Asset Allocation
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.
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The earliest data available for this chart is Sep 27, 2011, corresponding to the inception date of VFWAX
Returns By Period
As of Apr 11, 2026, the Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors returned 5.26% Year-To-Date and 9.25% of annualized return in the last 10 years.
| 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | -0.11% | 0.61% | -0.42% | 4.03% | 29.40% | 18.38% | 10.55% | 12.70% |
Portfolio Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors | 0.30% | 2.51% | 5.26% | 10.19% | 30.94% | 13.22% | 6.47% | 9.25% |
| Portfolio components: | ||||||||
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 0.56% | 0.92% | 0.26% | 4.97% | 31.34% | 19.77% | 11.45% | 14.66% |
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares | 0.75% | 5.24% | 9.08% | 15.39% | 40.74% | 12.96% | 5.33% | 10.66% |
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares | -0.10% | 2.67% | 7.72% | 14.84% | 43.20% | 17.60% | 8.37% | 9.58% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 0.07% | -0.15% | 0.69% | 1.98% | 7.60% | 3.88% | 1.74% | 2.45% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 0.00% | -0.11% | 0.67% | 1.37% | 5.39% | 3.83% | 2.09% | 2.10% |
Monthly Returns
Based on dividend-adjusted daily data since Sep 28, 2011, Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors's average daily return is +0.04%, while the average monthly return is +0.79%. At this rate, your investment would double in approximately 7.3 years.
Historically, 65% of months were positive and 35% were negative. The best month was Nov 2020 with a return of +11.4%, while the worst month was Mar 2020 at -13.4%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors closed higher 54% of trading days. The best single day was Mar 24, 2020 with a return of +6.2%, while the worst single day was Mar 16, 2020 at -8.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 3.81% | 2.54% | -5.11% | 4.20% | 5.26% | ||||||||
| 2025 | 2.55% | -1.09% | -2.75% | -0.48% | 3.88% | 3.31% | 0.34% | 3.86% | 2.33% | 0.79% | 0.99% | 0.86% | 15.35% |
| 2024 | -1.49% | 2.84% | 2.38% | -3.25% | 3.31% | -0.13% | 4.51% | 0.80% | 1.53% | -2.64% | 4.59% | -3.86% | 8.43% |
| 2023 | 6.98% | -2.49% | 0.14% | -0.14% | -1.64% | 4.95% | 3.36% | -3.05% | -3.99% | -3.26% | 7.50% | 6.52% | 14.80% |
| 2022 | -4.34% | -1.03% | -0.17% | -6.06% | 1.32% | -6.45% | 5.98% | -3.61% | -8.04% | 5.79% | 7.01% | -3.59% | -13.70% |
| 2021 | 1.87% | 3.15% | 2.22% | 2.36% | 1.74% | 0.33% | -0.69% | 1.48% | -2.59% | 2.81% | -2.02% | 3.24% | 14.57% |
Benchmark Metrics
Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors has an annualized alpha of 0.01%, beta of 0.71, and R² of 0.87 versus S&P 500 Index. Calculated based on daily prices since September 28, 2011.
- This portfolio participated in 80.80% of S&P 500 Index downside but only 71.54% of its upside — more exposed to losses than it benefited from rallies.
- Alpha
- 0.01%
- Beta
- 0.71
- R²
- 0.87
- Upside Capture
- 71.54%
- Downside Capture
- 80.80%
Expense Ratio
Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors has an expense ratio of 0.10%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
Return for Risk
Risk / Return Rank
Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors ranks 58 for risk / return — on par with similar portfolios. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.62 | 2.23 | +0.39 |
Sortino ratioReturn per unit of downside risk | 3.69 | 3.12 | +0.57 |
Omega ratioGain probability vs. loss probability | 1.48 | 1.42 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 4.40 | 4.05 | +0.36 |
Martin ratioReturn relative to average drawdown | 18.28 | 17.91 | +0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.
