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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has returned -6.78% so far this year and 14.65% over the past 12 months. Looking at the last ten years, VTCLX has achieved an annualized return of 13.66%, outperforming the S&P 500 Index benchmark, which averaged 12.16% per year.
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares
- 1D
- -0.40%
- 1M
- -7.66%
- YTD
- -6.78%
- 6M
- -4.38%
- 1Y
- 14.65%
- 3Y*
- 16.84%
- 5Y*
- 10.69%
- 10Y*
- 13.66%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Nov 12, 2001, VTCLX's average daily return is +0.04%, while the average monthly return is +0.86%. At this rate, your investment would double in approximately 6.7 years.
Historically, 65% of months were positive and 35% were negative. The best month was Apr 2020 with a return of +13.1%, while the worst month was Oct 2008 at -17.9%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 5 months.
On a daily basis, VTCLX 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% | -7.66% | -6.78% | |||||||||
| 2025 | 3.15% | -1.82% | -5.71% | -0.54% | 6.24% | 5.00% | 2.26% | 2.08% | 3.53% | 2.20% | 0.37% | 0.01% | 17.44% |
| 2024 | 1.39% | 5.44% | 3.20% | -4.39% | 4.74% | 3.23% | 1.35% | 2.31% | 2.03% | -0.87% | 6.50% | -2.84% | 23.76% |
| 2023 | 6.78% | -2.38% | 3.19% | 1.25% | 0.52% | 6.71% | 3.37% | -1.63% | -4.75% | -2.45% | 9.37% | 4.89% | 26.62% |
| 2022 | -5.76% | -2.70% | 3.32% | -8.89% | -0.06% | -8.32% | 9.48% | -3.97% | -9.18% | 7.96% | 5.48% | -5.88% | -19.07% |
| 2021 | -0.93% | 3.03% | 3.84% | 5.41% | 0.46% | 2.50% | 2.15% | 2.79% | -4.60% | 6.95% | -1.24% | 4.20% | 26.87% |
Benchmark Metrics
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares has an annualized alpha of 1.94%, beta of 1.01, and R² of 1.00 versus S&P 500 Index. Calculated based on daily prices since November 13, 2001.
- This fund captured 108.73% of S&P 500 Index gains but only 98.73% of its losses — a favorable profile for investors.
- With beta of 1.01 and R² of 1.00, 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
- 1.94%
- Beta
- 1.01
- R²
- 1.00
- Upside Capture
- 108.73%
- Downside Capture
- 98.73%
Expense Ratio
VTCLX has an expense ratio of 0.09%, which is considered low.
Return for Risk
Risk / Return Rank
VTCLX ranks 43 for risk / return — on par with similar mutual funds. 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
The table below present risk-adjusted performance metrics for Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) and compare them to a chosen benchmark (S&P 500 Index).
| VTCLX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.84 | 0.90 | -0.06 |
Sortino ratioReturn per unit of downside risk | 1.30 | 1.39 | -0.08 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.21 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.40 | -0.34 |
Martin ratioReturn relative to average drawdown | 5.18 | 6.61 | -1.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore VTCLX risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares provided a 1.01% dividend yield over the last twelve months, with an annual payout of $3.30 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 | $3.30 | $3.29 | $3.15 | $3.07 | $2.91 | $2.58 | $2.61 | $2.52 | $2.35 | $2.16 | $2.01 | $1.75 |
Dividend yield | 1.01% | 0.93% | 1.04% | 1.24% | 1.47% | 1.04% | 1.32% | 1.52% | 1.83% | 1.57% | 1.76% | 1.69% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Tax-Managed Capital Appreciation Fund Admiral 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 | $0.86 | $0.86 | |||||||||
| 2025 | $0.00 | $0.00 | $0.85 | $0.00 | $0.00 | $0.80 | $0.00 | $0.00 | $0.80 | $0.00 | $0.00 | $0.84 | $3.29 |
| 2024 | $0.00 | $0.00 | $0.79 | $0.00 | $0.00 | $0.82 | $0.00 | $0.00 | $0.74 | $0.00 | $0.00 | $0.81 | $3.15 |
| 2023 | $0.00 | $0.00 | $0.72 | $0.00 | $0.00 | $0.73 | $0.00 | $0.00 | $0.71 | $0.00 | $0.00 | $0.91 | $3.07 |
| 2022 | $0.00 | $0.00 | $0.66 | $0.00 | $0.00 | $0.73 | $0.00 | $0.00 | $0.69 | $0.00 | $0.00 | $0.83 | $2.91 |
| 2021 | $0.00 | $0.00 | $0.60 | $0.00 | $0.00 | $0.64 | $0.00 | $0.00 | $0.61 | $0.00 | $0.00 | $0.73 | $2.58 |
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 Admiral 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 Admiral Shares was 55.18%, occurring on Mar 9, 2009. Recovery took 760 trading sessions.
The current Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares drawdown is 8.79%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -55.18% | Oct 10, 2007 | 355 | Mar 9, 2009 | 760 | Mar 13, 2012 | 1115 |
| -34.82% | Jan 7, 2002 | 192 | Oct 9, 2002 | 313 | Jan 7, 2004 | 505 |
| -34.56% | Feb 20, 2020 | 23 | Mar 23, 2020 | 95 | Aug 6, 2020 | 118 |
| -24.98% | Jan 4, 2022 | 197 | Oct 14, 2022 | 292 | Dec 13, 2023 | 489 |
| -19.65% | Sep 21, 2018 | 65 | Dec 24, 2018 | 75 | Apr 12, 2019 | 140 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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