- ISIN
- US9219436014
- CUSIP
- 921943601
- Issuer
- BlackRock
- Inception Date
- Feb 24, 1999
- Region
- North America (U.S.)
- Category
- Large Cap Blend Equities
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $30B
Share Price Chart
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Performance
VTCIX Performance Chart
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) is up 9.3% since the beginning of the year. VTCIX is currently trading at $190 per share. Investors who bought $1,000 worth of VTCIX shares 5 years ago would now be looking at an investment worth $1,759.
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Returns By Period
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) has returned 9.29% so far this year and 20.43% over the past 12 months. Looking at the last ten years, VTCIX has achieved an annualized return of 14.90%, outperforming the S&P 500 Index benchmark, which averaged 13.26% per year.
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares
- 1D
- 1.63%
- 1M
- -0.79%
- 6M
- 7.73%
- YTD
- 9.29%
- 1Y
- 20.43%
- 3Y*
- 18.57%
- 5Y*
- 11.96%
- 10Y*
- 14.90%
- ALL TIME*
- 8.99%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
VTCIX Monthly Returns History
Based on dividend-adjusted daily data since Feb 24, 1999, VTCIX's average daily return is +0.04%, while the average monthly return is +0.82%. At this rate, an investment would double in approximately 7.1 years.
Historically, 63% of months were positive and 37% were negative. The best month was Apr 2020 with a return of +13.1%, while the worst month was Oct 2008 at -17.8%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 5 months.
On a daily basis, VTCIX closed higher 54% of trading days. The best single day was Oct 13, 2008 with a return of +11.9%, while the worst single day was Mar 16, 2020 at -12.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.44% | -0.48% | -4.96% | 10.02% | 4.91% | -0.27% | -1.06% | 9.29% | |||||
| 2025 | 3.15% | -1.82% | -5.72% | -0.54% | 6.24% | 5.00% | 2.27% | 2.08% | 3.53% | 2.20% | 0.37% | 0.01% | 17.48% |
| 2024 | 1.40% | 5.44% | 3.21% | -4.39% | 4.75% | 3.23% | 1.35% | 2.31% | 2.03% | -0.87% | 6.50% | -2.83% | 23.81% |
| 2023 | 6.79% | -2.38% | 3.19% | 1.25% | 0.52% | 6.71% | 3.37% | -1.62% | -4.74% | -2.44% | 9.37% | 4.89% | 26.65% |
| 2022 | -5.76% | -2.70% | 3.32% | -8.89% | -0.06% | -8.32% | 9.47% | -3.96% | -9.18% | 7.96% | 5.48% | -5.88% | -19.05% |
| 2021 | -0.93% | 3.03% | 3.85% | 5.42% | 0.47% | 2.50% | 2.15% | 2.80% | -4.60% | 6.96% | -1.24% | 4.22% | 26.92% |
Benchmark Metrics
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares has an annualized alpha of 2.12%, beta of 1.02, and R2 of 0.99 versus S&P 500 Index. Calculated based on daily prices since February 24, 1999.
- This fund captured 111.47% of S&P 500 Index gains and 100.25% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 2.12% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.02 and R2 of 0.99, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 2.12%
- Beta
- 1.02
- R²
- 0.99
- Upside Capture
- 111.47%
- Downside Capture
- 100.25%
Expense Ratio
VTCIX has an expense ratio of 0.06%, which is considered low.
Return for Risk
Risk / Return Rank
VTCIX ranks 51 for risk / return — above 51% of mutual funds peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VTCIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 2.00 | +0.07 |
| Martin ratioReturn relative to average drawdown | 8.98 | 8.49 | +0.49 |
Dividends
Dividend History
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares provided a 0.94% dividend yield over the last twelve months, with an annual payout of $1.78 per share. The fund has been increasing its distributions for 4 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.78 | $1.68 | $1.61 | $1.56 | $1.48 | $1.32 | $1.32 | $1.27 | $1.19 | $1.09 | $1.01 | $0.89 |
Dividend yield | 0.94% | 0.96% | 1.07% | 1.27% | 1.50% | 1.07% | 1.34% | 1.55% | 1.86% | 1.60% | 1.79% | 1.73% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.44 | $0.00 | $0.00 | $0.50 | $0.00 | $0.94 | |||||
| 2025 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.41 | $0.00 | $0.00 | $0.41 | $0.00 | $0.00 | $0.43 | $1.68 |
| 2024 | $0.00 | $0.00 | $0.40 | $0.00 | $0.00 | $0.42 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.41 | $1.61 |
| 2023 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.46 | $1.56 |
| 2022 | $0.00 | $0.00 | $0.33 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.35 | $0.00 | $0.00 | $0.42 | $1.48 |
| 2021 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.33 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.37 | $1.32 |
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 Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares. 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 Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares was 55.17%, occurring on Mar 9, 2009. Recovery took 760 trading sessions.
The current Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares drawdown is 1.83%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-55.17%Mar 2009 | 1y 5mo | 3y 5d | 4y 5moOct 2007 - Mar 2012 | Financial crisis2007–2009 |
-53.90%Oct 2002 | 2y 6mo | 4y 6mo | 7y 21dMar 2000 - Apr 2007 | Dot-com crash2000–2002 |
-34.56%Mar 2020 | 1mo 2d | 4mo 16d | 5mo 18dFeb 2020 - Aug 2020 | COVID crash2020 |
-24.96%Oct 2022 | 9mo 13d | 1y 2mo | 1y 11moJan 2022 - Dec 2023 | Bear market2022 |
-19.65%Dec 2018 | 3mo 4d | 3mo 15d | 6mo 19dSep 2018 - Apr 2019 | Rate-hike selloffLate 2018 |
Drawdown Indicators
| VTCIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.17% | -56.78% | +1.61% |
Max Drawdown (1Y)Largest decline over 1 year | -8.79% | -9.10% | +0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -18.90% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.96% | -25.43% | +0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -33.92% | -0.64% |
Current DrawdownCurrent decline from peak | -1.83% | -1.58% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -11.91% | -10.70% | -1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 2.14% | -0.12% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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