| Risk / Return Rank | Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|---|
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 52 | 1.95 | 2.67 | 1.37 | 4.17 | 18.55 |
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares | 48 | 1.83 | 2.59 | 1.32 | 4.89 | 15.80 |
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares | 77 | 3.00 | 4.01 | 1.56 | 4.30 | 17.43 |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 70 | 3.03 | 5.23 | 1.94 | 2.22 | 9.85 |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 81 | 3.31 | 6.24 | 2.26 | 3.20 | 14.56 |
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Dividends
Dividend yield
Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors provided a 2.21% dividend yield over the last twelve months.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 2.21% | 2.44% | 2.44% | 2.29% | 2.17% | 1.88% | 1.67% | 2.17% | 2.29% | 2.01% | 2.11% | 2.19% |
| Portfolio components: | ||||||||||||
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 0.94% | 0.93% | 1.04% | 1.24% | 1.47% | 1.04% | 1.32% | 1.52% | 1.83% | 1.57% | 1.76% | 1.69% |
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares | 1.23% | 1.28% | 1.44% | 1.50% | 1.51% | 1.16% | 1.09% | 1.15% | 1.26% | 1.11% | 1.01% | 1.26% |
VFWAX Vanguard FTSE All-World ex-US Index Fund Admiral Shares | 2.74% | 3.05% | 3.20% | 3.28% | 3.07% | 3.03% | 1.97% | 3.07% | 3.24% | 2.67% | 2.96% | 2.95% |
VWIUX Vanguard Intermediate-Term Tax-Exempt Fund Admiral Shares | 3.57% | 4.06% | 3.63% | 2.78% | 2.51% | 1.89% | 2.40% | 2.88% | 2.89% | 2.82% | 2.91% | 2.96% |
VMLTX Vanguard Limited-Term Tax-Exempt Fund Investor Shares | 3.30% | 3.75% | 3.27% | 2.30% | 1.56% | 1.64% | 1.62% | 2.01% | 1.81% | 1.55% | 1.52% | 1.50% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors was 29.79%, occurring on Mar 23, 2020. Recovery took 161 trading sessions.
The current Conservative Tax-Efficient Retirement-Saver Portfolio for Vanguard Investors drawdown is 1.50%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -29.79% | Jan 21, 2020 | 44 | Mar 23, 2020 | 161 | Nov 9, 2020 | 205 |
| -22.23% | Nov 9, 2021 | 225 | Sep 30, 2022 | 368 | Mar 20, 2024 | 593 |
| -15.3% | Aug 30, 2018 | 80 | Dec 24, 2018 | 211 | Oct 25, 2019 | 291 |
| -14.21% | Dec 5, 2024 | 84 | Apr 8, 2025 | 54 | Jun 26, 2025 | 138 |
| -14.14% | Jun 24, 2015 | 161 | Feb 11, 2016 | 117 | Jul 29, 2016 | 278 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Diversification
Diversification Metrics
Number of Effective Assets
The portfolio contains 5 assets, with an effective number of assets of 4.08, reflecting the diversification based on asset allocation. This number of effective assets suggests a highly concentrated portfolio, where a few assets dominate the allocation, potentially increasing the portfolio's risk due to lack of diversification.
Asset Correlations Table
| Benchmark | VMLTX | VWIUX | VFWAX | VTMSX | VTCLX | Portfolio | |
|---|---|---|---|---|---|---|---|
| Benchmark | 1.00 | -0.04 | -0.08 | 0.81 | 0.81 | 1.00 | 0.91 |
| VMLTX | -0.04 | 1.00 | 0.76 | -0.01 | -0.04 | -0.04 | 0.00 |
| VWIUX | -0.08 | 0.76 | 1.00 | -0.05 | -0.09 | -0.08 | -0.04 |
| VFWAX | 0.81 | -0.01 | -0.05 | 1.00 | 0.71 | 0.81 | 0.89 |
| VTMSX | 0.81 | -0.04 | -0.09 | 0.71 | 1.00 | 0.83 | 0.94 |
| VTCLX | 1.00 | -0.04 | -0.08 | 0.81 | 0.83 | 1.00 | 0.92 |
| Portfolio | 0.91 | 0.00 | -0.04 | 0.89 | 0.94 | 0.92 | 1.00 |