TNXAX vs. VTMFX

Last updated Jun 24, 2026

TNXAX (1290 Loomis Sayles Multi-Asset Income Fund Class A) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both Diversified Portfolio funds. Over the past 5 years, TNXAX returned 5.38%/yr vs 7.01%/yr for VTMFX. Their correlation of 0.89 suggests significant overlap in exposure. TNXAX charges 1.14%/yr vs 0.05%/yr for VTMFX.

Performance

TNXAX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 1290 Loomis Sayles Multi-Asset Income Fund Class A (TNXAX) 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 TNXAX having a 5.11% return and VTMFX slightly higher at 5.23%.

TNXAX

• 1D: 0.09%
• 1M: 0.68%
• YTD: 5.11%
• 6M: 5.01%
• 1Y: 12.80%
• 3Y*: 9.83%
• 5Y*: 5.38%
• 10Y*: —

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)

TNXAX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TNXAX 1290 Loomis Sayles Multi-Asset Income Fund Class A	5.11%	10.19%	8.37%	9.11%	-8.74%	10.02%	13.24%	18.22%	-4.28%	8.13%
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 TNXAX and VTMFX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
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 TNXAX and VTMFX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.

Return for Risk

TNXAX vs. VTMFX — Risk / Return Rank

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

TNXAX

TNXAX Risk / Return Rank: 60
TNXAX Sharpe Ratio Rank: 70
TNXAX Sortino Ratio Rank: 65
TNXAX Omega Ratio Rank: 78
TNXAX Calmar Ratio Rank: 43
TNXAX Martin Ratio Rank: 45

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.

TNXAX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 1290 Loomis Sayles Multi-Asset Income Fund Class A (TNXAX) 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.

	TNXAX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.43	-0.18
Sortino ratio: Return per unit of downside risk	3.08	3.42	-0.34
Omega ratio: Gain probability vs. loss probability	1.46	1.46	0.00
Calmar ratio: Return relative to maximum drawdown	2.36	2.91	-0.55
Martin ratio: Return relative to average drawdown	8.96	13.60	-4.65

TNXAX vs. VTMFX - Sharpe Ratio Comparison

The current TNXAX Sharpe Ratio is 2.25, which is comparable to the VTMFX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of TNXAX 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

TNXAX vs. VTMFX - Drawdown Comparison

The maximum TNXAX drawdown since its inception was -20.07%, smaller than the maximum VTMFX drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for TNXAX and VTMFX.

Drawdown Indicators

	TNXAX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-28.49%	+8.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.58%	-5.38%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-9.89%	-10.61%	+0.72%
Max Drawdown (5Y) Largest decline over 5 years	-17.80%	-17.40%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.87%	—
Current Drawdown Current decline from peak	-0.18%	-0.75%	+0.57%
Average Drawdown Average peak-to-trough decline	-2.92%	-3.54%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	1.15%	+0.32%

Volatility

TNXAX vs. VTMFX - Volatility Comparison

The current volatility for 1290 Loomis Sayles Multi-Asset Income Fund Class A (TNXAX) is 2.31%, while Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has a volatility of 2.45%. This indicates that TNXAX 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

	TNXAX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	2.45%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	5.11%	5.18%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	5.87%	6.46%	-0.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.90%	8.57%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.00%	9.15%	-0.15%

TNXAX vs. VTMFX - Expense Ratio Comparison

TNXAX has a 1.14% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

TNXAX vs. VTMFX - Dividend Comparison

TNXAX's dividend yield for the trailing twelve months is around 7.87%, more than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TNXAX 1290 Loomis Sayles Multi-Asset Income Fund Class A	7.87%	7.45%	9.48%	5.31%	4.42%	9.95%	7.91%	5.34%	4.75%	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 TNXAX and VTMFX in my portfolio?

TNXAX and VTMFX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNXAX or VTMFX?

VTMFX has higher volatility (2.45%) compared to TNXAX (2.31%). In terms of maximum drawdown, TNXAX dropped -20.07% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.43 vs 2.25), 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.