- ISIN
- US9219433045
- CUSIP
- 921943304
- Issuer
- Vanguard
- Inception Date
- Sep 6, 1994
- Region
- North America (U.S.)
- Category
- Diversified Portfolio, Municipal Bonds
- Min. Investment
- $10,000
- Index Tracked
- Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $12B
Share Price Chart
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Performance
VTMFX Performance Chart
Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) is up 4.5% since the beginning of the year. VTMFX is currently trading at $51 per share. Investors who bought $1,000 worth of VTMFX shares 5 years ago would now be looking at an investment worth $1,387.
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Returns By Period
Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has returned 4.54% so far this year and 13.66% over the past 12 months. Over the last ten years, VTMFX has returned 8.63% per year, falling short of the S&P 500 Index benchmark, which averaged 13.91% annually.
Vanguard Tax-Managed Balanced Fund Admiral Shares
- 1D
- 0.04%
- 1M
- -0.43%
- YTD
- 4.54%
- 6M
- 3.99%
- 1Y
- 13.66%
- 3Y*
- 11.83%
- 5Y*
- 6.76%
- 10Y*
- 8.63%
Benchmark (S&P 500 Index)
- 1D
- -0.01%
- 1M
- -2.15%
- YTD
- 7.48%
- 6M
- 6.14%
- 1Y
- 20.77%
- 3Y*
- 19.34%
- 5Y*
- 11.44%
- 10Y*
- 13.91%
VTMFX Monthly Returns History
Based on dividend-adjusted daily data since Sep 6, 1994, VTMFX's average daily return is +0.03%, while the average monthly return is +0.65%. At this rate, an investment would double in approximately 8.9 years.
Historically, 66% of months were positive and 34% were negative. The best month was Nov 2023 with a return of +7.1%, while the worst month was Oct 2008 at -8.4%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 4 months.
On a daily basis, VTMFX closed higher 53% of trading days. The best single day was Oct 13, 2008 with a return of +5.4%, while the worst single day was Mar 16, 2020 at -6.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.12% | 0.44% | -3.65% | 5.24% | 2.62% | -1.08% | 4.54% | ||||||
| 2025 | 1.79% | -0.41% | -3.55% | -0.32% | 3.13% | 2.91% | 1.10% | 1.43% | 2.77% | 1.73% | 0.30% | 0.04% | 11.28% |
| 2024 | 0.63% | 2.65% | 1.54% | -2.56% | 2.17% | 2.35% | 1.10% | 1.57% | 1.48% | -1.13% | 3.83% | -1.90% | 12.17% |
| 2023 | 4.51% | -2.18% | 2.52% | 0.53% | -0.13% | 3.66% | 1.83% | -1.25% | -3.48% | -1.56% | 7.10% | 3.54% | 15.55% |
| 2022 | -4.03% | -1.55% | 0.26% | -5.54% | 0.69% | -4.75% | 5.70% | -2.83% | -6.04% | 3.52% | 4.71% | -2.75% | -12.69% |
| 2021 | -0.16% | 0.68% | 2.08% | 3.06% | 0.37% | 1.33% | 1.38% | 1.34% | -2.57% | 3.18% | -0.22% | 2.03% | 13.10% |
Benchmark Metrics
Vanguard Tax-Managed Balanced Fund Admiral Shares has an annualized alpha of 2.93%, beta of 0.48, and R2 of 0.95 versus S&P 500 Index. Calculated based on daily prices since September 06, 1994.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (55.21%) than losses (51.65%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 2.93% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.48 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 2.93%
- Beta
- 0.48
- R²
- 0.95
- Upside Capture
- 55.21%
- Downside Capture
- 51.65%
Expense Ratio
VTMFX has an expense ratio of 0.05%, which is considered low.
Return for Risk
Risk / Return Rank
VTMFX ranks 71 for risk / return — better than 71% of mutual funds on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) 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.
| VTMFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.29 | +0.25 |
| Martin ratioReturn relative to average drawdown | 11.82 | 10.09 | +1.73 |
Dividends
Dividend History
Vanguard Tax-Managed Balanced Fund Admiral Shares provided a 2.13% dividend yield over the last twelve months, with an annual payout of $1.09 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 | $1.09 | $1.05 | $0.94 | $0.80 | $0.67 | $0.59 | $0.66 | $0.70 | $0.66 | $0.61 | $0.59 | $0.55 |
Dividend yield | 2.13% | 2.14% | 2.08% | 1.94% | 1.85% | 1.38% | 1.72% | 2.05% | 2.22% | 2.00% | 2.13% | 2.06% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Tax-Managed Balanced 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 | $0.30 | $0.00 | $0.00 | $0.00 | $0.30 | ||||||
| 2025 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.27 | $1.05 |
| 2024 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.24 | $0.00 | $0.00 | $0.24 | $0.94 |
| 2023 | $0.00 | $0.00 | $0.19 | $0.00 | $0.00 | $0.19 | $0.00 | $0.00 | $0.20 | $0.00 | $0.00 | $0.22 | $0.80 |
| 2022 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.19 | $0.67 |
| 2021 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.15 | $0.00 | $0.00 | $0.14 | $0.59 |
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 Balanced 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 Balanced Fund Admiral Shares was 28.49%, occurring on Mar 9, 2009. Recovery took 277 trading sessions.
The current Vanguard Tax-Managed Balanced Fund Admiral Shares drawdown is 1.41%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -28.49%Mar 2009 | 1y 5mo | 1y 1mo | 2y 6moOct 2007 - Apr 2010 |
Dot-com crash2000–2002 | -22.48%Oct 2002 | 2y 1mo | 1y 4mo | 3y 6moSep 2000 - Mar 2004 |
COVID crash2020 | -21.87%Mar 2020 | 1mo 2d | 4mo 1d | 5mo 3dFeb 2020 - Jul 2020 |
Bear market2022 | -17.40%Sep 2022 | 8mo 29d | 1y 2mo | 1y 11moJan 2022 - Dec 2023 |
1998 correction1998 | -11.38%Oct 1998 | 2mo 19d | 1mo 16d | 4mo 5dJul 1998 - Nov 1998 |
Drawdown Indicators
| VTMFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.49% | -56.78% | +28.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -9.10% | +3.72% |
Max Drawdown (3Y)Largest decline over 3 years | -10.61% | -18.90% | +8.29% |
Max Drawdown (5Y)Largest decline over 5 years | -17.40% | -25.43% | +8.03% |
Max Drawdown (10Y)Largest decline over 10 years | -21.87% | -33.92% | +12.05% |
Current DrawdownCurrent decline from peak | -1.41% | -3.32% | +1.91% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -10.71% | +7.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 2.06% | -0.90% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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