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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Vanguard Tax-Managed Small-Cap Fund Institutional 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 Small-Cap Fund Institutional Shares (VTSIX) has returned 0.88% so far this year and 17.36% over the past 12 months. Over the last ten years, VTSIX has returned 9.56% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
Vanguard Tax-Managed Small-Cap Fund Institutional Shares
- 1D
- -0.72%
- 1M
- -6.66%
- YTD
- 0.88%
- 6M
- 2.55%
- 1Y
- 17.36%
- 3Y*
- 9.53%
- 5Y*
- 3.96%
- 10Y*
- 9.56%
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 Apr 21, 1999, VTSIX's average daily return is +0.05%, while the average monthly return is +0.93%. At this rate, your investment would double in approximately 6.2 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, VTSIX 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 | 5.58% | 2.36% | -6.66% | 0.88% | |||||||||
| 2025 | 2.94% | -5.72% | -6.15% | -4.18% | 5.25% | 4.06% | 0.93% | 7.02% | 0.95% | -0.89% | 2.70% | -0.12% | 5.96% |
| 2024 | -3.94% | 3.34% | 3.20% | -5.59% | 5.00% | -2.30% | 10.82% | -1.46% | 0.82% | -2.59% | 10.97% | -8.01% | 8.64% |
| 2023 | 9.50% | -1.29% | -5.16% | -2.76% | -1.72% | 8.18% | 5.54% | -4.13% | -5.98% | -5.72% | 8.24% | 12.74% | 15.99% |
| 2022 | -7.24% | 1.48% | 0.37% | -7.80% | 1.86% | -8.52% | 10.00% | -4.46% | -9.90% | 12.35% | 4.15% | -6.75% | -16.14% |
| 2021 | 6.35% | 7.63% | 3.31% | 2.06% | 2.10% | 0.28% | -2.36% | 2.00% | -2.39% | 3.47% | -2.20% | 4.57% | 27.12% |
Benchmark Metrics
Vanguard Tax-Managed Small-Cap Fund Institutional Shares has an annualized alpha of 4.07%, beta of 1.05, and R² of 0.76 versus S&P 500 Index. Calculated based on daily prices since April 22, 1999.
- This fund captured 118.99% of S&P 500 Index gains and 100.26% of its losses — amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 4.07% 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
- 4.07%
- Beta
- 1.05
- R²
- 0.76
- Upside Capture
- 118.99%
- Downside Capture
- 100.26%
Expense Ratio
VTSIX has an expense ratio of 0.06%, which is considered low.
Return for Risk
Risk / Return Rank
VTSIX ranks 36 for risk / return — below 36% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Tax-Managed Small-Cap Fund Institutional Shares (VTSIX) and compare them to a chosen benchmark (S&P 500 Index).
| VTSIX | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 0.90 | -0.10 |
Sortino ratioReturn per unit of downside risk | 1.26 | 1.39 | -0.12 |
Omega ratioGain probability vs. loss probability | 1.17 | 1.21 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.40 | -0.36 |
Martin ratioReturn relative to average drawdown | 4.24 | 6.61 | -2.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore VTSIX 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 Small-Cap Fund Institutional Shares provided a 1.36% dividend yield over the last twelve months, with an annual payout of $1.34 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.34 | $1.29 | $1.39 | $1.34 | $1.19 | $1.12 | $0.83 | $0.80 | $0.72 | $0.70 | $0.57 | $0.58 |
Dividend yield | 1.36% | 1.31% | 1.47% | 1.52% | 1.54% | 1.19% | 1.11% | 1.17% | 1.29% | 1.13% | 1.03% | 1.30% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Tax-Managed Small-Cap 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 | $0.43 | $0.43 | |||||||||
| 2025 | $0.00 | $0.00 | $0.37 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.38 | $1.29 |
| 2024 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.40 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.36 | $1.39 |
| 2023 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.46 | $1.34 |
| 2022 | $0.00 | $0.00 | $0.23 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.44 | $1.19 |
| 2021 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.21 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.40 | $1.12 |
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 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 Small-Cap Fund Institutional Shares was 57.81%, occurring on Mar 9, 2009. Recovery took 460 trading sessions.
The current Vanguard Tax-Managed Small-Cap Fund Institutional Shares drawdown is 8.24%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -57.81% | Jul 20, 2007 | 412 | Mar 9, 2009 | 460 | Jan 3, 2011 | 872 |
| -43.86% | Sep 4, 2018 | 390 | Mar 23, 2020 | 172 | Nov 24, 2020 | 562 |
| -33.07% | Apr 17, 2002 | 123 | Oct 9, 2002 | 254 | Oct 13, 2003 | 377 |
| -27.92% | Nov 26, 2024 | 90 | Apr 8, 2025 | 171 | Dec 11, 2025 | 261 |
| -26.49% | Jul 8, 2011 | 61 | Oct 3, 2011 | 85 | Feb 3, 2012 | 146 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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