- ISIN
- US9219434035
- CUSIP
- 921943403
- Issuer
- Vanguard
- Inception Date
- Mar 25, 1999
- Region
- North America (U.S.)
- Category
- Small Cap Blend Equities
- Min. Investment
- $10,000
- Index Tracked
- S&P SmallCap 600 Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $12B
Share Price Chart
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Performance
VTMSX Performance Chart
Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) is up 21.9% since the beginning of the year. VTMSX is currently trading at $119 per share. Investors who bought $1,000 worth of VTMSX shares 5 years ago would now be looking at an investment worth $1,437.
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Returns By Period
Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has returned 21.93% so far this year and 36.13% over the past 12 months. Over the last ten years, VTMSX has returned 10.75% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Vanguard Tax-Managed Small-Cap Fund Admiral Shares
- 1D
- 0.86%
- 1M
- -0.56%
- 6M
- 15.49%
- YTD
- 21.93%
- 1Y
- 36.13%
- 3Y*
- 13.30%
- 5Y*
- 7.52%
- 10Y*
- 10.75%
- ALL TIME*
- 10.61%
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%
VTMSX Monthly Returns History
Based on dividend-adjusted daily data since Mar 25, 1999, VTMSX's average daily return is +0.05%, while the average monthly return is +1.00%. At this rate, an investment would double in approximately 5.8 years.
Historically, 61% of months were positive and 39% were negative. The best month was Nov 2020 with a return of +17.9%, while the worst month was Mar 2020 at -21.8%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, VTMSX closed higher 52% of trading days. The best single day was Mar 24, 2020 with a return of +9.1%, while the worst single day was Mar 16, 2020 at -13.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.57% | 2.35% | -4.05% | 10.43% | 1.11% | 7.27% | -1.82% | 21.93% | |||||
| 2025 | 2.93% | -5.72% | -6.15% | -4.18% | 5.25% | 4.07% | 0.93% | 7.01% | 0.95% | -0.90% | 2.70% | -0.13% | 5.93% |
| 2024 | -3.95% | 3.35% | 3.20% | -5.60% | 5.00% | -2.31% | 10.82% | -1.46% | 0.82% | -2.58% | 10.97% | -8.02% | 8.61% |
| 2023 | 9.50% | -1.29% | -5.17% | -2.76% | -1.73% | 8.18% | 5.54% | -4.14% | -5.98% | -5.73% | 8.24% | 12.73% | 15.95% |
| 2022 | -7.25% | 1.48% | 0.36% | -7.80% | 1.86% | -8.52% | 9.99% | -4.46% | -9.91% | 12.35% | 4.15% | -6.75% | -16.16% |
| 2021 | 6.35% | 7.62% | 3.31% | 2.05% | 2.09% | 0.29% | -2.36% | 2.01% | -2.40% | 3.47% | -2.21% | 4.58% | 27.08% |
Benchmark Metrics
Vanguard Tax-Managed Small-Cap Fund Admiral Shares has an annualized alpha of 4.14%, beta of 1.05, and R2 of 0.76 versus S&P 500 Index. Calculated based on daily prices since March 25, 1999.
- This fund captured 118.09% of S&P 500 Index gains but only 99.36% of its losses - a favorable profile for investors.
- This fund generated an annualized alpha of 4.14% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.05 and R2 of 0.76, 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
- 4.14%
- Beta
- 1.05
- R²
- 0.76
- Upside Capture
- 118.09%
- Downside Capture
- 99.36%
Expense Ratio
VTMSX has an expense ratio of 0.05%, which is considered low.
Return for Risk
Risk / Return Rank
VTMSX ranks 82 for risk / return — above 82% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) 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.
| VTMSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.25 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 2.00 | +1.78 |
| Martin ratioReturn relative to average drawdown | 12.88 | 8.49 | +4.39 |
Dividends
Dividend History
Vanguard Tax-Managed Small-Cap Fund Admiral Shares provided a 1.19% dividend yield over the last twelve months, with an annual payout of $1.42 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.42 | $1.26 | $1.36 | $1.32 | $1.16 | $1.09 | $0.81 | $0.78 | $0.70 | $0.68 | $0.56 | $0.56 |
Dividend yield | 1.19% | 1.28% | 1.44% | 1.50% | 1.51% | 1.16% | 1.09% | 1.15% | 1.26% | 1.11% | 1.01% | 1.26% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Tax-Managed Small-Cap 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 | $0.42 | $0.00 | $0.00 | $0.36 | $0.00 | $0.78 | |||||
| 2025 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.37 | $1.26 |
| 2024 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.39 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.35 | $1.36 |
| 2023 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.46 | $1.32 |
| 2022 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.44 | $1.16 |
| 2021 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.20 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.39 | $1.09 |
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 Small-Cap 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 Small-Cap Fund Admiral Shares was 57.84%, occurring on Mar 9, 2009. Recovery took 460 trading sessions.
The current Vanguard Tax-Managed Small-Cap Fund Admiral Shares drawdown is 1.82%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-57.84%Mar 2009 | 1y 7mo | 1y 10mo | 3y 5moJul 2007 - Jan 2011 | Financial crisis2007–2009 |
-43.88%Mar 2020 | 1y 6mo | 8mo 6d | 2y 2moSep 2018 - Nov 2020 | COVID crash2020 |
-33.15%Oct 2002 | 5mo 25d | 1y 5d | 1y 6moApr 2002 - Oct 2003 | Dot-com crash2000–2002 |
-27.93%Apr 2025 | 4mo 13d | 8mo 7d | 1y 15dNov 2024 - Dec 2025 | 2025 selloff2025 |
-26.52%Oct 2011 | 2mo 27d | 4mo 3d | 7moJul 2011 - Feb 2012 | — |
Drawdown Indicators
| VTMSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.84% | -56.78% | -1.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -9.10% | +0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -18.90% | -9.03% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -25.43% | -2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -43.88% | -33.92% | -9.96% |
Current DrawdownCurrent decline from peak | -1.82% | -1.58% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -8.88% | -10.70% | +1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 2.14% | +0.39% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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