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VTCLX vs. VTI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTCLX vs. VTI

Last updated Jun 24, 2026

VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) and VTI (Vanguard Total Stock Market ETF) are both Large Cap Blend Equities funds from Vanguard - VTCLX tracks the Russell 1000 Index while VTI tracks the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, VTCLX returned 15.64%/yr vs 15.14%/yr for VTI. With a 0.99 correlation, they move nearly in lockstep. VTCLX charges 0.05%/yr vs 0.03%/yr for VTI.

Performance

VTCLX vs. VTI - 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 Vanguard Total Stock Market ETF (VTI). 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 9.59% return, which is significantly higher than VTI's 8.82% return. Both investments have delivered pretty close results over the past 10 years, with VTCLX having a 15.64% annualized return and VTI not far behind at 15.14%.

VTCLX

1D
-0.40%
1M
0.38%
YTD
9.59%
6M
8.51%
1Y
25.09%
3Y*
20.96%
5Y*
12.76%
10Y*
15.64%

VTI

1D
-1.39%
1M
-0.84%
YTD
8.82%
6M
7.71%
1Y
24.22%
3Y*
20.62%
5Y*
11.90%
10Y*
15.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTCLX vs. VTI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTCLX
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares		9.59%17.44%23.76%26.62%-19.07%26.87%21.08%31.47%-4.98%22.40%
VTI
Vanguard Total Stock Market ETF		8.82%17.10%23.81%26.05%-19.52%25.68%21.08%30.67%-5.23%21.21%

Correlation

The correlation between VTCLX and VTI 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

1.00

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

1.00

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

1.00

Correlation (All Time)
Calculated using the full available price history since Nov 12, 2001

0.99

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

VTCLX vs. VTI - Sectors Allocation Comparison

Sectors
VTCLX
VTI

Technology

37.4%
37.0%

Financial Services

11.2%
11.3%

Communication Services

10.5%
9.8%

Consumer Cyclical

10.1%
9.7%

Industrials

8.8%
9.4%

Healthcare

8.5%
9.0%

Consumer Defensive

4.4%
4.3%

Energy

3.3%
3.3%

Utilities

2.0%
2.1%

Basic Materials

2.0%
1.9%

Real Estate

1.9%
2.3%

Technology

VTCLX
37.4%
VTI
37.0%

Financial Services

VTCLX
11.2%
VTI
11.3%

Communication Services

VTCLX
10.5%
VTI
9.8%

Consumer Cyclical

VTCLX
10.1%
VTI
9.7%

Industrials

VTCLX
8.8%
VTI
9.4%

Healthcare

VTCLX
8.5%
VTI
9.0%

Consumer Defensive

VTCLX
4.4%
VTI
4.3%

Energy

VTCLX
3.3%
VTI
3.3%

Utilities

VTCLX
2.0%
VTI
2.1%

Basic Materials

VTCLX
2.0%
VTI
1.9%

Real Estate

VTCLX
1.9%
VTI
2.3%

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Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares

Vanguard Total Stock Market ETF

Often compared with VTCLX:
VTCLX vs. VOOVTCLX vs. VTMFXVTCLX vs. IWOVTCLX vs. VTMSXVTCLX vs. PRCOXVTCLX vs. VTSMXVTCLX vs. VUG
Often compared with VTI:
VTI vs. VOOVTI vs. VXUSVTI vs. SPYVTI vs. VTVTI vs. SCHDVTI vs. FZROXVTI vs. QQQ

Return for Risk

VTCLX vs. VTI — 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: 5454
Sortino Ratio Rank
VTCLX Omega Ratio Rank: 5555
Omega Ratio Rank
VTCLX Calmar Ratio Rank: 6767
Calmar Ratio Rank
VTCLX Martin Ratio Rank: 7777
Martin Ratio Rank
VTI
VTI Risk / Return Rank: 5959
Overall Rank
VTI Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
VTI Sortino Ratio Rank: 5656
Sortino Ratio Rank
VTI Omega Ratio Rank: 5757
Omega Ratio Rank
VTI Calmar Ratio Rank: 5757
Calmar Ratio Rank
VTI Martin Ratio Rank: 6868
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. VTI - 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 Vanguard Total Stock Market ETF (VTI). 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.

VTCLXVTIDifference
Sharpe ratioReturn per unit of total volatility
2.09
1.90

+0.19

Sortino ratioReturn per unit of downside risk
2.84
2.59

+0.25

Omega ratioGain probability vs. loss probability

1.38

1.34

+0.04

Calmar ratioReturn relative to maximum drawdown

3.00

2.73

+0.27

Martin ratioReturn relative to average drawdown

13.52

12.14

+1.38

VTCLX vs. VTI - Sharpe Ratio Comparison

The current VTCLX Sharpe Ratio is 2.09, which is comparable to the VTI Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of VTCLX and VTI, 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

VTCLX vs. VTI - Drawdown Comparison

The maximum VTCLX drawdown since its inception was -55.18%, roughly equal to the maximum VTI drawdown of -55.45%. Use the drawdown chart below to compare losses from any high point for VTCLX and VTI.

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Drawdown Indicators

VTCLXVTIDifference

Max Drawdown

Largest peak-to-trough decline

-55.18%

-55.45%

+0.27%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-8.92%

+0.13%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-19.30%

+0.29%

Max Drawdown (5Y)

Largest decline over 5 years

-24.98%

-25.36%

+0.38%

Max Drawdown (10Y)

Largest decline over 10 years

-34.56%

-35.00%

+0.44%

Current Drawdown

Current decline from peak

-1.55%

-2.85%

+1.30%

Average Drawdown

Average peak-to-trough decline

-7.55%

-8.01%

+0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

2.00%

-0.05%

Volatility

VTCLX vs. VTI - Volatility Comparison

The current volatility for Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) is 4.68%, while Vanguard Total Stock Market ETF (VTI) has a volatility of 4.95%. This indicates that VTCLX experiences smaller price fluctuations and is considered to be less risky than VTI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTCLXVTIDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.68%

4.95%

-0.27%

Volatility (6M)

Calculated over the trailing 6-month period

9.93%

10.05%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

12.64%

12.83%

-0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.31%

17.51%

-0.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.32%

18.32%

0.00%

VTCLX vs. VTI - Expense Ratio Comparison

VTCLX has a 0.05% expense ratio, which is higher than VTI'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

VTCLX vs. VTI - Dividend Comparison

VTCLX's dividend yield for the trailing twelve months is around 0.91%, less than VTI's 1.04% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VTI
Vanguard Total Stock Market ETF		1.04%1.12%1.27%1.44%1.66%1.21%1.42%1.78%2.04%1.71%1.92%1.98%

Frequently Asked Questions

With a correlation of 0.99, VTCLX and VTI 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.

VTI has higher volatility (4.95%) compared to VTCLX (4.68%). In terms of maximum drawdown, VTCLX dropped -55.18% vs VTI's -55.45%.

VTCLX currently has the higher Sharpe Ratio (2.09 vs 1.90), 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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