	A89Higher
Mission25% weight	A95	A100Higher
Risk15% weight	B56	B68Higher
Tradability15% weight	B55	A80Higher
Holdings10% weight	A81	A81
Durability5% weight	B63	A74Higher

Rank among Other Municipal Bond funds

How we build Categories ›

Same Category. TAXF 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 TAXF 12th 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 12AGMUBGoldman Sachs Municipal Income ETFScore 72
Rank 12ATAXFAmerican Century Diversified Municipal Bond ETFScore 72
Rank 15AFLMIFranklin Dynamic Municipal Bond ETFScore 71

Our read on each fund

ETF.net Research

TAXFAAmerican Century Diversified Municipal Bond ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

TAXF Most muni ETFs just track an index of investment-grade paper. TAXF is actively run and can swing 5% to 35% of the book into high-yield and unrated munis, inside a 3 to 8 year duration band, for 0.25% a year.

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

TAXF Seeks current income exempt from federal income tax through an actively managed portfolio of municipal bonds spanning investment-grade and high-yield quality levels.

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

Why people hold it

TAXF Active in a category built on index trackers: managers set the investment-grade versus high-yield mix, with 5% to 35% earmarked for below-investment-grade and unrated munis.americancentury.com americancentury.com 2
Guardrails travel with the flexibility: a stated 3 to 8 year duration range to temper rate swings, spread across roughly 800 bonds.americancentury.com
Pays monthly, and the income it targets is exempt from federal income tax.
Trading since 2018, and it sits in the upper tier of a 60-plus fund muni bond group on our review.

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

TAXF At 0.25% the fee is near the category median, but the big index trackers undercut it badly: VTEB and SCMB at 0.03%, MUB at 0.05%. You are paying for the credit calls.
The extra income comes from high-yield and unrated munis, which is also where default and liquidity risk sit. Up to 35% of the portfolio can live there.americancentury.com
Not one of the category's giants by assets or daily volume, so spreads and order size are worth a look before you trade.

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 TAXF profile⁠

Full VCRM profile⁠

TAXF vs VCRM Holdings

How TAXF and VCRM differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile99.2%
Asset classFixed Income100%

Sector

No Sector split for TAXF and VCRM.

Country, concentration and asset class

Country by domicile

Country weights in TAXF and VCRM, widest gap first
Country	More in TAXFMore in VCRM	TAXF	VCRM
United States	VCRM +0.8 points	99.0%	99.8%
Puerto Rico	TAXF +0.8 points	1.0%	0.2%

Concentration

Weight in the 10 largest Holdings

TAXF6.8%
VCRM8.8%

Securities held

TAXF810
VCRM2,426

Asset class

TAXF: Fixed Income
VCRM: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TAXF holds 810 securities, VCRM 2,426.

All 768 TAXF 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.

TAXF vs VCRM Cost

Overpaying TAXF vs VCRM

$2,639

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

TAXF 0.25%
$5,159
VCRM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

TAXF 0.25%
VCRM 0.12%
Overpaying

Year by year

Year	TAXF	VCRM	Overpaying
10	$455	$220	$235
20	$1,769	$859	$910
30	$5,159	$2,520	$2,639

Expense ratio

0.25%TAXF
0.12%VCRM, cheaper

VCRM0.12%TAXF0.25%

0.03%4.59%

Middle half of Other Municipal Bond funds
Median 0.30%

VCRM 8th cheapest of 63 funds

TAXF 17th cheapest of 63 funds

TAXF vs VCRM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TAXF 3.93%, better; VCRM 3.81%
Payout (12M): TAXF $1.92; VCRM $2.82
Last payment: TAXF $0.17; VCRM $0.21
Ex-dividend: TAXF Oct 6, 2026; VCRM Oct 1, 2026
Paid on: TAXF Oct 8, 2026; VCRM Oct 5, 2026
Frequency: TAXF Monthly; VCRM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

TAXFMonthly · 45 paymentsAll TAXF payments⁠

VCRMMonthly · 22 paymentsAll VCRM payments⁠

TAXF vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TAXF 6.0%VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years: TAXF 0.07VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years: TAXF −13.6%VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years: TAXF 0.96VCRM 0.17; Market = 1

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