LVAMX vs. VTMFX

Last updated Jun 4, 2026

LVAMX (LSV U.S. Managed Volatility Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - LVAMX is a Large Cap Value Equities fund managed by BlackRock, while VTMFX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, LVAMX returned 7.95%/yr vs 8.70%/yr for VTMFX. A 0.78 correlation means they provide meaningful diversification when combined. LVAMX charges 0.94%/yr vs 0.09%/yr for VTMFX.

Performance

LVAMX vs. VTMFX - Performance Comparison

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

Returns By Period

In the year-to-date period, LVAMX achieves a 12.32% return, which is significantly higher than VTMFX's 6.03% return. Over the past 10 years, LVAMX has underperformed VTMFX with an annualized return of 7.95%, while VTMFX has yielded a comparatively higher 8.70% annualized return.

LVAMX

• 1D: 0.55%
• 1M: 5.50%
• YTD: 12.32%
• 6M: 13.26%
• 1Y: 21.46%
• 3Y*: 11.74%
• 5Y*: 6.85%
• 10Y*: 7.95%

VTMFX

• 1D: 0.17%
• 1M: 3.06%
• YTD: 6.03%
• 6M: 6.16%
• 1Y: 16.91%
• 3Y*: 12.75%
• 5Y*: 7.33%
• 10Y*: 8.70%

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

LVAMX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LVAMX LSV U.S. Managed Volatility Fund	12.32%	15.33%	2.07%	4.16%	-2.66%	20.97%	-6.86%	22.91%	-2.17%	13.52%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	6.03%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between LVAMX and VTMFX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 27, 2014	0.78

The correlation between LVAMX and VTMFX shifts across timeframes, from 0.60 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LVAMX vs. VTMFX — Risk / Return Rank

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

LVAMX

LVAMX Risk / Return Rank: 68
LVAMX Sharpe Ratio Rank: 57
LVAMX Sortino Ratio Rank: 59
LVAMX Omega Ratio Rank: 53
LVAMX Calmar Ratio Rank: 87
LVAMX Martin Ratio Rank: 83

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 86
VTMFX Omega Ratio Rank: 83
VTMFX Calmar Ratio Rank: 69
VTMFX Martin Ratio Rank: 82

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.

LVAMX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LSV U.S. Managed Volatility Fund (LVAMX) 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.

	LVAMX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.83	-0.59
Sortino ratio: Return per unit of downside risk	3.24	4.05	-0.81
Omega ratio: Gain probability vs. loss probability	1.40	1.55	-0.15
Calmar ratio: Return relative to maximum drawdown	4.27	3.22	+1.05
Martin ratio: Return relative to average drawdown	15.66	15.40	+0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LVAMX vs. VTMFX - Sharpe Ratio Comparison

The current LVAMX Sharpe Ratio is 2.24, which is comparable to the VTMFX Sharpe Ratio of 2.83. The chart below compares the historical Sharpe Ratios of LVAMX 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.

Sharpe Ratios by Period

	LVAMX	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	2.83	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.86	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.96	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.85	-0.33

Drawdowns

LVAMX vs. VTMFX - Drawdown Comparison

The maximum LVAMX drawdown since its inception was -33.38%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for LVAMX and VTMFX.

Drawdown Indicators

	LVAMX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-33.38%	-28.49%	-4.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.13%	-5.38%	+0.25%
Max Drawdown (3Y) Largest decline over 3 years	-20.84%	-10.61%	-10.23%
Max Drawdown (5Y) Largest decline over 5 years	-20.84%	-17.40%	-3.44%
Max Drawdown (10Y) Largest decline over 10 years	-33.38%	-21.87%	-11.51%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.78%	-3.55%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.12%	+0.27%

Volatility

LVAMX vs. VTMFX - Volatility Comparison

LSV U.S. Managed Volatility Fund (LVAMX) has a higher volatility of 2.50% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 1.70%. This indicates that LVAMX'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

	LVAMX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.70%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	4.75%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	9.76%	6.13%	+3.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.84%	8.52%	+7.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	9.12%	+7.01%

LVAMX vs. VTMFX - Expense Ratio Comparison

LVAMX has a 0.94% expense ratio, which is higher than VTMFX's 0.09% expense ratio.

Dividends

LVAMX vs. VTMFX - Dividend Comparison

LVAMX's dividend yield for the trailing twelve months is around 18.83%, more than VTMFX's 2.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LVAMX LSV U.S. Managed Volatility Fund	18.83%	21.15%	3.30%	17.00%	10.71%	6.62%	3.15%	9.37%	6.98%	3.79%	1.98%	2.22%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.10%	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 LVAMX and VTMFX in my portfolio?

LVAMX and VTMFX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LVAMX or VTMFX?

LVAMX has higher volatility (2.50%) compared to VTMFX (1.70%). In terms of maximum drawdown, LVAMX dropped -33.38% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.83 vs 2.24), 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.