NCIRX vs. VTMSX

Last updated Aug 1, 2026

NCIRX (Nuveen Core Impact Bond Managed Accounts Portfolio) and VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) are both mutual funds - NCIRX is a Intermediate Core-Plus Bond fund managed by BlackRock, while VTMSX is a Small Cap Blend Equities fund managed by BlackRock. Over the past 5 years, NCIRX returned -0.86%/yr vs 7.52%/yr for VTMSX. Their 0.11 correlation means their historical movements had little consistent relationship. NCIRX charges 0.00%/yr vs 0.09%/yr for VTMSX.

Performance

NCIRX vs. VTMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Core Impact Bond Managed Accounts Portfolio (NCIRX) 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, NCIRX achieves a 0.02% return, which is significantly lower than VTMSX's 21.93% return.

NCIRX

• 1D: 0.13%
• 1M: -1.15%
• 6M: -0.26%
• YTD: 0.02%
• 1Y: 2.85%
• 3Y*: 4.71%
• 5Y*: -0.86%
• 10Y*: —
• ALL TIME*: -11.08%

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)
NCIRX Nuveen Core Impact Bond Managed Accounts Portfolio	$0.00	$0.00	$0.00
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	$0.00	$0.00	$0.00

NCIRX vs. VTMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NCIRX Nuveen Core Impact Bond Managed Accounts Portfolio	0.02%	7.94%	2.33%	6.33%	-17.36%	-0.80%	-49.00%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	21.93%	5.93%	8.61%	15.95%	-16.16%	27.08%	37.20%

Correlation

The correlation between NCIRX and VTMSX is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.17
Correlation (All Time) Calculated using the full available price history since Jul 9, 2020	0.11

Over the past year, NCIRX and VTMSX have become more correlated (0.37) than their long-term average of 0.11, meaning their price movements have been converging.

Return for Risk

NCIRX vs. VTMSX — Risk / Return Rank

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

NCIRX

NCIRX Risk / Return Rank: 31
NCIRX Sharpe Ratio Rank: 32
NCIRX Sortino Ratio Rank: 34
NCIRX Omega Ratio Rank: 31
NCIRX Calmar Ratio Rank: 32
NCIRX Martin Ratio Rank: 25

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.

NCIRX vs. VTMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Core Impact Bond Managed Accounts Portfolio (NCIRX) 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.

	NCIRX	VTMSX	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.87	-0.76
Sortino ratio: Return per unit of downside risk	1.69	2.77	-1.08
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.48	3.79	-2.31
Martin ratio: Return relative to average drawdown	3.89	12.88	-8.99

NCIRX vs. VTMSX - Sharpe Ratio Comparison

The current NCIRX Sharpe Ratio is 1.11, which is lower than the VTMSX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of NCIRX 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

NCIRX vs. VTMSX - Drawdown Comparison

The maximum NCIRX drawdown since its inception was -60.34%, roughly equal to the maximum VTMSX drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for NCIRX and VTMSX.

Drawdown Indicators

	NCIRX	VTMSX	Difference
Max Drawdown Largest peak-to-trough decline	-60.34%	-57.84%	-2.50%
Max Drawdown (1Y) Largest decline over 1 year	-2.86%	-8.59%	+5.73%
Max Drawdown (3Y) Largest decline over 3 years	-5.48%	-27.93%	+22.45%
Max Drawdown (5Y) Largest decline over 5 years	-22.88%	-27.93%	+5.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.88%	—
Current Drawdown Current decline from peak	-50.89%	-1.82%	-49.07%
Average Drawdown Average peak-to-trough decline	-53.39%	-8.88%	-44.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	2.53%	-1.45%

Volatility

NCIRX vs. VTMSX - Volatility Comparison

The current volatility for Nuveen Core Impact Bond Managed Accounts Portfolio (NCIRX) is 0.91%, while Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a volatility of 3.47%. This indicates that NCIRX 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

	NCIRX	VTMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	3.47%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	11.67%	-8.80%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	17.40%	-13.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.75%	21.32%	-14.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.31%	23.07%	-1.76%

NCIRX vs. VTMSX - Expense Ratio Comparison

NCIRX has a 0.00% expense ratio, which is lower than VTMSX's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NCIRX vs. VTMSX - Dividend Comparison

NCIRX's dividend yield for the trailing twelve months is around 4.70%, more than VTMSX's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCIRX Nuveen Core Impact Bond Managed Accounts Portfolio	4.70%	5.04%	4.13%	4.51%	4.27%	2.83%	0.69%	0.00%	0.00%	0.00%	0.00%	0.00%
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 NCIRX and VTMSX in my portfolio?

NCIRX and VTMSX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCIRX or VTMSX?

VTMSX has higher volatility (3.47%) compared to NCIRX (0.91%). In terms of maximum drawdown, NCIRX dropped -60.34% vs VTMSX's -57.84%.

Which has better risk-adjusted returns?

VTMSX currently has the higher Sharpe Ratio (1.87 vs 1.11), 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.