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VTCLX vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTCLX vs. QUAL

Last updated Jun 5, 2026

VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) and QUAL (iShares MSCI USA Quality Factor ETF) are both Large Cap Blend Equities funds. Over the past 10 years, VTCLX returned 15.38%/yr vs 14.29%/yr for QUAL. With a 0.96 correlation, they move nearly in lockstep. VTCLX charges 0.09%/yr vs 0.15%/yr for QUAL.

Performance

VTCLX vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) and iShares MSCI USA Quality Factor ETF (QUAL). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTCLX achieves a 10.53% return, which is significantly higher than QUAL's 9.65% return. Over the past 10 years, VTCLX has outperformed QUAL with an annualized return of 15.38%, while QUAL has yielded a comparatively lower 14.29% annualized return.

VTCLX

1D
-0.70%
1M
4.04%
YTD
10.53%
6M
10.36%
1Y
27.36%
3Y*
21.92%
5Y*
13.10%
10Y*
15.38%

QUAL

1D
0.79%
1M
4.74%
YTD
9.65%
6M
9.63%
1Y
22.18%
3Y*
20.16%
5Y*
12.13%
10Y*
14.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTCLX vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTCLX
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares		10.53%17.44%23.76%26.62%-19.07%26.87%21.08%31.47%-4.98%22.40%
QUAL
iShares MSCI USA Quality Factor ETF		9.65%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between VTCLX and QUAL is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.97

Correlation (All Time)
Calculated using the full available price history since Jul 19, 2013

0.96

The correlation between VTCLX and QUAL has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

VTCLX vs. QUAL - Sectors Allocation Comparison

Sectors
VTCLX
QUAL

Technology

33.9%
36.5%

Financial Services

11.9%
11.5%

Communication Services

10.9%
11.1%

Consumer Cyclical

10.1%
9.3%

Industrials

8.8%
8.2%

Healthcare

8.6%
9.0%

Consumer Defensive

4.9%
4.9%

Energy

3.8%
4.0%

Utilities

2.7%
1.9%

Basic Materials

2.1%
1.7%

Real Estate

2.0%
1.8%

Technology

VTCLX
33.9%
QUAL
36.5%

Financial Services

VTCLX
11.9%
QUAL
11.5%

Communication Services

VTCLX
10.9%
QUAL
11.1%

Consumer Cyclical

VTCLX
10.1%
QUAL
9.3%

Industrials

VTCLX
8.8%
QUAL
8.2%

Healthcare

VTCLX
8.6%
QUAL
9.0%

Consumer Defensive

VTCLX
4.9%
QUAL
4.9%

Energy

VTCLX
3.8%
QUAL
4.0%

Utilities

VTCLX
2.7%
QUAL
1.9%

Basic Materials

VTCLX
2.1%
QUAL
1.7%

Real Estate

VTCLX
2.0%
QUAL
1.8%

Compare stocks, funds, or ETFs

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Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares

iShares MSCI USA Quality Factor ETF

Often compared with VTCLX:
VTCLX vs. VOOVTCLX vs. IWOVTCLX vs. VTMFXVTCLX vs. VTIVTCLX vs. VTMSXVTCLX vs. PRCOXVTCLX vs. VTSMX
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

VTCLX vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTCLX
VTCLX Risk / Return Rank: 6363
Overall Rank
VTCLX Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
VTCLX Sortino Ratio Rank: 5656
Sortino Ratio Rank
VTCLX Omega Ratio Rank: 5656
Omega Ratio Rank
VTCLX Calmar Ratio Rank: 6666
Calmar Ratio Rank
VTCLX Martin Ratio Rank: 7777
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 5656
Overall Rank
QUAL Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 5757
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5555
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5151
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6363
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.

VTCLX vs. QUAL - 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 iShares MSCI USA Quality Factor ETF (QUAL). 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.

VTCLXQUALDifference
Sharpe ratioReturn per unit of total volatility
2.29
1.88

+0.41

Sortino ratioReturn per unit of downside risk
3.14
2.68

+0.47

Omega ratioGain probability vs. loss probability

1.41

1.33

+0.08

Calmar ratioReturn relative to maximum drawdown

3.13

2.47

+0.66

Martin ratioReturn relative to average drawdown

14.54

11.25

+3.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTCLX vs. QUAL - Sharpe Ratio Comparison

The current VTCLX Sharpe Ratio is 2.29, which is comparable to the QUAL Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of VTCLX and QUAL, 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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Sharpe Ratios by Period

VTCLXQUALDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

1.88

+0.41

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.76

0.70

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.79

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.80

-0.27

Drawdowns

VTCLX vs. QUAL - Drawdown Comparison

The maximum VTCLX drawdown since its inception was -55.18%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for VTCLX and QUAL.

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Drawdown Indicators

VTCLXQUALDifference

Max Drawdown

Largest peak-to-trough decline

-55.18%

-34.06%

-21.12%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-9.03%

+0.24%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-18.00%

-1.01%

Max Drawdown (5Y)

Largest decline over 5 years

-24.98%

-28.23%

+3.25%

Max Drawdown (10Y)

Largest decline over 10 years

-34.56%

-34.06%

-0.50%

Current Drawdown

Current decline from peak

-0.70%

0.00%

-0.70%

Average Drawdown

Average peak-to-trough decline

-7.56%

-4.10%

-3.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

1.98%

-0.09%

Volatility

VTCLX vs. QUAL - Volatility Comparison

Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) has a higher volatility of 2.95% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 2.54%. This indicates that VTCLX's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTCLXQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.95%

2.54%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

9.10%

9.06%

+0.04%

Volatility (1Y)

Calculated over the trailing 1-year period

12.03%

11.84%

+0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.22%

17.33%

-0.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.27%

18.09%

+0.18%

VTCLX vs. QUAL - Expense Ratio Comparison

VTCLX has a 0.09% expense ratio, which is lower than QUAL's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VTCLX vs. QUAL - Dividend Comparison

VTCLX's dividend yield for the trailing twelve months is around 0.85%, less than QUAL's 0.87% yield.

PositionTTM20252024202320222021202020192018201720162015
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%
VTCLX
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares		0.85%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 0.94, VTCLX and QUAL 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.

VTCLX has higher volatility (2.95%) compared to QUAL (2.54%). In terms of maximum drawdown, VTCLX dropped -55.18% vs QUAL's -34.06%.

VTCLX currently has the higher Sharpe Ratio (2.29 vs 1.88), 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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