TISBX vs. VTMSX

Last updated Jun 3, 2026

TISBX (TIAA-CREF Small-Cap Blend Index Fund) and VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) are both Small Cap Blend Equities funds. Over the past 10 years, TISBX returned 10.99%/yr vs 10.69%/yr for VTMSX. With a 0.98 correlation, they move nearly in lockstep. TISBX charges 0.05%/yr vs 0.09%/yr for VTMSX.

Performance

TISBX vs. VTMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Small-Cap Blend Index Fund (TISBX) 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, TISBX achieves a 17.61% return, which is significantly higher than VTMSX's 15.59% return. Both investments have delivered pretty close results over the past 10 years, with TISBX having a 10.99% annualized return and VTMSX not far behind at 10.69%.

TISBX

• 1D: -0.46%
• 1M: 3.40%
• YTD: 17.61%
• 6M: 18.54%
• 1Y: 41.98%
• 3Y*: 18.29%
• 5Y*: 6.31%
• 10Y*: 10.99%

VTMSX

• 1D: -0.15%
• 1M: 0.77%
• YTD: 15.59%
• 6M: 16.03%
• 1Y: 33.84%
• 3Y*: 14.47%
• 5Y*: 5.61%
• 10Y*: 10.69%

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

TISBX vs. VTMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TISBX TIAA-CREF Small-Cap Blend Index Fund	17.61%	12.72%	11.60%	17.07%	-20.31%	14.85%	20.14%	25.61%	-10.99%	13.14%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	15.59%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%

Correlation

The correlation between TISBX and VTMSX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Oct 1, 2002	0.98

The correlation between TISBX and VTMSX has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.

Return for Risk

TISBX vs. VTMSX — Risk / Return Rank

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

TISBX

TISBX Risk / Return Rank: 62
TISBX Sharpe Ratio Rank: 57
TISBX Sortino Ratio Rank: 53
TISBX Omega Ratio Rank: 45
TISBX Calmar Ratio Rank: 83
TISBX Martin Ratio Rank: 72

VTMSX

VTMSX Risk / Return Rank: 54
VTMSX Sharpe Ratio Rank: 42
VTMSX Sortino Ratio Rank: 44
VTMSX Omega Ratio Rank: 38
VTMSX Calmar Ratio Rank: 82
VTMSX Martin Ratio Rank: 65

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.

TISBX vs. VTMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Small-Cap Blend Index Fund (TISBX) 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.

	TISBX	VTMSX	Difference
Sharpe ratio Return per unit of total volatility	2.23	1.91	+0.32
Sortino ratio Return per unit of downside risk	3.07	2.77	+0.29
Omega ratio Gain probability vs. loss probability	1.36	1.33	+0.04
Calmar ratio Return relative to maximum drawdown	3.86	3.83	+0.03
Martin ratio Return relative to average drawdown	13.72	12.74	+0.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TISBX vs. VTMSX - Sharpe Ratio Comparison

The current TISBX Sharpe Ratio is 2.23, which is comparable to the VTMSX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of TISBX 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.

Sharpe Ratios by Period

	TISBX	VTMSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.91	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.26	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.46	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.45	-0.07

Drawdowns

TISBX vs. VTMSX - Drawdown Comparison

The maximum TISBX drawdown since its inception was -56.50%, roughly equal to the maximum VTMSX drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for TISBX and VTMSX.

Drawdown Indicators

	TISBX	VTMSX	Difference
Max Drawdown Largest peak-to-trough decline	-56.50%	-57.84%	+1.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-8.59%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-27.44%	-27.93%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-31.89%	-27.93%	-3.96%
Max Drawdown (10Y) Largest decline over 10 years	-41.69%	-43.88%	+2.19%
Current Drawdown Current decline from peak	-1.04%	-0.91%	-0.13%
Average Drawdown Average peak-to-trough decline	-9.69%	-8.93%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.58%	+0.50%

Volatility

TISBX vs. VTMSX - Volatility Comparison

TIAA-CREF Small-Cap Blend Index Fund (TISBX) has a higher volatility of 5.55% compared to Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) at 4.43%. This indicates that TISBX'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

	TISBX	VTMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	4.43%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	11.67%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	17.55%	+1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.55%	21.46%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.43%	23.12%	+0.31%

TISBX vs. VTMSX - Expense Ratio Comparison

TISBX has a 0.05% 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

TISBX vs. VTMSX - Dividend Comparison

TISBX's dividend yield for the trailing twelve months is around 3.51%, more than VTMSX's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TISBX TIAA-CREF Small-Cap Blend Index Fund	3.51%	4.12%	6.82%	3.09%	1.97%	8.96%	2.65%	5.16%	9.29%	4.49%	4.03%	4.77%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	1.16%	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 TISBX and VTMSX in my portfolio?

With a correlation of 0.93, TISBX and VTMSX 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.

Which is riskier, TISBX or VTMSX?

TISBX has higher volatility (5.55%) compared to VTMSX (4.43%). In terms of maximum drawdown, TISBX dropped -56.50% vs VTMSX's -57.84%.

Which has better risk-adjusted returns?

TISBX currently has the higher Sharpe Ratio (2.23 vs 1.91), 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.