MAEFX vs. VTCLX

Last updated Jun 24, 2026

MAEFX (BlackRock EuroFund Fund) and VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) are both mutual funds - MAEFX is a Europe Equities fund managed by BlackRock, while VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index. Over the past 10 years, MAEFX returned 9.17%/yr vs 15.64%/yr for VTCLX. A 0.72 correlation means they provide meaningful diversification when combined. MAEFX charges 1.10%/yr vs 0.05%/yr for VTCLX.

Performance

MAEFX vs. VTCLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock EuroFund Fund (MAEFX) 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, MAEFX achieves a 12.58% return, which is significantly higher than VTCLX's 9.59% return. Over the past 10 years, MAEFX has underperformed VTCLX with an annualized return of 9.17%, while VTCLX has yielded a comparatively higher 15.64% annualized return.

MAEFX

• 1D: 1.39%
• 1M: 9.27%
• YTD: 12.58%
• 6M: 12.13%
• 1Y: 16.96%
• 3Y*: 15.05%
• 5Y*: 7.05%
• 10Y*: 9.17%

VTCLX

• 1D: -0.40%
• 1M: 0.38%
• YTD: 9.59%
• 6M: 8.51%
• 1Y: 25.09%
• 3Y*: 20.96%
• 5Y*: 12.76%
• 10Y*: 15.64%

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

MAEFX vs. VTCLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MAEFX BlackRock EuroFund Fund	12.58%	20.07%	7.21%	20.70%	-23.85%	19.53%	19.34%	25.17%	-19.83%	22.42%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	9.59%	17.44%	23.76%	26.62%	-19.07%	26.87%	21.08%	31.47%	-4.98%	22.40%

Correlation

The correlation between MAEFX and VTCLX 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	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001	0.72

The correlation between MAEFX and VTCLX shifts across timeframes, from 0.72 (all time) to 0.83 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MAEFX vs. VTCLX — Risk / Return Rank

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

MAEFX

MAEFX Risk / Return Rank: 12
MAEFX Sharpe Ratio Rank: 12
MAEFX Sortino Ratio Rank: 12
MAEFX Omega Ratio Rank: 12
MAEFX Calmar Ratio Rank: 12
MAEFX Martin Ratio Rank: 13

VTCLX

VTCLX Risk / Return Rank: 63
VTCLX Sharpe Ratio Rank: 59
VTCLX Sortino Ratio Rank: 54
VTCLX Omega Ratio Rank: 55
VTCLX Calmar Ratio Rank: 67
VTCLX Martin Ratio Rank: 77

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.

MAEFX vs. VTCLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock EuroFund Fund (MAEFX) 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.

	MAEFX	VTCLX	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.09	-1.24
Sortino ratio: Return per unit of downside risk	1.33	2.84	-1.51
Omega ratio: Gain probability vs. loss probability	1.16	1.38	-0.22
Calmar ratio: Return relative to maximum drawdown	1.06	3.00	-1.94
Martin ratio: Return relative to average drawdown	3.40	13.52	-10.12

MAEFX vs. VTCLX - Sharpe Ratio Comparison

The current MAEFX Sharpe Ratio is 0.85, which is lower than the VTCLX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of MAEFX 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

MAEFX vs. VTCLX - Drawdown Comparison

The maximum MAEFX drawdown since its inception was -62.58%, which is greater than VTCLX's maximum drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for MAEFX and VTCLX.

Drawdown Indicators

	MAEFX	VTCLX	Difference
Max Drawdown Largest peak-to-trough decline	-62.58%	-55.18%	-7.40%
Max Drawdown (1Y) Largest decline over 1 year	-17.14%	-8.79%	-8.35%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-19.01%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-40.47%	-24.98%	-15.49%
Max Drawdown (10Y) Largest decline over 10 years	-40.51%	-34.56%	-5.95%
Current Drawdown Current decline from peak	0.00%	-1.55%	+1.55%
Average Drawdown Average peak-to-trough decline	-11.62%	-7.55%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	1.95%	+3.38%

Volatility

MAEFX vs. VTCLX - Volatility Comparison

BlackRock EuroFund Fund (MAEFX) has a higher volatility of 7.99% compared to Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) at 4.68%. This indicates that MAEFX's price experiences larger fluctuations and is considered to be riskier than VTCLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAEFX	VTCLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.99%	4.68%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	18.61%	9.93%	+8.68%
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	12.64%	+8.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	17.31%	+5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.61%	18.32%	+3.29%

MAEFX vs. VTCLX - Expense Ratio Comparison

MAEFX has a 1.10% expense ratio, which is higher than VTCLX's 0.05% expense ratio.

Dividends

MAEFX vs. VTCLX - Dividend Comparison

MAEFX's dividend yield for the trailing twelve months is around 10.29%, more than VTCLX's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MAEFX BlackRock EuroFund Fund	10.29%	11.58%	1.29%	1.24%	0.76%	0.00%	0.00%	0.45%	2.81%	1.19%	2.32%	1.64%
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	0.91%	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 MAEFX and VTCLX in my portfolio?

MAEFX and VTCLX 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, MAEFX or VTCLX?

MAEFX has higher volatility (7.99%) compared to VTCLX (4.68%). In terms of maximum drawdown, MAEFX dropped -62.58% vs VTCLX's -55.18%.

Which has better risk-adjusted returns?

VTCLX currently has the higher Sharpe Ratio (2.09 vs 0.85), 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.