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VTCIX vs. VIIIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTCIX vs. VIIIX

Last updated Jul 14, 2026
Documentation

VTCIX (Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - VTCIX is a Large Cap Blend Equities fund managed by BlackRock, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VTCIX returned 15.21%/yr vs 15.39%/yr for VIIIX. With a 0.99 correlation, they move nearly in lockstep. VTCIX charges 0.06%/yr vs 0.02%/yr for VIIIX.

Performance

VTCIX vs. VIIIX - 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 Institutional Index Fund Institutional Plus Shares (VIIIX). 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 11.29% return and VIIIX slightly higher at 11.34%. Both investments have delivered pretty close results over the past 10 years, with VTCIX having a 15.21% annualized return and VIIIX not far ahead at 15.39%.

VTCIX

1D
0.33%
1M
2.12%
6M
8.93%
YTD
11.29%
1Y
22.33%
3Y*
20.62%
5Y*
12.50%
10Y*
15.21%

VIIIX

1D
0.43%
1M
2.02%
6M
9.19%
YTD
11.34%
1Y
22.45%
3Y*
21.51%
5Y*
13.38%
10Y*
15.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTCIX vs. VIIIX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTCIX
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares		11.29%17.48%23.81%26.65%-19.05%26.92%21.09%31.51%-4.95%22.44%
VIIIX
Vanguard Institutional Index Fund Institutional Plus Shares		11.34%17.87%26.29%25.79%-18.14%28.69%18.41%31.48%-4.41%21.82%

Correlation

The correlation between VTCIX and VIIIX 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 Feb 24, 1999

0.99

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

VTCIX vs. VIIIX - Sectors Allocation Comparison

Sectors
VTCIX
VIIIX

Technology

37.4%
39.0%

Financial Services

11.2%
10.9%

Communication Services

10.5%
10.3%

Consumer Cyclical

10.1%
9.8%

Industrials

8.8%
7.4%

Healthcare

8.5%
8.3%

Consumer Defensive

4.4%
4.5%

Energy

3.3%
3.2%

Utilities

2.0%
2.5%

Basic Materials

2.0%
1.8%

Real Estate

1.9%
1.8%

Technology

VTCIX
37.4%
VIIIX
39.0%

Financial Services

VTCIX
11.2%
VIIIX
10.9%

Communication Services

VTCIX
10.5%
VIIIX
10.3%

Consumer Cyclical

VTCIX
10.1%
VIIIX
9.8%

Industrials

VTCIX
8.8%
VIIIX
7.4%

Healthcare

VTCIX
8.5%
VIIIX
8.3%

Consumer Defensive

VTCIX
4.4%
VIIIX
4.5%

Energy

VTCIX
3.3%
VIIIX
3.2%

Utilities

VTCIX
2.0%
VIIIX
2.5%

Basic Materials

VTCIX
2.0%
VIIIX
1.8%

Real Estate

VTCIX
1.9%
VIIIX
1.8%

Compare stocks, funds, or ETFs

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Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares

Vanguard Institutional Index Fund Institutional Plus Shares

Often compared with VTCIX:
VTCIX vs. VTSAXVTCIX vs. VMGAXVTCIX vs. PRWCXVTCIX vs. VFIAXVTCIX vs. TWCUXVTCIX vs. VTIVTCIX vs. VOO
Often compared with VIIIX:
VIIIX vs. VIGIXVIIIX vs. SPYVIIIX vs. OIEJXVIIIX vs. VTSNXVIIIX vs. VTIVIIIX vs. VEMPXVIIIX vs. VFIFX

Return for Risk

VTCIX vs. VIIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTCIX
VTCIX Risk / Return Rank: 6464
Overall Rank
VTCIX Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
VTCIX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VTCIX Omega Ratio Rank: 5858
Omega Ratio Rank
VTCIX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VTCIX Martin Ratio Rank: 7878
Martin Ratio Rank
VIIIX
VIIIX Risk / Return Rank: 6565
Overall Rank
VIIIX Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
VIIIX Sortino Ratio Rank: 5959
Sortino Ratio Rank
VIIIX Omega Ratio Rank: 6161
Omega Ratio Rank
VIIIX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VIIIX Martin Ratio Rank: 7777
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. VIIIX - 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 Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

VTCIXVIIIXDifference
Sharpe ratioReturn per unit of total volatility
1.74
1.77

-0.03

Sortino ratioReturn per unit of downside risk
2.40
2.43

-0.03

Omega ratioGain probability vs. loss probability

1.31

1.32

-0.01

Calmar ratioReturn relative to maximum drawdown

2.50

2.49

+0.01

Martin ratioReturn relative to average drawdown

11.04

10.93

+0.11

VTCIX vs. VIIIX - Sharpe Ratio Comparison

The current VTCIX Sharpe Ratio is 1.74, which is comparable to the VIIIX Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of VTCIX and VIIIX, 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. VIIIX - Drawdown Comparison

The maximum VTCIX drawdown since its inception was -55.17%, roughly equal to the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for VTCIX and VIIIX.

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Drawdown Indicators

VTCIXVIIIXDifference

Max Drawdown

Largest peak-to-trough decline

-55.17%

-55.18%

+0.01%

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%

-24.50%

-0.46%

Max Drawdown (10Y)

Largest decline over 10 years

-34.56%

-33.79%

-0.77%

Current Drawdown

Current decline from peak

-0.03%

-0.32%

+0.29%

Average Drawdown

Average peak-to-trough decline

-11.93%

-9.99%

-1.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.99%

2.02%

-0.03%

Volatility

VTCIX vs. VIIIX - Volatility Comparison

Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) have volatilities of 4.26% and 4.26%, 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

VTCIXVIIIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.26%

4.26%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

10.03%

9.96%

+0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

12.66%

12.52%

+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

18.25%

18.04%

+0.21%

VTCIX vs. VIIIX - Expense Ratio Comparison

VTCIX has a 0.06% expense ratio, which is higher than VIIIX's 0.02% 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. VIIIX - Dividend Comparison

VTCIX's dividend yield for the trailing twelve months is around 0.92%, less than VIIIX's 2.47% yield.

PositionTTM20252024202320222021202020192018201720162015
VIIIX
Vanguard Institutional Index Fund Institutional Plus Shares		2.47%2.11%3.66%2.66%3.39%4.79%3.07%2.86%2.45%1.84%2.38%2.47%
VTCIX
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares		0.92%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 VIIIX 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.

VIIIX has higher volatility (4.26%) compared to VTCIX (4.26%). In terms of maximum drawdown, VTCIX dropped -55.17% vs VIIIX's -55.18%.

VIIIX currently has the higher Sharpe Ratio (1.77 vs 1.74), 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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