MDEGX vs. VTMSX

Last updated Jun 24, 2026

MDEGX (BlackRock Unconstrained Equity Fund Investor A Shares) and VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) are both mutual funds - MDEGX is a Global Equities fund actively managed by BlackRock, while VTMSX is a Small Cap Blend Equities fund managed by BlackRock. Over the past 10 years, MDEGX returned 12.97%/yr vs 11.38%/yr for VTMSX. A 0.76 correlation means they provide meaningful diversification when combined. MDEGX charges 1.16%/yr vs 0.09%/yr for VTMSX.

Performance

MDEGX vs. VTMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Unconstrained Equity Fund Investor A Shares (MDEGX) 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, MDEGX achieves a 18.71% return, which is significantly lower than VTMSX's 20.11% return. Over the past 10 years, MDEGX has outperformed VTMSX with an annualized return of 12.97%, while VTMSX has yielded a comparatively lower 11.38% annualized return.

MDEGX

• 1D: -0.38%
• 1M: 4.18%
• YTD: 18.71%
• 6M: 17.65%
• 1Y: 27.31%
• 3Y*: 15.86%
• 5Y*: 9.88%
• 10Y*: 12.97%

VTMSX

• 1D: 0.05%
• 1M: 4.66%
• YTD: 20.11%
• 6M: 17.64%
• 1Y: 35.38%
• 3Y*: 16.42%
• 5Y*: 6.79%
• 10Y*: 11.38%

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

MDEGX vs. VTMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDEGX BlackRock Unconstrained Equity Fund Investor A Shares	18.71%	12.11%	7.27%	33.16%	-20.47%	20.42%	16.28%	32.46%	-4.81%	24.48%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	20.11%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%

Correlation

The correlation between MDEGX and VTMSX is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 4, 2005	0.76

The correlation between MDEGX and VTMSX shifts across timeframes, from 0.64 (3 years) to 0.76 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MDEGX vs. VTMSX — Risk / Return Rank

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

MDEGX

MDEGX Risk / Return Rank: 37
MDEGX Sharpe Ratio Rank: 34
MDEGX Sortino Ratio Rank: 34
MDEGX Omega Ratio Rank: 33
MDEGX Calmar Ratio Rank: 39
MDEGX Martin Ratio Rank: 46

VTMSX

VTMSX Risk / Return Rank: 69
VTMSX Sharpe Ratio Rank: 60
VTMSX Sortino Ratio Rank: 62
VTMSX Omega Ratio Rank: 50
VTMSX Calmar Ratio Rank: 90
VTMSX Martin Ratio Rank: 84

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.

MDEGX vs. VTMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Unconstrained Equity Fund Investor A Shares (MDEGX) 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.

	MDEGX	VTMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.10	-0.53
Sortino ratio: Return per unit of downside risk	2.27	3.01	-0.75
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.26	4.33	-2.08
Martin ratio: Return relative to average drawdown	9.16	14.50	-5.34

MDEGX vs. VTMSX - Sharpe Ratio Comparison

The current MDEGX Sharpe Ratio is 1.56, which is comparable to the VTMSX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of MDEGX 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

MDEGX vs. VTMSX - Drawdown Comparison

The maximum MDEGX drawdown since its inception was -48.79%, smaller than the maximum VTMSX drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for MDEGX and VTMSX.

Drawdown Indicators

	MDEGX	VTMSX	Difference
Max Drawdown Largest peak-to-trough decline	-48.79%	-57.84%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-12.75%	-8.59%	-4.16%
Max Drawdown (3Y) Largest decline over 3 years	-21.14%	-27.93%	+6.79%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-27.93%	-3.56%
Max Drawdown (10Y) Largest decline over 10 years	-31.98%	-43.88%	+11.90%
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-7.81%	-8.91%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.56%	+0.58%

Volatility

MDEGX vs. VTMSX - Volatility Comparison

BlackRock Unconstrained Equity Fund Investor A Shares (MDEGX) has a higher volatility of 6.46% compared to Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) at 4.88%. This indicates that MDEGX's price experiences larger fluctuations and is considered to be riskier than VTMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDEGX	VTMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.46%	4.88%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	15.50%	12.09%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.44%	17.78%	+0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.74%	21.46%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.15%	23.15%	-4.00%

MDEGX vs. VTMSX - Expense Ratio Comparison

MDEGX has a 1.16% expense ratio, which is higher than VTMSX's 0.09% expense ratio.

Dividends

MDEGX vs. VTMSX - Dividend Comparison

MDEGX has not paid dividends to shareholders, while VTMSX's dividend yield for the trailing twelve months is around 1.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDEGX BlackRock Unconstrained Equity Fund Investor A Shares	0.00%	0.00%	0.00%	0.00%	18.18%	22.48%	6.30%	11.68%	8.21%	3.81%	0.62%	7.88%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	1.12%	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 MDEGX and VTMSX in my portfolio?

MDEGX and VTMSX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDEGX or VTMSX?

MDEGX has higher volatility (6.46%) compared to VTMSX (4.88%). In terms of maximum drawdown, MDEGX dropped -48.79% vs VTMSX's -57.84%.

Which has better risk-adjusted returns?

VTMSX currently has the higher Sharpe Ratio (2.10 vs 1.56), 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.