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VCRM vs XMPT

Vanguard Core Tax-Exempt Bond E

VCRMACboe

VanEck CEF Muni Income ETF

XMPTDCboe

Overlap

Expense ratio

VCRM −3.28pt a year

VCRM0.12%XMPT3.40%

Avg volume · 30D

VCRM 7.9×the volume

VCRM679KXMPT86K

VCRM vs XMPT Performance

Oct 31, 2025 – Oct 30, 2026

+1.1%VCRM−2.7%XMPT

Oct 31, 2025 to Oct 30, 2026. VCRM +1.1%. XMPT −2.7%. Use the arrow keys to read each point.−10%−7.5%−5%5%Oct 2025Apr 2026Oct 2026
Expense ratio
VCRM 0.12%, better
XMPT 3.40%
Fund size
VCRM $2.2B
XMPT $208M
1Y total return
VCRM +1.1%, better
XMPT −2.7%
Yield (12M)
VCRM 3.81%
XMPT 6.27%, better
Holdings
VCRM 2588
XMPT 38
Avg volume (30D)
VCRM 679K sh, better
XMPT 86K sh
NAV per share
VCRM $73.95
XMPT $20.25
52W range

ETF.net Grade

VCRM: Cost 89, Risk 68, Mission 100, Tradability 80, Holdings 81, Durability 74. XMPT: Cost 2, Risk 34, Mission 48, Tradability 58, Holdings 23, Durability 60.
Pillar letters and Scores for VCRM, XMPT, with each pillar’s weight
PillarVCRMXMPT
Cost30% weightA89HigherF2
Mission25% weightA100HigherC48
Risk15% weightB68HigherD34
Tradability15% weightA80HigherB58
Holdings10% weightA81HigherF23
Durability5% weightA74HigherB60

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. VCRM and XMPT 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 XMPT 61st 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 60DNMBSimplify National Muni Bond ETFScore 33
  7. Rank 61DXMPTVanEck CEF Muni Income ETFScore 31
  8. Rank 62FRTAIRareview Tax Advantaged Income ETFScore 23

Our read on each fund

ETF.net Research

VCRMAVanguard Core Tax-Exempt Bond E

XMPTDVanEck CEF Muni Income ETF

In short

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.

XMPT XMPT skips the bonds and buys the funds: roughly 40 U.S.-listed municipal closed-end funds, leverage and NAV discounts included, in one monthly-paying ticker.

Stated mandate

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

XMPT XMPT seeks to track, before fees and expenses, the price and yield performance of an index representing U.S.-listed closed-end funds investing in U.S.-dollar-denominated, tax-exempt markets.

Why people hold it

  • 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.
  • XMPT One ticker for a corner of the market that otherwise means buying muni closed-end funds one at a time, then tracking each fund's discount yourself.vaneck.com
  • The index sorts muni closed-end funds into leveraged, unleveraged and high-yield buckets, and leans weight toward those trading at discounts to NAV.vaneck.com
  • Pays monthly, drawn from closed-end funds that invest in U.S.-dollar-denominated, tax-exempt municipal markets.
  • Trading since 2011, so its record covers real rate spikes and discount swings, not a backtest.

Worth knowing

  • 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
  • XMPT All-in cost is 3.4%, above the muni category median; plain index funds like VTEB (0.03%) and MUB (0.05%) sit at the far other end.
  • Most of that headline figure is the underlying funds' own fees, folded in under SEC fund-of-funds rules; VanEck's direct management fee is the smaller piece.vaneck.comsec.gov
  • Discounts to NAV can widen as easily as they narrow, and leverage inside the underlying funds amplifies muni moves in both directions.vaneck.comvaneck.com 2

Full VCRM profile⁠

Full XMPT profile⁠

VCRM vs XMPT 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.

VCRM vs XMPT Cost

Overpaying XMPT vs VCRM

$44,710

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

  • VCRM 0.12%

    $2,520

  • XMPT 3.40%

    $47,230

$10,000
30 years

Cost over time

  • VCRM 0.12%
  • XMPT 3.40%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530XMPT $47,230VCRM $2,520

Year by year

YearVCRMXMPTOverpaying
10$220$5,429$5,209
20$859$18,411$17,552
30$2,520$47,230$44,710

Expense ratio

  • 0.12%VCRM, cheaper
  • 3.40%XMPT
  • Middle half of Other Municipal Bond funds
  • Median 0.30%

VCRM 8th cheapest of 63 funds

XMPT 62nd cheapest of 63 funds

VCRM vs XMPT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
VCRM 3.81%
XMPT 6.27%, better
Payout (12M)
VCRM $2.82
XMPT $1.27
Last payment
VCRM $0.21
XMPT $0.11
Ex-dividend
VCRM Oct 1, 2026
XMPT Oct 1, 2026
Paid on
VCRM Oct 5, 2026
XMPT Oct 6, 2026
Frequency
VCRM Monthly
XMPT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

VCRMMonthly · 22 paymentsAll VCRM payments⁠
One bar per payment. 22 payments from 2023 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$0.2520232026YTD
XMPTMonthly · 45 paymentsAll XMPT payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.07; Mar 1, 2023 $0.07; Apr 3, 2023 $0.07; May 1, 2023 $0.07; Jun 1, 2023 $0.07; Jul 3, 2023 $0.06; Aug 1, 2023 $0.07; Sep 1, 2023 $0.06; Oct 2, 2023 $0.07; Nov 1, 2023 $0.07; Dec 1, 2023 $0.07; Dec 27, 2023 $0.08; Feb 1, 2024 $0.08; Mar 1, 2024 $0.08; Apr 1, 2024 $0.08; Apr 23, 2024 $0.08; Jun 3, 2024 $0.09; Jul 1, 2024 $0.11; Aug 1, 2024 $0.11; Sep 3, 2024 $0.11; Oct 1, 2024 $0.11; Nov 1, 2024 $0.10; Dec 2, 2024 $0.11; Dec 27, 2024 $0.11; Feb 3, 2025 $0.12; Mar 3, 2025 $0.11; Apr 1, 2025 $0.11; May 1, 2025 $0.11; Jun 2, 2025 $0.11; Jul 1, 2025 $0.10; Aug 1, 2025 $0.10; Sep 2, 2025 $0.11; Oct 1, 2025 $0.10; Nov 3, 2025 $0.10; Nov 28, 2025 $0.11; Dec 29, 2025 $0.10; Feb 2, 2026 $0.11; Mar 2, 2026 $0.11; Apr 1, 2026 $0.11; Apr 24, 2026 $0.11; Jun 1, 2026 $0.10; Jul 1, 2026 $0.11; Aug 3, 2026 $0.11; Sep 1, 2026 $0.11; Oct 1, 2026 $0.11. Use the arrow keys to read each point.$0$0.2520232026YTD

VCRM vs XMPT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
VCRM 5.6%since Dec 2024XMPT 12.8%
Return per unit of riskSharpe ratio, 3 years
VCRM −0.32since Dec 2024XMPT 0.42
Worst fallMax drawdown, 5 years
VCRM −6.3%since Nov 2024XMPT −34.5%
Market sensitivityBeta, 5 years
VCRM 0.17XMPT 2.05

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