BRAMX vs. VTCLX

Last updated Jun 26, 2026

BRAMX (BlackRock Allocation Target Shares Series M Portfolio) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both mutual funds - BRAMX is a Short-Term Bond fund managed by BlackRock, while VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index. Over the past 10 years, BRAMX returned 1.26%/yr vs 15.48%/yr for VTCLX. At a correlation of -0.09, they often move in opposite directions. BRAMX charges 0.00%/yr vs 0.05%/yr for VTCLX.

Performance

BRAMX vs. VTCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Allocation Target Shares Series M Portfolio (BRAMX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRAMX achieves a 1.08% return, which is significantly lower than VTCLX's 8.11% return. Over the past 10 years, BRAMX has underperformed VTCLX with an annualized return of 1.26%, while VTCLX has yielded a comparatively higher 15.48% annualized return.

BRAMX

• 1D: 0.47%
• 1M: 0.83%
• YTD: 1.08%
• 6M: 1.32%
• 1Y: 5.99%
• 3Y*: 4.48%
• 5Y*: 0.35%
• 10Y*: 1.26%

VTCLX

• 1D: -0.01%
• 1M: -1.62%
• YTD: 8.11%
• 6M: 6.72%
• 1Y: 22.10%
• 3Y*: 20.42%
• 5Y*: 12.23%
• 10Y*: 15.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRAMX vs. VTCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRAMX BlackRock Allocation Target Shares Series M Portfolio	1.08%	8.68%	1.47%	4.50%	-12.45%	-1.11%	4.77%	7.12%	0.91%	1.84%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	8.11%	17.44%	23.76%	26.62%	-19.07%	26.87%	21.08%	31.47%	-4.98%	22.40%

Correlation

The correlation between BRAMX and VTCLX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Oct 7, 2004	-0.09

The correlation between BRAMX and VTCLX shifts across timeframes, from -0.09 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BRAMX vs. VTCLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRAMX

BRAMX Risk / Return Rank: 38
BRAMX Sharpe Ratio Rank: 39
BRAMX Sortino Ratio Rank: 42
BRAMX Omega Ratio Rank: 40
BRAMX Calmar Ratio Rank: 37
BRAMX Martin Ratio Rank: 32

VTCLX

VTCLX Risk / Return Rank: 54
VTCLX Sharpe Ratio Rank: 51
VTCLX Sortino Ratio Rank: 47
VTCLX Omega Ratio Rank: 48
VTCLX Calmar Ratio Rank: 56
VTCLX Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRAMX vs. VTCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Allocation Target Shares Series M Portfolio (BRAMX) and Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	BRAMX	VTCLX	Difference
Sharpe ratio: Return per unit of total volatility	1.49	1.75	-0.27
Sortino ratio: Return per unit of downside risk	2.23	2.41	-0.18
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	1.98	2.52	-0.54
Martin ratio: Return relative to average drawdown	6.02	11.24	-5.22

BRAMX vs. VTCLX - Sharpe Ratio Comparison

The current BRAMX Sharpe Ratio is 1.49, which is comparable to the VTCLX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of BRAMX and VTCLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRAMX vs. VTCLX - Drawdown Comparison

The maximum BRAMX drawdown since its inception was -26.88%, smaller than the maximum VTCLX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for BRAMX and VTCLX.

Drawdown Indicators

	BRAMX	VTCLX	Difference
Max Drawdown Largest peak-to-trough decline	-26.88%	-55.18%	+28.30%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-8.79%	+5.68%
Max Drawdown (3Y) Largest decline over 3 years	-7.98%	-19.01%	+11.03%
Max Drawdown (5Y) Largest decline over 5 years	-18.23%	-24.98%	+6.75%
Max Drawdown (10Y) Largest decline over 10 years	-18.27%	-34.56%	+16.29%
Current Drawdown Current decline from peak	-1.13%	-2.88%	+1.75%
Average Drawdown Average peak-to-trough decline	-6.24%	-7.55%	+1.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	1.96%	-0.94%

Volatility

BRAMX vs. VTCLX - Volatility Comparison

The current volatility for BlackRock Allocation Target Shares Series M Portfolio (BRAMX) is 1.38%, while Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has a volatility of 4.86%. This indicates that BRAMX experiences smaller price fluctuations and is considered to be less risky than VTCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRAMX	VTCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	4.86%	-3.48%
Volatility (6M) Calculated over the trailing 6-month period	3.18%	9.97%	-6.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	12.67%	-8.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.36%	17.32%	-10.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.84%	18.29%	-13.45%

BRAMX vs. VTCLX - Expense Ratio Comparison

BRAMX has a 0.00% expense ratio, which is lower than VTCLX's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BRAMX vs. VTCLX - Dividend Comparison

BRAMX's dividend yield for the trailing twelve months is around 4.52%, more than VTCLX's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRAMX BlackRock Allocation Target Shares Series M Portfolio	4.52%	4.44%	3.78%	2.70%	2.09%	1.76%	2.92%	3.51%	3.19%	2.45%	0.00%	0.48%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	0.92%	0.93%	1.04%	1.24%	1.47%	1.04%	1.32%	1.52%	1.83%	1.57%	1.76%	1.69%

Frequently Asked Questions

Can I hold both BRAMX and VTCLX in my portfolio?

BRAMX and VTCLX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRAMX or VTCLX?

VTCLX has higher volatility (4.86%) compared to BRAMX (1.38%). In terms of maximum drawdown, BRAMX dropped -26.88% vs VTCLX's -55.18%.

Which has better risk-adjusted returns?

VTCLX currently has the higher Sharpe Ratio (1.75 vs 1.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.