VTCLX vs. CAPEX
VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) and CAPEX (Eaton Vance Tax Managed Growth 1.0 Fund) are both mutual funds - VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while CAPEX is a Large Cap Growth Equities fund managed by BlackRock. Over the past 10 years, VTCLX returned 15.01%/yr vs 14.62%/yr for CAPEX. Their 0.99 correlation means they have historically moved very closely together. VTCLX charges 0.05%/yr vs 0.45%/yr for CAPEX.
Performance
VTCLX vs. CAPEX - Performance Comparison
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Returns By Period
In the year-to-date period, VTCLX achieves a 9.93% return, which is significantly higher than CAPEX's 6.95% return. Both investments have delivered pretty close results over the past 10 years, with VTCLX having a 15.01% annualized return and CAPEX not far behind at 14.62%.
VTCLX
- 1D
- 0.60%
- 1M
- -0.20%
- 6M
- 7.78%
- YTD
- 9.93%
- 1Y
- 21.13%
- 3Y*
- 18.88%
- 5Y*
- 12.06%
- 10Y*
- 15.01%
- ALL TIME*
- 10.11%
CAPEX
- 1D
- 1.48%
- 1M
- -0.85%
- 6M
- 5.16%
- YTD
- 6.95%
- 1Y
- 16.60%
- 3Y*
- 18.18%
- 5Y*
- 11.50%
- 10Y*
- 14.62%
- ALL TIME*
- 10.29%
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 |
VTCLX vs. CAPEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 9.93% | 17.44% | 23.76% | 26.62% | -19.07% | 26.87% | 21.08% | 31.47% | -4.98% | 22.40% |
CAPEX Eaton Vance Tax Managed Growth 1.0 Fund | 6.95% | 16.83% | 25.45% | 28.62% | -19.92% | 25.05% | 23.49% | 29.70% | -4.95% | 22.72% |
Correlation
The correlation between VTCLX and CAPEX is 0.97 - 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. | 0.97 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.99 |
The correlation between VTCLX and CAPEX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
VTCLX vs. CAPEX — Risk / Return Rank
VTCLX
CAPEX
VTCLX vs. CAPEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) and Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX). 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.
| VTCLX | CAPEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.20 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 1.39 | +0.81 |
| Martin ratioReturn relative to average drawdown | 9.51 | 5.91 | +3.60 |
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Drawdowns
VTCLX vs. CAPEX - Drawdown Comparison
The maximum VTCLX drawdown since its inception was -55.18%, which is greater than CAPEX's maximum drawdown of -51.71%. Use the drawdown chart below to compare losses from any high point for VTCLX and CAPEX.
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Drawdown Indicators
| VTCLX | CAPEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -51.71% | -3.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.79% | -10.52% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -19.05% | +0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -24.98% | -25.87% | +0.89% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -32.94% | -1.62% |
Current DrawdownCurrent decline from peak | -1.24% | -2.90% | +1.66% |
Average DrawdownAverage peak-to-trough decline | -7.53% | -8.35% | +0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 2.46% | -0.44% |
Volatility
VTCLX vs. CAPEX - Volatility Comparison
The current volatility for Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) is 3.47%, while Eaton Vance Tax Managed Growth 1.0 Fund (CAPEX) has a volatility of 3.78%. This indicates that VTCLX experiences smaller price fluctuations and is considered to be less risky than CAPEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTCLX | CAPEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.47% | 3.78% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 10.64% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 13.30% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.32% | 17.45% | -0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.27% | 18.36% | -0.09% |
VTCLX vs. CAPEX - Expense Ratio Comparison
VTCLX has a 0.05% expense ratio, which is lower than CAPEX's 0.45% expense ratio.
Dividends
VTCLX vs. CAPEX - Dividend Comparison
VTCLX's dividend yield for the trailing twelve months is around 0.91%, less than CAPEX's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAPEX Eaton Vance Tax Managed Growth 1.0 Fund | 3.09% | 3.19% | 2.40% | 0.83% | 0.97% | 0.63% | 0.88% | 1.15% | 1.36% | 1.20% | 1.41% | 1.39% |
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 0.91% | 0.93% | 1.04% | 1.24% | 1.47% | 1.04% | 1.32% | 1.52% | 1.83% | 1.57% | 1.76% | 1.69% |
Frequently Asked Questions
With a correlation of 0.97, VTCLX and CAPEX 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.
CAPEX has higher volatility (3.78%) compared to VTCLX (3.47%). In terms of maximum drawdown, VTCLX dropped -55.18% vs CAPEX's -51.71%.
VTCLX currently has the higher Sharpe Ratio (1.48 vs 1.10), 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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