PTXFX vs. VTMFX

Last updated Jun 24, 2026

PTXFX (Pacific Capital Tax Free Securities Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - PTXFX is a Municipal Bonds fund managed by Pacific Capital, while VTMFX is a Diversified Portfolio fund tracking the Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index. Over the past 10 years, PTXFX returned 1.57%/yr vs 8.70%/yr for VTMFX. At a 0.07 correlation, their price movements are largely independent. PTXFX charges 0.12%/yr vs 0.05%/yr for VTMFX.

Performance

PTXFX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacific Capital Tax Free Securities Fund (PTXFX) 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, PTXFX achieves a 1.09% return, which is significantly lower than VTMFX's 5.23% return. Over the past 10 years, PTXFX has underperformed VTMFX with an annualized return of 1.57%, while VTMFX has yielded a comparatively higher 8.70% annualized return.

PTXFX

• 1D: 0.00%
• 1M: 1.45%
• YTD: 1.09%
• 6M: 1.50%
• 1Y: 5.19%
• 3Y*: 2.42%
• 5Y*: 0.29%
• 10Y*: 1.57%

VTMFX

• 1D: -0.19%
• 1M: 0.76%
• YTD: 5.23%
• 6M: 4.83%
• 1Y: 14.99%
• 3Y*: 12.08%
• 5Y*: 7.01%
• 10Y*: 8.70%

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

PTXFX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PTXFX Pacific Capital Tax Free Securities Fund	1.09%	3.82%	1.12%	2.74%	-7.31%	0.33%	4.78%	6.50%	2.41%	4.78%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.23%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between PTXFX and VTMFX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.07

Over the past year, PTXFX and VTMFX have become more correlated (0.41) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

PTXFX vs. VTMFX — Risk / Return Rank

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

PTXFX

PTXFX Risk / Return Rank: 67
PTXFX Sharpe Ratio Rank: 75
PTXFX Sortino Ratio Rank: 85
PTXFX Omega Ratio Rank: 90
PTXFX Calmar Ratio Rank: 45
PTXFX Martin Ratio Rank: 38

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 80
VTMFX Sortino Ratio Rank: 78
VTMFX Omega Ratio Rank: 78
VTMFX Calmar Ratio Rank: 63
VTMFX Martin Ratio Rank: 78

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.

PTXFX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacific Capital Tax Free Securities Fund (PTXFX) 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.

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.

	PTXFX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.43	-0.10
Sortino ratio: Return per unit of downside risk	3.74	3.42	+0.32
Omega ratio: Gain probability vs. loss probability	1.61	1.46	+0.15
Calmar ratio: Return relative to maximum drawdown	2.43	2.91	-0.48
Martin ratio: Return relative to average drawdown	7.91	13.60	-5.69

PTXFX vs. VTMFX - Sharpe Ratio Comparison

The current PTXFX Sharpe Ratio is 2.32, which is comparable to the VTMFX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of PTXFX 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.

Drawdowns

PTXFX vs. VTMFX - Drawdown Comparison

The maximum PTXFX drawdown since its inception was -11.69%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for PTXFX and VTMFX.

Drawdown Indicators

	PTXFX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-11.69%	-28.49%	+16.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-5.38%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-5.79%	-10.61%	+4.82%
Max Drawdown (5Y) Largest decline over 5 years	-11.69%	-17.40%	+5.71%
Max Drawdown (10Y) Largest decline over 10 years	-11.69%	-21.87%	+10.18%
Current Drawdown Current decline from peak	-0.33%	-0.75%	+0.42%
Average Drawdown Average peak-to-trough decline	-1.62%	-3.54%	+1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	1.15%	-0.44%

Volatility

PTXFX vs. VTMFX - Volatility Comparison

The current volatility for Pacific Capital Tax Free Securities Fund (PTXFX) is 0.69%, while Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has a volatility of 2.45%. This indicates that PTXFX experiences smaller price fluctuations and is considered to be less risky than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PTXFX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	2.45%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	1.88%	5.18%	-3.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	6.46%	-3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	8.57%	-5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	9.15%	-5.68%

PTXFX vs. VTMFX - Expense Ratio Comparison

PTXFX has a 0.12% expense ratio, which is higher than VTMFX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PTXFX vs. VTMFX - Dividend Comparison

PTXFX's dividend yield for the trailing twelve months is around 2.32%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTXFX Pacific Capital Tax Free Securities Fund	2.32%	2.16%	1.95%	1.76%	1.88%	1.75%	2.27%	2.46%	3.65%	3.08%	2.25%	3.05%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	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 PTXFX and VTMFX in my portfolio?

PTXFX and VTMFX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PTXFX or VTMFX?

VTMFX has higher volatility (2.45%) compared to PTXFX (0.69%). In terms of maximum drawdown, PTXFX dropped -11.69% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.43 vs 2.32), 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.