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TAXT vs VCRM

Northern Trust Tax-Exempt Bond ETF

TAXTANasdaq

Vanguard Core Tax-Exempt Bond E

VCRMACboe

Overlap

No data

Expense ratio

TAXT −0.07pt a year

TAXT0.05%VCRM0.12%

Avg volume · 30D

VCRM 17.8×the volume

TAXT38KVCRM679K

TAXT vs VCRM Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%TAXT+1.1%VCRM

Oct 31, 2025 to Oct 30, 2026. TAXT +2.0%. VCRM +1.1%. Use the arrow keys to read each point.−3%−2%−1%0%3%Oct 2025Apr 2026Oct 2026
Expense ratio
TAXT 0.05%, better
VCRM 0.12%
Fund size
TAXT $197M
VCRM $2.2B
1Y total return
TAXT +2.0%, better
VCRM +1.1%
Yield (12M)
TAXT 3.23%
VCRM 3.81%, better
Holdings
TAXT 3270
VCRM 2588
Avg volume (30D)
TAXT 38K sh
VCRM 679K sh, better
NAV per share
TAXT $50.93
VCRM $73.95
52W range

ETF.net Grade

TAXT: Cost 95, Risk 73, Mission 98, Tradability 42, Holdings 94, Durability 44. VCRM: Cost 89, Risk 68, Mission 100, Tradability 80, Holdings 81, Durability 74.
Pillar letters and Scores for TAXT, VCRM, with each pillar’s weight
PillarTAXTVCRM
Cost30% weightA95HigherA89
Mission25% weightA98A100Higher
Risk15% weightA73HigherB68
Tradability15% weightC42A80Higher
Holdings10% weightA94HigherA81
Durability5% weightC44A74Higher

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. TAXT 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 TAXT 6th 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 6ANYFiShares New York Muni Bond ETFScore 81
  7. Rank 6ATAXTNorthern Trust Tax-Exempt Bond ETFScore 81
  8. Rank 8ACMFiShares California Muni Bond ETFScore 80

Our read on each fund

ETF.net Research

TAXTANorthern Trust Tax-Exempt Bond ETF

VCRMAVanguard Core Tax-Exempt Bond E

In short

TAXT Northern Trust's muni index fund charges 0.05% a year, a fraction of the typical muni ETF fee, and spreads across roughly 1,300 investment-grade bonds along the full maturity curve. Cheap, plain, and brand new.

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

TAXT The Fund seeks results generally corresponding to the price and yield performance of the ICE All Maturity Focused Municipal Bond Index before fees and expenses. It is designed for tax-exempt income through passively managed investment-grade municipal bonds spanning the full municipal curve.

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

Why people hold it

  • TAXT Charges 0.05% a year against a 0.30% median for muni bond ETFs, so less of the tax-free coupon leaks out to fees.
  • Roughly 1,300 investment-grade munis, short bonds to long, tracking the ICE All Maturity Focused Municipal Bond Index. No manager bets, no single-state tilt.
  • Pays income monthly, and the build sits in the top quartile of a crowded national muni field on cost, mandate clarity and portfolio construction.
  • 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

  • TAXT Launched in August 2025, so there is no record yet across a full interest-rate cycle.
  • Volume is light next to entrenched rivals like VTEB and MUB, which can widen the spread you pay on larger orders.
  • Cheap, but not the floor: Vanguard's VTEB and Schwab's SCMB run 0.03%.
  • 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 TAXT profile⁠

Full VCRM profile⁠

TAXT 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.

TAXT vs VCRM Cost

Overpaying VCRM vs TAXT

$1,460

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

  • TAXT 0.05%

    $1,060

  • VCRM 0.12%

    $2,520

$10,000
30 years

Cost over time

  • TAXT 0.05%
  • VCRM 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$1K$2K$3K051015202530VCRM $2,520TAXT $1,060

Year by year

YearTAXTVCRMOverpaying
10$92$220$128
20$360$859$499
30$1,060$2,520$1,460

Expense ratio

  • 0.05%TAXT, cheaper
  • 0.12%VCRM
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

TAXT 3rd cheapest of 63 funds

VCRM 8th cheapest of 63 funds

TAXT vs VCRM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TAXT 3.23%
VCRM 3.81%, better
Payout (12M)
TAXT $1.65
VCRM $2.82
Last payment
TAXT $0.11
VCRM $0.21
Ex-dividend
TAXT Oct 1, 2026
VCRM Oct 1, 2026
Paid on
TAXT Oct 7, 2026
VCRM Oct 5, 2026
Frequency
TAXT Monthly
VCRM Monthly

Distribution history

Per share, 2024 to 2026, same scale for both

TAXTMonthly · 14 paymentsAll TAXT payments⁠
One bar per payment. 14 payments from 2024 to 2026 YTD. Sep 2, 2025 $0.06; Oct 1, 2025 $0.15; Nov 3, 2025 $0.16; Dec 1, 2025 $0.15; Dec 19, 2025 $0.11; Feb 2, 2026 $0.16; Mar 2, 2026 $0.11; Apr 1, 2026 $0.12; May 1, 2026 $0.15; Jun 1, 2026 $0.15; Jul 1, 2026 $0.14; Aug 3, 2026 $0.15; Sep 1, 2026 $0.14; Oct 1, 2026 $0.11. 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

TAXT vs VCRM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TAXT 6.2%since Sep 2025VCRM 5.6%since Dec 2024
Return per unit of riskSharpe ratio, 3 years
TAXT 0.14since Sep 2025VCRM −0.32since Dec 2024
Worst fallMax drawdown, 5 years
TAXT −5.4%since Aug 2025VCRM −6.3%since Nov 2024
Market sensitivityBeta, 5 years
TAXT 0.15VCRM 0.17

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