SHSAX vs. VTMFX

Last updated Jun 3, 2026

SHSAX (BlackRock Health Sciences Opportunities Portfolio) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - SHSAX is a Health & Biotech Equities fund managed by BlackRock, while VTMFX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, SHSAX returned 9.30%/yr vs 8.68%/yr for VTMFX. A 0.75 correlation means they provide meaningful diversification when combined. SHSAX charges 1.09%/yr vs 0.09%/yr for VTMFX.

Performance

SHSAX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Health Sciences Opportunities Portfolio (SHSAX) 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, SHSAX achieves a -3.86% return, which is significantly lower than VTMFX's 5.85% return. Over the past 10 years, SHSAX has outperformed VTMFX with an annualized return of 9.30%, while VTMFX has yielded a comparatively lower 8.68% annualized return.

SHSAX

• 1D: -1.30%
• 1M: 1.90%
• YTD: -3.86%
• 6M: -3.86%
• 1Y: 14.81%
• 3Y*: 6.31%
• 5Y*: 4.14%
• 10Y*: 9.30%

VTMFX

• 1D: 0.15%
• 1M: 2.66%
• YTD: 5.85%
• 6M: 6.14%
• 1Y: 17.04%
• 3Y*: 12.68%
• 5Y*: 7.25%
• 10Y*: 8.68%

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

SHSAX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHSAX BlackRock Health Sciences Opportunities Portfolio	-3.86%	15.85%	3.73%	3.59%	-5.94%	11.88%	19.44%	25.27%	7.93%	24.74%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.85%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between SHSAX and VTMFX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jan 4, 2000	0.75

Over the past year, the correlation between SHSAX and VTMFX has dropped to 0.44 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.

Return for Risk

SHSAX vs. VTMFX — Risk / Return Rank

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

SHSAX

SHSAX Risk / Return Rank: 15
SHSAX Sharpe Ratio Rank: 15
SHSAX Sortino Ratio Rank: 16
SHSAX Omega Ratio Rank: 14
SHSAX Calmar Ratio Rank: 17
SHSAX Martin Ratio Rank: 13

VTMFX

VTMFX Risk / Return Rank: 81
VTMFX Sharpe Ratio Rank: 87
VTMFX Sortino Ratio Rank: 85
VTMFX Omega Ratio Rank: 82
VTMFX Calmar Ratio Rank: 68
VTMFX Martin Ratio Rank: 81

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.

SHSAX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Health Sciences Opportunities Portfolio (SHSAX) 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.

	SHSAX	VTMFX	Difference
Sharpe ratio Return per unit of total volatility	1.12	2.82	-1.70
Sortino ratio Return per unit of downside risk	1.71	4.04	-2.32
Omega ratio Gain probability vs. loss probability	1.20	1.55	-0.35
Calmar ratio Return relative to maximum drawdown	1.55	3.19	-1.64
Martin ratio Return relative to average drawdown	3.92	15.32	-11.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHSAX vs. VTMFX - Sharpe Ratio Comparison

The current SHSAX Sharpe Ratio is 1.12, which is lower than the VTMFX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of SHSAX 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

	SHSAX	VTMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	2.82	-1.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.85	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.95	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.85	-0.12

Drawdowns

SHSAX vs. VTMFX - Drawdown Comparison

The maximum SHSAX drawdown since its inception was -35.49%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for SHSAX and VTMFX.

Drawdown Indicators

	SHSAX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-28.49%	-7.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-5.38%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	-16.08%	-10.61%	-5.47%
Max Drawdown (5Y) Largest decline over 5 years	-17.99%	-17.40%	-0.59%
Max Drawdown (10Y) Largest decline over 10 years	-28.36%	-21.87%	-6.49%
Current Drawdown Current decline from peak	-6.63%	0.00%	-6.63%
Average Drawdown Average peak-to-trough decline	-6.18%	-3.55%	-2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.91%	1.12%	+2.79%

Volatility

SHSAX vs. VTMFX - Volatility Comparison

BlackRock Health Sciences Opportunities Portfolio (SHSAX) has a higher volatility of 3.82% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 1.70%. This indicates that SHSAX'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

	SHSAX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.82%	1.70%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	10.27%	4.76%	+5.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	6.14%	+7.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.35%	8.52%	+5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.53%	9.12%	+7.41%

SHSAX vs. VTMFX - Expense Ratio Comparison

SHSAX has a 1.09% expense ratio, which is higher than VTMFX's 0.09% expense ratio.

Dividends

SHSAX vs. VTMFX - Dividend Comparison

SHSAX's dividend yield for the trailing twelve months is around 11.06%, more than VTMFX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHSAX BlackRock Health Sciences Opportunities Portfolio	11.06%	10.63%	9.18%	3.84%	7.44%	9.20%	4.34%	3.89%	8.56%	3.53%	2.43%	12.58%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.11%	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 SHSAX and VTMFX in my portfolio?

SHSAX and VTMFX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHSAX or VTMFX?

SHSAX has higher volatility (3.82%) compared to VTMFX (1.70%). In terms of maximum drawdown, SHSAX dropped -35.49% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.82 vs 1.12), 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.