TNVDX vs. VTMFX

Last updated Jun 23, 2026

TNVDX (1290 DoubleLine Dynamic Allocation Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 5 years, TNVDX returned 5.84%/yr vs 7.23%/yr for VTMFX. Their correlation of 0.89 suggests significant overlap in exposure. TNVDX charges 1.27%/yr vs 0.05%/yr for VTMFX.

Performance

TNVDX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 1290 DoubleLine Dynamic Allocation Fund (TNVDX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TNVDX having a 5.22% return and VTMFX slightly higher at 5.44%.

TNVDX

• 1D: 0.37%
• 1M: 0.70%
• YTD: 5.22%
• 6M: 5.32%
• 1Y: 13.40%
• 3Y*: 9.73%
• 5Y*: 5.84%
• 10Y*: —

VTMFX

• 1D: 0.57%
• 1M: 0.96%
• YTD: 5.44%
• 6M: 5.27%
• 1Y: 15.82%
• 3Y*: 11.93%
• 5Y*: 7.23%
• 10Y*: 8.63%

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

TNVDX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNVDX 1290 DoubleLine Dynamic Allocation Fund	5.22%	10.45%	8.62%	9.34%	-8.50%	10.36%	13.50%	18.37%	-3.93%	8.11%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.44%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between TNVDX and VTMFX is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.89

The correlation between TNVDX and VTMFX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

TNVDX vs. VTMFX — Risk / Return Rank

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

TNVDX

TNVDX Risk / Return Rank: 62
TNVDX Sharpe Ratio Rank: 73
TNVDX Sortino Ratio Rank: 67
TNVDX Omega Ratio Rank: 79
TNVDX Calmar Ratio Rank: 45
TNVDX Martin Ratio Rank: 46

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 81
VTMFX Sortino Ratio Rank: 79
VTMFX Omega Ratio Rank: 79
VTMFX Calmar Ratio Rank: 64
VTMFX Martin Ratio Rank: 79

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.

TNVDX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 1290 DoubleLine Dynamic Allocation Fund (TNVDX) 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.

	TNVDX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.45	-0.17
Sortino ratio: Return per unit of downside risk	3.12	3.45	-0.33
Omega ratio: Gain probability vs. loss probability	1.47	1.47	0.00
Calmar ratio: Return relative to maximum drawdown	2.44	2.93	-0.50
Martin ratio: Return relative to average drawdown	9.18	13.72	-4.55

TNVDX vs. VTMFX - Sharpe Ratio Comparison

The current TNVDX Sharpe Ratio is 2.28, which is comparable to the VTMFX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of TNVDX 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

TNVDX vs. VTMFX - Drawdown Comparison

The maximum TNVDX drawdown since its inception was -20.14%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for TNVDX and VTMFX.

Drawdown Indicators

	TNVDX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-20.14%	-28.49%	+8.35%
Max Drawdown (1Y) Largest decline over 1 year	-5.48%	-5.38%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-6.21%	-10.61%	+4.40%
Max Drawdown (5Y) Largest decline over 5 years	-17.69%	-17.40%	-0.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.87%	—
Current Drawdown Current decline from peak	-0.28%	-0.56%	+0.28%
Average Drawdown Average peak-to-trough decline	-2.63%	-3.54%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	1.15%	+0.30%

Volatility

TNVDX vs. VTMFX - Volatility Comparison

1290 DoubleLine Dynamic Allocation Fund (TNVDX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) have volatilities of 2.40% and 2.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNVDX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	2.50%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	5.11%	5.21%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	5.85%	6.45%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.20%	8.57%	-1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.71%	9.15%	-0.44%

TNVDX vs. VTMFX - Expense Ratio Comparison

TNVDX has a 1.27% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

TNVDX vs. VTMFX - Dividend Comparison

TNVDX's dividend yield for the trailing twelve months is around 8.11%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNVDX 1290 DoubleLine Dynamic Allocation Fund	8.11%	7.69%	9.73%	5.52%	4.67%	10.18%	8.15%	5.58%	5.02%	6.06%	0.00%	0.00%
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 TNVDX and VTMFX in my portfolio?

TNVDX and VTMFX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNVDX or VTMFX?

VTMFX has higher volatility (2.50%) compared to TNVDX (2.40%). In terms of maximum drawdown, TNVDX dropped -20.14% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.45 vs 2.28), 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.