VTCIX vs. VMGAX
VTCIX (Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares) and VMGAX (Vanguard Mega Cap Growth Index Fund Institutional Shares) are both mutual funds - VTCIX is a Large Cap Blend Equities fund managed by BlackRock, while VMGAX is a Large Cap Growth Equities fund tracking the CRSP US Mega Cap Growth Index. Over the past 10 years, VTCIX returned 14.90%/yr vs 18.05%/yr for VMGAX. Their correlation of 0.94 means they have usually moved in the same direction. VTCIX charges 0.06%/yr vs 0.05%/yr for VMGAX.
Performance
VTCIX vs. VMGAX - Performance Comparison
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Returns By Period
In the year-to-date period, VTCIX achieves a 9.29% return, which is significantly higher than VMGAX's 3.59% return. Over the past 10 years, VTCIX has underperformed VMGAX with an annualized return of 14.90%, while VMGAX has yielded a comparatively higher 18.05% annualized return.
VTCIX
- 1D
- 1.63%
- 1M
- -0.79%
- 6M
- 7.73%
- YTD
- 9.29%
- 1Y
- 20.43%
- 3Y*
- 18.57%
- 5Y*
- 11.96%
- 10Y*
- 14.90%
- ALL TIME*
- 8.99%
VMGAX
- 1D
- 2.74%
- 1M
- -2.05%
- 6M
- 5.39%
- YTD
- 3.59%
- 1Y
- 15.11%
- 3Y*
- 21.22%
- 5Y*
- 12.81%
- 10Y*
- 18.05%
- ALL TIME*
- 13.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VTCIX vs. VMGAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTCIX Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares | 9.29% | 17.48% | 23.81% | 26.65% | -19.05% | 26.92% | 21.09% | 31.51% | -4.95% | 22.44% |
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares | 3.59% | 20.73% | 32.98% | 51.57% | -33.55% | 28.50% | 41.02% | 37.54% | -2.86% | 29.49% |
Correlation
The correlation between VTCIX and VMGAX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Dec 27, 2007 | 0.94 |
The correlation between VTCIX and VMGAX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
VTCIX vs. VMGAX — Risk / Return Rank
VTCIX
VMGAX
VTCIX vs. VMGAX - 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 Mega Cap Growth Index Fund Institutional Shares (VMGAX). 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.
| VTCIX | VMGAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.13 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 0.76 | +1.31 |
| Martin ratioReturn relative to average drawdown | 8.98 | 2.39 | +6.59 |
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Drawdowns
VTCIX vs. VMGAX - Drawdown Comparison
The maximum VTCIX drawdown since its inception was -55.17%, which is greater than VMGAX's maximum drawdown of -47.97%. Use the drawdown chart below to compare losses from any high point for VTCIX and VMGAX.
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Drawdown Indicators
| VTCIX | VMGAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.17% | -47.97% | -7.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.79% | -16.78% | +7.99% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -23.45% | +4.44% |
Max Drawdown (5Y)Largest decline over 5 years | -24.96% | -36.03% | +11.07% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -36.03% | +1.47% |
Current DrawdownCurrent decline from peak | -1.83% | -7.18% | +5.35% |
Average DrawdownAverage peak-to-trough decline | -11.91% | -7.42% | -4.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 5.33% | -3.31% |
Volatility
VTCIX vs. VMGAX - Volatility Comparison
The current volatility for Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) is 3.42%, while Vanguard Mega Cap Growth Index Fund Institutional Shares (VMGAX) has a volatility of 5.69%. This indicates that VTCIX experiences smaller price fluctuations and is considered to be less risky than VMGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTCIX | VMGAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 5.69% | -2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.16% | 14.67% | -4.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.97% | 18.22% | -5.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.33% | 23.00% | -5.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.27% | 22.02% | -3.75% |
VTCIX vs. VMGAX - Expense Ratio Comparison
VTCIX has a 0.06% expense ratio, which is higher than VMGAX's 0.05% 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. VMGAX - Dividend Comparison
VTCIX's dividend yield for the trailing twelve months is around 0.94%, more than VMGAX's 0.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VMGAX Vanguard Mega Cap Growth Index Fund Institutional Shares | 0.35% | 0.36% | 0.44% | 0.51% | 0.71% | 0.42% | 0.65% | 0.86% | 1.13% | 1.23% | 1.53% | 1.44% |
VTCIX Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares | 0.94% | 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 0.92, VTCIX and VMGAX 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.
VMGAX has higher volatility (5.69%) compared to VTCIX (3.42%). In terms of maximum drawdown, VTCIX dropped -55.17% vs VMGAX's -47.97%.
VTCIX currently has the higher Sharpe Ratio (1.40 vs 0.70), 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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