FPACX vs. VTMFX

Last updated Jun 24, 2026

FPACX (FPA Crescent Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 10 years, FPACX returned 10.43%/yr vs 8.70%/yr for VTMFX. A 0.79 correlation means they provide meaningful diversification when combined. FPACX charges 1.00%/yr vs 0.05%/yr for VTMFX.

Performance

FPACX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FPA Crescent Fund (FPACX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FPACX having a 5.01% return and VTMFX slightly higher at 5.23%. Over the past 10 years, FPACX has outperformed VTMFX with an annualized return of 10.43%, while VTMFX has yielded a comparatively lower 8.70% annualized return.

FPACX

• 1D: -0.66%
• 1M: 1.00%
• YTD: 5.01%
• 6M: 4.84%
• 1Y: 16.55%
• 3Y*: 15.00%
• 5Y*: 9.18%
• 10Y*: 10.43%

VTMFX

• 1D: -0.19%
• 1M: 0.76%
• YTD: 5.23%
• 6M: 4.83%
• 1Y: 14.99%
• 3Y*: 12.08%
• 5Y*: 7.01%
• 10Y*: 8.70%

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

FPACX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FPACX FPA Crescent Fund	5.01%	17.69%	12.42%	20.30%	-9.20%	15.09%	12.14%	20.03%	-7.42%	10.38%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.23%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between FPACX and VTMFX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Sep 6, 1994	0.79

The correlation between FPACX and VTMFX has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.

Return for Risk

FPACX vs. VTMFX — Risk / Return Rank

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

FPACX

FPACX Risk / Return Rank: 47
FPACX Sharpe Ratio Rank: 49
FPACX Sortino Ratio Rank: 51
FPACX Omega Ratio Rank: 49
FPACX Calmar Ratio Rank: 41
FPACX Martin Ratio Rank: 44

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 80
VTMFX Sortino Ratio Rank: 78
VTMFX Omega Ratio Rank: 78
VTMFX Calmar Ratio Rank: 63
VTMFX Martin Ratio Rank: 78

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.

FPACX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FPA Crescent Fund (FPACX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	FPACX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.43	-0.54
Sortino ratio: Return per unit of downside risk	2.75	3.42	-0.67
Omega ratio: Gain probability vs. loss probability	1.35	1.46	-0.11
Calmar ratio: Return relative to maximum drawdown	2.33	2.91	-0.58
Martin ratio: Return relative to average drawdown	8.76	13.60	-4.84

FPACX vs. VTMFX - Sharpe Ratio Comparison

The current FPACX Sharpe Ratio is 1.89, which is comparable to the VTMFX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FPACX and VTMFX, 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

FPACX vs. VTMFX - Drawdown Comparison

The maximum FPACX drawdown since its inception was -31.60%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for FPACX and VTMFX.

Drawdown Indicators

	FPACX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-31.60%	-28.49%	-3.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.37%	-5.38%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-10.95%	-10.61%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-18.47%	-17.40%	-1.07%
Max Drawdown (10Y) Largest decline over 10 years	-29.46%	-21.87%	-7.59%
Current Drawdown Current decline from peak	-1.44%	-0.75%	-0.69%
Average Drawdown Average peak-to-trough decline	-3.87%	-3.54%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.15%	+0.80%

Volatility

FPACX vs. VTMFX - Volatility Comparison

FPA Crescent Fund (FPACX) has a higher volatility of 3.35% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.45%. This indicates that FPACX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FPACX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	2.45%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	7.19%	5.18%	+2.01%
Volatility (1Y) Calculated over the trailing 1-year period	9.08%	6.46%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.93%	8.57%	+3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	9.15%	+4.07%

FPACX vs. VTMFX - Expense Ratio Comparison

FPACX has a 1.00% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

FPACX vs. VTMFX - Dividend Comparison

FPACX's dividend yield for the trailing twelve months is around 9.14%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPACX FPA Crescent Fund	9.14%	9.60%	7.95%	3.72%	0.77%	11.62%	4.80%	4.65%	8.87%	3.70%	4.98%	6.34%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both FPACX and VTMFX in my portfolio?

FPACX and VTMFX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FPACX or VTMFX?

FPACX has higher volatility (3.35%) compared to VTMFX (2.45%). In terms of maximum drawdown, FPACX dropped -31.60% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.43 vs 1.89), 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.