IICAX vs. VTMSX

Last updated Aug 1, 2026

IICAX (Asset Management Fund Large Cap Equity Fund) and VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) are both mutual funds - IICAX is a Large Cap Blend Equities fund managed by BlackRock, while VTMSX is a Small Cap Blend Equities fund managed by BlackRock. Over the past 10 years, IICAX returned 11.13%/yr vs 10.75%/yr for VTMSX. Their 0.75 correlation means they have sometimes moved together and sometimes differently. IICAX charges 1.71%/yr vs 0.09%/yr for VTMSX.

Performance

IICAX vs. VTMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Asset Management Fund Large Cap Equity Fund (IICAX) and Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IICAX achieves a 8.86% return, which is significantly lower than VTMSX's 21.93% return. Both investments have delivered pretty close results over the past 10 years, with IICAX having a 11.13% annualized return and VTMSX not far behind at 10.75%.

IICAX

• 1D: 0.57%
• 1M: 0.73%
• 6M: 5.98%
• YTD: 8.86%
• 1Y: 19.10%
• 3Y*: 14.80%
• 5Y*: 11.65%
• 10Y*: 11.13%
• ALL TIME*: 2.20%

VTMSX

• 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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IICAX Asset Management Fund Large Cap Equity Fund	$0.00	$0.00	$0.00
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	$0.00	$0.00	$0.00

IICAX vs. VTMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IICAX Asset Management Fund Large Cap Equity Fund	8.86%	12.59%	18.66%	21.70%	-12.87%	33.00%	11.90%	26.48%	-6.25%	-0.30%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	21.93%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%

Correlation

The correlation between IICAX and VTMSX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.75
Correlation (All Time) Calculated using the full available price history since Mar 25, 1999	0.75

The correlation between IICAX and VTMSX has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Return for Risk

IICAX vs. VTMSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IICAX

IICAX Risk / Return Rank: 69
IICAX Sharpe Ratio Rank: 66
IICAX Sortino Ratio Rank: 65
IICAX Omega Ratio Rank: 63
IICAX Calmar Ratio Rank: 72
IICAX Martin Ratio Rank: 80

VTMSX

VTMSX Risk / Return Rank: 84
VTMSX Sharpe Ratio Rank: 80
VTMSX Sortino Ratio Rank: 81
VTMSX Omega Ratio Rank: 76
VTMSX Calmar Ratio Rank: 93
VTMSX Martin Ratio Rank: 92

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IICAX vs. VTMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Asset Management Fund Large Cap Equity Fund (IICAX) and Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX). 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.

	IICAX	VTMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.87	-0.29
Sortino ratio: Return per unit of downside risk	2.27	2.77	-0.50
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.37	3.79	-1.42
Martin ratio: Return relative to average drawdown	9.92	12.88	-2.96

IICAX vs. VTMSX - Sharpe Ratio Comparison

The current IICAX Sharpe Ratio is 1.58, which is comparable to the VTMSX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of IICAX and VTMSX, 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

IICAX vs. VTMSX - Drawdown Comparison

The maximum IICAX drawdown since its inception was -96.26%, which is greater than VTMSX's maximum drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for IICAX and VTMSX.

Drawdown Indicators

	IICAX	VTMSX	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-57.84%	-38.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.25%	-8.59%	+1.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.69%	-27.93%	+10.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.79%	-27.93%	+5.14%
Max Drawdown (10Y) Largest decline over 10 years	-39.01%	-43.88%	+4.87%
Current Drawdown Current decline from peak	-67.43%	-1.82%	-65.61%
Average Drawdown Average peak-to-trough decline	-68.17%	-8.88%	-59.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.53%	-0.80%

Volatility

IICAX vs. VTMSX - Volatility Comparison

The current volatility for Asset Management Fund Large Cap Equity Fund (IICAX) is 2.36%, while Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a volatility of 3.47%. This indicates that IICAX experiences smaller price fluctuations and is considered to be less risky than VTMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IICAX	VTMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.36%	3.47%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	11.67%	-3.52%
Volatility (1Y) Calculated over the trailing 1-year period	10.84%	17.40%	-6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.93%	21.32%	-5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	23.07%	-1.18%

IICAX vs. VTMSX - Expense Ratio Comparison

IICAX has a 1.71% expense ratio, which is higher than VTMSX's 0.09% expense ratio.

Dividends

IICAX vs. VTMSX - Dividend Comparison

IICAX's dividend yield for the trailing twelve months is around 10.33%, more than VTMSX's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IICAX Asset Management Fund Large Cap Equity Fund	10.33%	11.22%	6.32%	9.33%	9.58%	5.38%	3.83%	5.15%	13.41%	0.85%	30.91%	8.23%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	1.19%	1.28%	1.44%	1.50%	1.51%	1.16%	1.09%	1.15%	1.26%	1.11%	1.01%	1.26%

Frequently Asked Questions

Can I hold both IICAX and VTMSX in my portfolio?

IICAX and VTMSX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IICAX or VTMSX?

VTMSX has higher volatility (3.47%) compared to IICAX (2.36%). In terms of maximum drawdown, IICAX dropped -96.26% vs VTMSX's -57.84%.

Which has better risk-adjusted returns?

VTMSX currently has the higher Sharpe Ratio (1.87 vs 1.58), 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.