TCIEX vs. VTMGX
TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) and VTMGX (Vanguard Developed Markets Index Fund Admiral Shares) are both Foreign Large Cap Equities funds - TCIEX tracks the MSCI EAFE Index while VTMGX tracks the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, TCIEX returned 9.64%/yr vs 10.04%/yr for VTMGX. Their 0.97 correlation means they have historically moved very closely together. TCIEX charges 0.05%/yr vs 0.07%/yr for VTMGX.
Performance
TCIEX vs. VTMGX - Performance Comparison
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Returns By Period
In the year-to-date period, TCIEX achieves a 12.68% return, which is significantly lower than VTMGX's 14.59% return. Both investments have delivered pretty close results over the past 10 years, with TCIEX having a 9.64% annualized return and VTMGX not far ahead at 10.04%.
TCIEX
- 1D
- 2.75%
- 1M
- 2.05%
- 6M
- 7.25%
- YTD
- 12.68%
- 1Y
- 26.15%
- 3Y*
- 16.42%
- 5Y*
- 9.57%
- 10Y*
- 9.64%
- ALL TIME*
- 7.79%
VTMGX
- 1D
- 3.12%
- 1M
- 0.75%
- 6M
- 8.12%
- YTD
- 14.59%
- 1Y
- 30.61%
- 3Y*
- 17.88%
- 5Y*
- 9.89%
- 10Y*
- 10.04%
- ALL TIME*
- 5.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
TCIEX vs. VTMGX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TCIEX TIAA-CREF International Equity Index Fund Institutional Class | 12.68% | 31.55% | 3.69% | 18.21% | -14.19% | 11.30% | 8.13% | 21.82% | -13.27% | 25.34% |
VTMGX Vanguard Developed Markets Index Fund Admiral Shares | 14.59% | 35.17% | 3.03% | 17.65% | -15.33% | 11.39% | 10.25% | 22.04% | -14.48% | 26.39% |
Correlation
The correlation between TCIEX and VTMGX is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.97 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003 | 0.97 |
The correlation between TCIEX and VTMGX has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.
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Return for Risk
TCIEX vs. VTMGX — Risk / Return Rank
TCIEX
VTMGX
TCIEX vs. VTMGX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Vanguard Developed Markets Index Fund Admiral Shares (VTMGX). 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.
| TCIEX | VTMGX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.32 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 2.51 | -0.31 |
| Martin ratioReturn relative to average drawdown | 8.32 | 9.35 | -1.03 |
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Drawdowns
TCIEX vs. VTMGX - Drawdown Comparison
The maximum TCIEX drawdown since its inception was -59.27%, roughly equal to the maximum VTMGX drawdown of -60.58%. Use the drawdown chart below to compare losses from any high point for TCIEX and VTMGX.
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Drawdown Indicators
| TCIEX | VTMGX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.27% | -60.58% | +1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -11.35% | -11.67% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -13.58% | -13.18% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -29.25% | -29.71% | +0.46% |
Max Drawdown (10Y)Largest decline over 10 years | -33.58% | -35.68% | +2.10% |
Current DrawdownCurrent decline from peak | 0.00% | -1.68% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -10.52% | -14.58% | +4.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 3.13% | -0.13% |
Volatility
TCIEX vs. VTMGX - Volatility Comparison
The current volatility for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) is 4.72%, while Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) has a volatility of 5.76%. This indicates that TCIEX experiences smaller price fluctuations and is considered to be less risky than VTMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCIEX | VTMGX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 5.76% | -1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 14.78% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.82% | 16.81% | -0.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 16.20% | +0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.40% | 16.41% | -0.01% |
TCIEX vs. VTMGX - Expense Ratio Comparison
TCIEX has a 0.05% expense ratio, which is lower than VTMGX's 0.07% 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
TCIEX vs. VTMGX - Dividend Comparison
TCIEX's dividend yield for the trailing twelve months is around 3.45%, more than VTMGX's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCIEX TIAA-CREF International Equity Index Fund Institutional Class | 3.45% | 3.89% | 3.17% | 3.14% | 2.82% | 3.02% | 1.96% | 3.08% | 3.42% | 2.78% | 2.95% | 3.06% |
VTMGX Vanguard Developed Markets Index Fund Admiral Shares | 2.53% | 3.20% | 3.34% | 3.14% | 2.88% | 3.14% | 2.02% | 3.03% | 3.33% | 2.77% | 3.06% | 2.91% |
Frequently Asked Questions
With a correlation of 0.94, TCIEX and VTMGX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VTMGX has higher volatility (5.76%) compared to TCIEX (4.72%). In terms of maximum drawdown, TCIEX dropped -59.27% vs VTMGX's -60.58%.
VTMGX currently has the higher Sharpe Ratio (1.75 vs 1.59), 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.
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