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VTCIX vs. VHYAX
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Performance

VTCIX vs. VHYAX - 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 High Dividend Yield Index Fund Admiral Shares (VHYAX). The values are adjusted to include any dividend payments, if applicable.

0.00%5.00%10.00%JuneJulyAugustSeptemberOctoberNovember
11.25%
10.20%
VTCIX
VHYAX

Returns By Period

In the year-to-date period, VTCIX achieves a 24.08% return, which is significantly higher than VHYAX's 20.17% return.


VTCIX

YTD

24.08%

1M

0.91%

6M

11.47%

1Y

31.91%

5Y (annualized)

15.29%

10Y (annualized)

13.07%

VHYAX

YTD

20.17%

1M

-0.08%

6M

10.33%

1Y

28.62%

5Y (annualized)

11.07%

10Y (annualized)

N/A

Key characteristics


VTCIXVHYAX
Sharpe Ratio2.582.78
Sortino Ratio3.453.92
Omega Ratio1.481.51
Calmar Ratio3.755.64
Martin Ratio16.4917.79
Ulcer Index1.95%1.65%
Daily Std Dev12.47%10.57%
Max Drawdown-55.17%-35.14%
Current Drawdown-1.90%-1.05%

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VTCIX vs. VHYAX - Expense Ratio Comparison

VTCIX has a 0.06% expense ratio, which is lower than VHYAX's 0.08% 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%.


VHYAX
Vanguard High Dividend Yield Index Fund Admiral Shares
Expense ratio chart for VHYAX: current value at 0.08% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.08%
Expense ratio chart for VTCIX: current value at 0.06% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.06%

Correlation

-0.50.00.51.00.8

The correlation between VTCIX and VHYAX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Risk-Adjusted Performance

VTCIX vs. VHYAX - Risk-Adjusted Performance Comparison

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


Sharpe ratio
The chart of Sharpe ratio for VTCIX, currently valued at 2.58, compared to the broader market0.002.004.002.582.78
The chart of Sortino ratio for VTCIX, currently valued at 3.45, compared to the broader market0.005.0010.003.453.92
The chart of Omega ratio for VTCIX, currently valued at 1.48, compared to the broader market1.002.003.004.001.481.51
The chart of Calmar ratio for VTCIX, currently valued at 3.75, compared to the broader market0.005.0010.0015.0020.0025.003.755.64
The chart of Martin ratio for VTCIX, currently valued at 16.49, compared to the broader market0.0020.0040.0060.0080.00100.0016.4917.79
VTCIX
VHYAX

The current VTCIX Sharpe Ratio is 2.58, which is comparable to the VHYAX Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of VTCIX and VHYAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Rolling 12-month Sharpe Ratio1.001.502.002.503.003.50JuneJulyAugustSeptemberOctoberNovember
2.58
2.78
VTCIX
VHYAX

Dividends

VTCIX vs. VHYAX - Dividend Comparison

VTCIX's dividend yield for the trailing twelve months is around 1.10%, less than VHYAX's 2.75% yield.


TTM20232022202120202019201820172016201520142013
VTCIX
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares
1.10%1.27%1.50%1.07%1.34%1.55%1.87%1.60%1.79%1.73%1.59%1.55%
VHYAX
Vanguard High Dividend Yield Index Fund Admiral Shares
2.75%3.10%2.98%2.74%3.16%3.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

VTCIX vs. VHYAX - Drawdown Comparison

The maximum VTCIX drawdown since its inception was -55.17%, which is greater than VHYAX's maximum drawdown of -35.14%. Use the drawdown chart below to compare losses from any high point for VTCIX and VHYAX. For additional features, visit the drawdowns tool.


-8.00%-6.00%-4.00%-2.00%0.00%JuneJulyAugustSeptemberOctoberNovember
-1.90%
-1.05%
VTCIX
VHYAX

Volatility

VTCIX vs. VHYAX - Volatility Comparison

Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) has a higher volatility of 4.21% compared to Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) at 3.85%. This indicates that VTCIX's price experiences larger fluctuations and is considered to be riskier than VHYAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


2.00%3.00%4.00%5.00%6.00%JuneJulyAugustSeptemberOctoberNovember
4.21%
3.85%
VTCIX
VHYAX