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VTCIX vs. VFIAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTCIX vs. VFIAX

Last updated Jun 24, 2026

VTCIX (Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VTCIX is a Large Cap Blend Equities fund managed by BlackRock, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VTCIX returned 15.67%/yr vs 15.76%/yr for VFIAX. With a 0.99 correlation, they move nearly in lockstep. VTCIX charges 0.06%/yr vs 0.04%/yr for VFIAX.

Performance

VTCIX vs. VFIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with VTCIX having a 9.60% return and VFIAX slightly higher at 9.77%. Both investments have delivered pretty close results over the past 10 years, with VTCIX having a 15.67% annualized return and VFIAX not far ahead at 15.76%.

VTCIX

1D
-0.40%
1M
0.38%
YTD
9.60%
6M
8.52%
1Y
25.13%
3Y*
21.00%
5Y*
12.80%
10Y*
15.67%

VFIAX

1D
-0.36%
1M
0.10%
YTD
9.77%
6M
8.77%
1Y
25.48%
3Y*
21.36%
5Y*
13.57%
10Y*
15.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTCIX vs. VFIAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTCIX
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares		9.60%17.48%23.81%26.65%-19.05%26.92%21.09%31.51%-4.95%22.44%
VFIAX
Vanguard 500 Index Fund Admiral Shares		9.77%17.83%24.97%26.24%-18.16%28.65%18.32%31.46%-4.45%21.78%

Correlation

The correlation between VTCIX and VFIAX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

1.00

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2000

0.99

The correlation between VTCIX and VFIAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VTCIX vs. VFIAX - Sectors Allocation Comparison

Sectors
VTCIX
VFIAX

Technology

33.9%
39.1%

Financial Services

11.9%
10.9%

Communication Services

10.9%
10.5%

Consumer Cyclical

10.1%
9.8%

Industrials

8.8%
7.6%

Healthcare

8.6%
8.3%

Consumer Defensive

4.9%
4.5%

Energy

3.8%
3.2%

Utilities

2.7%
2.5%

Basic Materials

2.1%
1.7%

Real Estate

2.0%
1.8%

Technology

VTCIX
33.9%
VFIAX
39.1%

Financial Services

VTCIX
11.9%
VFIAX
10.9%

Communication Services

VTCIX
10.9%
VFIAX
10.5%

Consumer Cyclical

VTCIX
10.1%
VFIAX
9.8%

Industrials

VTCIX
8.8%
VFIAX
7.6%

Healthcare

VTCIX
8.6%
VFIAX
8.3%

Consumer Defensive

VTCIX
4.9%
VFIAX
4.5%

Energy

VTCIX
3.8%
VFIAX
3.2%

Utilities

VTCIX
2.7%
VFIAX
2.5%

Basic Materials

VTCIX
2.1%
VFIAX
1.7%

Real Estate

VTCIX
2.0%
VFIAX
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares

Vanguard 500 Index Fund Admiral Shares

Often compared with VTCIX:
VTCIX vs. VTSAXVTCIX vs. VMGAXVTCIX vs. PRWCXVTCIX vs. TWCUXVTCIX vs. VTIVTCIX vs. VOOVTCIX vs. VRGWX
Often compared with VFIAX:
VFIAX vs. VOOVFIAX vs. VTIVFIAX vs. SPYVFIAX vs. VITAXVFIAX vs. VVIAXVFIAX vs. VFIFXVFIAX vs. VBIAX

Return for Risk

VTCIX vs. VFIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTCIX
VTCIX Risk / Return Rank: 6363
Overall Rank
VTCIX Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VTCIX Sortino Ratio Rank: 5454
Sortino Ratio Rank
VTCIX Omega Ratio Rank: 5555
Omega Ratio Rank
VTCIX Calmar Ratio Rank: 6767
Calmar Ratio Rank
VTCIX Martin Ratio Rank: 7777
Martin Ratio Rank
VFIAX
VFIAX Risk / Return Rank: 6565
Overall Rank
VFIAX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
VFIAX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VFIAX Omega Ratio Rank: 5959
Omega Ratio Rank
VFIAX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VFIAX Martin Ratio Rank: 7878
Martin Ratio Rank
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.

VTCIX vs. VFIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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.

VTCIXVFIAXDifference
Sharpe ratioReturn per unit of total volatility
2.09
2.15

-0.05

Sortino ratioReturn per unit of downside risk
2.85
2.91

-0.06

Omega ratioGain probability vs. loss probability

1.38

1.39

-0.01

Calmar ratioReturn relative to maximum drawdown

3.01

3.01

-0.01

Martin ratioReturn relative to average drawdown

13.54

13.60

-0.05

VTCIX vs. VFIAX - Sharpe Ratio Comparison

The current VTCIX Sharpe Ratio is 2.09, which is comparable to the VFIAX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of VTCIX and VFIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VTCIX vs. VFIAX - Drawdown Comparison

The maximum VTCIX drawdown since its inception was -55.17%, roughly equal to the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VTCIX and VFIAX.

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Drawdown Indicators

VTCIXVFIAXDifference

Max Drawdown

Largest peak-to-trough decline

-55.17%

-55.20%

+0.03%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-8.90%

+0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-18.75%

-0.26%

Max Drawdown (5Y)

Largest decline over 5 years

-24.96%

-24.53%

-0.43%

Max Drawdown (10Y)

Largest decline over 10 years

-34.56%

-33.83%

-0.73%

Current Drawdown

Current decline from peak

-1.55%

-1.72%

+0.17%

Average Drawdown

Average peak-to-trough decline

-11.95%

-9.38%

-2.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

1.97%

-0.02%

Volatility

VTCIX vs. VFIAX - Volatility Comparison

Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) and Vanguard 500 Index Fund Admiral Shares (VFIAX) have volatilities of 4.68% and 4.67%, 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.

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Volatility by Period

VTCIXVFIAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.68%

4.67%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

9.93%

9.84%

+0.09%

Volatility (1Y)

Calculated over the trailing 1-year period

12.64%

12.50%

+0.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.31%

16.99%

+0.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.32%

18.11%

+0.21%

VTCIX vs. VFIAX - Expense Ratio Comparison

VTCIX has a 0.06% expense ratio, which is higher than VFIAX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTCIX vs. VFIAX - Dividend Comparison

VTCIX's dividend yield for the trailing twelve months is around 0.93%, less than VFIAX's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
VFIAX
Vanguard 500 Index Fund Admiral Shares		1.03%1.12%1.24%1.45%1.68%1.24%1.53%1.87%2.05%1.78%2.02%2.10%
VTCIX
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares		0.93%0.96%1.07%1.27%1.50%1.07%1.34%1.55%1.86%1.60%1.79%1.73%

Frequently Asked Questions

With a correlation of 1.00, VTCIX and VFIAX 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.

VTCIX has higher volatility (4.68%) compared to VFIAX (4.67%). In terms of maximum drawdown, VTCIX dropped -55.17% vs VFIAX's -55.20%.

VFIAX currently has the higher Sharpe Ratio (2.15 vs 2.09), 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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