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VTCIX vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTCIX vs. VOO

Last updated Aug 4, 2026
Documentation

VTCIX (Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares) and VOO (Vanguard S&P 500 ETF) are both funds - VTCIX is a Large Cap Blend Equities fund managed by BlackRock, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VTCIX returned 15.04%/yr vs 15.17%/yr for VOO. Their 0.99 correlation means they have historically moved very closely together. VTCIX charges 0.06%/yr vs 0.03%/yr for VOO.

Performance

VTCIX vs. VOO - 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 S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTCIX achieves a 9.95% return, which is significantly lower than VOO's 11.72% return. Both investments have delivered pretty close results over the past 10 years, with VTCIX having a 15.04% annualized return and VOO not far ahead at 15.17%.

VTCIX

1D
0.61%
1M
-0.19%
6M
7.80%
YTD
9.95%
1Y
21.16%
3Y*
18.92%
5Y*
12.10%
10Y*
15.04%
ALL TIME*
9.02%

VOO

1D
1.42%
1M
1.69%
6M
9.53%
YTD
11.72%
1Y
23.30%
3Y*
20.85%
5Y*
13.12%
10Y*
15.17%
ALL TIME*
14.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VOO

Vanguard S&P 500 ETF
$3.97B$3.80B$5.49B

VTCIX

Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares
$0.00$0.00$0.00

VTCIX vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTCIX
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares		9.95%17.48%23.81%26.65%-19.05%26.92%21.09%31.51%-4.95%22.44%
VOO
Vanguard S&P 500 ETF		11.72%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between VTCIX and VOO is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.99

Correlation (3Y)
Balances recent behavior with more history.

0.99

Correlation (5Y)
Shows whether the relationship held over a longer period.

1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

0.99

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.99

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

VTCIX vs. VOO - Sectors Allocation Comparison

Sectors
VTCIX
VOO

Technology

36.9%
38.6%

Financial Services

11.7%
11.4%

Consumer Cyclical

9.4%
9.5%

Communication Services

9.3%
9.9%

Healthcare

9.0%
8.9%

Industrials

9.0%
8.5%

Consumer Defensive

4.4%
4.5%

Energy

3.2%
3.0%

Utilities

2.6%
2.2%

Basic Materials

2.1%
1.7%

Real Estate

2.0%
1.8%

Technology

VTCIX
36.9%
VOO
38.6%

Financial Services

VTCIX
11.7%
VOO
11.4%

Consumer Cyclical

VTCIX
9.4%
VOO
9.5%

Communication Services

VTCIX
9.3%
VOO
9.9%

Healthcare

VTCIX
9.0%
VOO
8.9%

Industrials

VTCIX
9.0%
VOO
8.5%

Consumer Defensive

VTCIX
4.4%
VOO
4.5%

Energy

VTCIX
3.2%
VOO
3.0%

Utilities

VTCIX
2.6%
VOO
2.2%

Basic Materials

VTCIX
2.1%
VOO
1.7%

Real Estate

VTCIX
2.0%
VOO
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 S&P 500 ETF

Often compared with VTCIX:
VTCIX vs. VTSAXVTCIX vs. VMGAXVTCIX vs. PRWCXVTCIX vs. VFIAXVTCIX vs. TWCUXVTCIX vs. VTIVTCIX vs. VRGWX
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. FXAIXVOO vs. SPYVOO vs. VGT

Return for Risk

VTCIX vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VTCIX
VTCIX Risk / Return Rank: 5757
Overall Rank
VTCIX Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
VTCIX Sortino Ratio Rank: 4949
Sortino Ratio Rank
VTCIX Omega Ratio Rank: 4949
Omega Ratio Rank
VTCIX Calmar Ratio Rank: 6060
Calmar Ratio Rank
VTCIX Martin Ratio Rank: 7373
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 7878
Overall Rank
VOO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 7777
Sortino Ratio Rank
VOO Omega Ratio Rank: 7878
Omega Ratio Rank
VOO Calmar Ratio Rank: 7474
Calmar Ratio Rank
VOO Martin Ratio Rank: 8383
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTCIX vs. VOO - 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 S&P 500 ETF (VOO). 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.

VTCIXVOODifference
Sharpe ratioReturn per unit of total volatility
1.49
1.83

-0.35

Sortino ratioReturn per unit of downside risk
2.08
2.53

-0.45

Omega ratioGain probability vs. loss probability

1.27

1.33

-0.06

Calmar ratioReturn relative to maximum drawdown

2.19

2.63

-0.44

Martin ratioReturn relative to average drawdown

9.53

11.23

-1.70

VTCIX vs. VOO - Sharpe Ratio Comparison

The current VTCIX Sharpe Ratio is 1.49, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of VTCIX and VOO, 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. VOO - Drawdown Comparison

The maximum VTCIX drawdown since its inception was -55.17%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VTCIX and VOO.

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Drawdown Indicators

VTCIXVOODifference

Max Drawdown

Largest peak-to-trough decline

-55.17%

-33.99%

-21.18%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-8.90%

+0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-18.69%

-0.32%

Max Drawdown (5Y)

Largest decline over 5 years

-24.96%

-24.52%

-0.44%

Max Drawdown (10Y)

Largest decline over 10 years

-34.56%

-33.99%

-0.57%

Current Drawdown

Current decline from peak

-1.24%

0.00%

-1.24%

Average Drawdown

Average peak-to-trough decline

-11.91%

-3.67%

-8.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.02%

2.08%

-0.06%

Volatility

VTCIX vs. VOO - Volatility Comparison

The current volatility for Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) is 3.47%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.81%. This indicates that VTCIX experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTCIXVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.47%

3.81%

-0.34%

Volatility (6M)

Calculated over the trailing 6-month period

10.17%

10.18%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

12.98%

12.80%

+0.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.32%

16.95%

+0.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.27%

18.02%

+0.25%

VTCIX vs. VOO - Expense Ratio Comparison

VTCIX has a 0.06% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison

VTCIX's dividend yield for the trailing twelve months is around 0.93%, less than VOO's 1.05% yield.

PositionTTM20252024202320222021202020192018201720162015
VOO
Vanguard S&P 500 ETF		1.05%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%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 0.99, VTCIX and VOO 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.

VOO has higher volatility (3.81%) compared to VTCIX (3.47%). In terms of maximum drawdown, VTCIX dropped -55.17% vs VOO's -33.99%.

VOO currently has the higher Sharpe Ratio (1.83 vs 1.49), 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.

Portfolio Optimizer

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