VTCIX vs. VTMFX
VTCIX (Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - VTCIX is a Large Cap Blend Equities fund managed by BlackRock, while VTMFX is a Diversified Portfolio fund tracking the Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index. Over the past 10 years, VTCIX returned 15.67%/yr vs 8.70%/yr for VTMFX. With a 0.98 correlation, they move nearly in lockstep. VTCIX charges 0.06%/yr vs 0.05%/yr for VTMFX.
Performance
VTCIX vs. VTMFX - Performance Comparison
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Returns By Period
In the year-to-date period, VTCIX achieves a 9.60% return, which is significantly higher than VTMFX's 5.23% return. Over the past 10 years, VTCIX has outperformed VTMFX with an annualized return of 15.67%, while VTMFX has yielded a comparatively lower 8.70% annualized return.
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%
VTMFX
- 1D
- -0.19%
- 1M
- 0.76%
- YTD
- 5.23%
- 6M
- 4.83%
- 1Y
- 14.99%
- 3Y*
- 12.08%
- 5Y*
- 7.01%
- 10Y*
- 8.70%
VTCIX vs. VTMFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | 5.23% | 11.28% | 12.17% | 15.55% | -12.69% | 13.10% | 13.31% | 18.01% | -1.40% | 12.61% |
Correlation
The correlation between VTCIX and VTMFX is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 1999 | 0.98 |
The correlation between VTCIX and VTMFX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
VTCIX vs. VTMFX — Risk / Return Rank
VTCIX
VTMFX
VTCIX vs. VTMFX - 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 Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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 | VTMFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.46 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.01 | 2.91 | +0.10 |
| Martin ratioReturn relative to average drawdown | 13.54 | 13.60 | -0.06 |
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Drawdowns
VTCIX vs. VTMFX - Drawdown Comparison
The maximum VTCIX drawdown since its inception was -55.17%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for VTCIX and VTMFX.
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Drawdown Indicators
| VTCIX | VTMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.17% | -28.49% | -26.68% |
Max Drawdown (1Y)Largest decline over 1 year | -8.79% | -5.38% | -3.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -10.61% | -8.40% |
Max Drawdown (5Y)Largest decline over 5 years | -24.96% | -17.40% | -7.56% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -21.87% | -12.69% |
Current DrawdownCurrent decline from peak | -1.55% | -0.75% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -11.95% | -3.54% | -8.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.15% | +0.80% |
Volatility
VTCIX vs. VTMFX - Volatility Comparison
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) has a higher volatility of 4.68% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.45%. This indicates that VTCIX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTCIX | VTMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 2.45% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 9.93% | 5.18% | +4.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 6.46% | +6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.31% | 8.57% | +8.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 9.15% | +9.17% |
VTCIX vs. VTMFX - Expense Ratio Comparison
VTCIX has a 0.06% expense ratio, which is higher than VTMFX'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. VTMFX - Dividend Comparison
VTCIX's dividend yield for the trailing twelve months is around 0.93%, less than VTMFX's 2.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | 2.12% | 2.14% | 2.08% | 1.94% | 1.85% | 1.38% | 1.72% | 2.05% | 2.22% | 2.00% | 2.13% | 2.06% |
Frequently Asked Questions
With a correlation of 0.99, VTCIX and VTMFX 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 VTMFX (2.45%). In terms of maximum drawdown, VTCIX dropped -55.17% vs VTMFX's -28.49%.
VTMFX currently has the higher Sharpe Ratio (2.43 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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