VFSNX vs. NTKLX

Last updated Jul 14, 2026

VFSNX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares) and NTKLX (Voya Multi-Manager International Small Cap Fund) are both Foreign Small & Mid Cap Equities funds. Over the past 10 years, VFSNX returned 7.96%/yr vs 10.12%/yr for NTKLX. With a 0.96 correlation, they move nearly in lockstep. VFSNX charges 0.11%/yr vs 1.53%/yr for NTKLX.

Performance

VFSNX vs. NTKLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and Voya Multi-Manager International Small Cap Fund (NTKLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFSNX achieves a 7.99% return, which is significantly lower than NTKLX's 9.49% return. Over the past 10 years, VFSNX has underperformed NTKLX with an annualized return of 7.96%, while NTKLX has yielded a comparatively higher 10.12% annualized return.

VFSNX

• 1D: 0.54%
• 1M: -1.61%
• 6M: 4.16%
• YTD: 7.99%
• 1Y: 17.96%
• 3Y*: 15.00%
• 5Y*: 5.47%
• 10Y*: 7.96%

NTKLX

• 1D: 0.47%
• 1M: -1.90%
• 6M: 5.61%
• YTD: 9.49%
• 1Y: 20.09%
• 3Y*: 18.70%
• 5Y*: 7.96%
• 10Y*: 10.12%

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

VFSNX vs. NTKLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	7.99%	29.97%	2.63%	15.18%	-21.26%	12.74%	11.92%	21.72%	-18.46%	30.30%
NTKLX Voya Multi-Manager International Small Cap Fund	9.49%	38.63%	5.55%	13.93%	-18.71%	15.50%	15.38%	24.29%	-22.21%	34.93%

Correlation

The correlation between VFSNX and NTKLX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Mar 20, 2009	0.96

The correlation between VFSNX and NTKLX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

VFSNX vs. NTKLX — Risk / Return Rank

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

VFSNX

VFSNX Risk / Return Rank: 30
VFSNX Sharpe Ratio Rank: 31
VFSNX Sortino Ratio Rank: 30
VFSNX Omega Ratio Rank: 32
VFSNX Calmar Ratio Rank: 28
VFSNX Martin Ratio Rank: 31

NTKLX

NTKLX Risk / Return Rank: 36
NTKLX Sharpe Ratio Rank: 38
NTKLX Sortino Ratio Rank: 36
NTKLX Omega Ratio Rank: 38
NTKLX Calmar Ratio Rank: 34
NTKLX Martin Ratio Rank: 36

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.

VFSNX vs. NTKLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and Voya Multi-Manager International Small Cap Fund (NTKLX). 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.

	VFSNX	NTKLX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.36	-0.15
Sortino ratio: Return per unit of downside risk	1.72	1.94	-0.22
Omega ratio: Gain probability vs. loss probability	1.23	1.25	-0.02
Calmar ratio: Return relative to maximum drawdown	1.53	1.74	-0.21
Martin ratio: Return relative to average drawdown	5.37	6.28	-0.92

VFSNX vs. NTKLX - Sharpe Ratio Comparison

The current VFSNX Sharpe Ratio is 1.21, which is comparable to the NTKLX Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of VFSNX and NTKLX, 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

VFSNX vs. NTKLX - Drawdown Comparison

The maximum VFSNX drawdown since its inception was -43.65%, smaller than the maximum NTKLX drawdown of -68.61%. Use the drawdown chart below to compare losses from any high point for VFSNX and NTKLX.

Drawdown Indicators

	VFSNX	NTKLX	Difference
Max Drawdown Largest peak-to-trough decline	-43.65%	-68.61%	+24.96%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-12.78%	+1.31%
Max Drawdown (3Y) Largest decline over 3 years	-14.70%	-13.71%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-33.75%	-34.03%	+0.28%
Max Drawdown (10Y) Largest decline over 10 years	-43.65%	-44.56%	+0.91%
Current Drawdown Current decline from peak	-4.43%	-3.93%	-0.50%
Average Drawdown Average peak-to-trough decline	-9.45%	-19.52%	+10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.38%	-0.13%

Volatility

VFSNX vs. NTKLX - Volatility Comparison

Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares (VFSNX) and Voya Multi-Manager International Small Cap Fund (NTKLX) have volatilities of 5.58% and 5.65%, 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

	VFSNX	NTKLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	5.65%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	13.75%	-1.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.41%	16.32%	-1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	17.07%	-1.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.62%	16.80%	-1.18%

VFSNX vs. NTKLX - Expense Ratio Comparison

VFSNX has a 0.11% expense ratio, which is lower than NTKLX's 1.53% expense ratio.

Dividends

VFSNX vs. NTKLX - Dividend Comparison

VFSNX's dividend yield for the trailing twelve months is around 3.21%, less than NTKLX's 7.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NTKLX Voya Multi-Manager International Small Cap Fund	7.64%	8.36%	2.33%	1.67%	2.27%	12.31%	1.29%	2.05%	12.01%	0.88%	0.56%	0.76%
VFSNX Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	3.21%	3.36%	3.41%	3.11%	2.26%	2.70%	1.90%	3.25%	2.81%	2.85%	2.93%	2.69%

Frequently Asked Questions

Can I hold both VFSNX and NTKLX in my portfolio?

With a correlation of 0.90, VFSNX and NTKLX 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, VFSNX or NTKLX?

NTKLX has higher volatility (5.65%) compared to VFSNX (5.58%). In terms of maximum drawdown, VFSNX dropped -43.65% vs NTKLX's -68.61%.

Which has better risk-adjusted returns?

NTKLX currently has the higher Sharpe Ratio (1.36 vs 1.21), 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.