VTCLX vs. VTIAX

Last updated Jun 24, 2026

VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) and VTIAX (Vanguard Total International Stock Index Fund Admiral Shares) are both mutual funds - VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while VTIAX is a Foreign Large Cap Equities fund tracking the FTSE Global All Cap ex US Index. Both are passively managed. Over the past 10 years, VTCLX returned 15.64%/yr vs 10.47%/yr for VTIAX. Their correlation of 0.81 suggests significant overlap in exposure. VTCLX charges 0.05%/yr vs 0.09%/yr for VTIAX.

Performance

VTCLX vs. VTIAX - 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 International Stock Index Fund Admiral Shares (VTIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTCLX achieves a 9.59% return, which is significantly lower than VTIAX's 15.81% return. Over the past 10 years, VTCLX has outperformed VTIAX with an annualized return of 15.64%, while VTIAX has yielded a comparatively lower 10.47% annualized return.

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%

VTIAX

• 1D: 0.17%
• 1M: 3.27%
• YTD: 15.81%
• 6M: 15.70%
• 1Y: 33.45%
• 3Y*: 20.02%
• 5Y*: 9.14%
• 10Y*: 10.47%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VTCLX vs. VTIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VTIAX Vanguard Total International Stock Index Fund Admiral Shares	15.81%	32.18%	5.34%	15.28%	-16.02%	8.59%	11.27%	21.52%	-14.46%	27.54%

Correlation

The correlation between VTCLX and VTIAX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Nov 29, 2010	0.81

The correlation between VTCLX and VTIAX has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

VTCLX vs. VTIAX - Sectors Allocation Comparison

Sectors	VTCLX	VTIAX
Technology	37.4%	18.1%
Financial Services	11.2%	22.3%
Communication Services	10.5%	4.4%
Consumer Cyclical	10.1%	8.4%
Industrials	8.8%	16.1%
Healthcare	8.5%	7.1%
Consumer Defensive	4.4%	5.0%
Energy	3.3%	5.2%
Utilities	2.0%	3.2%
Basic Materials	2.0%	7.6%
Real Estate	1.9%	2.6%

Return for Risk

VTCLX vs. VTIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VTCLX

VTCLX Risk / Return Rank: 63
VTCLX Sharpe Ratio Rank: 59
VTCLX Sortino Ratio Rank: 54
VTCLX Omega Ratio Rank: 55
VTCLX Calmar Ratio Rank: 67
VTCLX Martin Ratio Rank: 77

VTIAX

VTIAX Risk / Return Rank: 68
VTIAX Sharpe Ratio Rank: 73
VTIAX Sortino Ratio Rank: 65
VTIAX Omega Ratio Rank: 71
VTIAX Calmar Ratio Rank: 69
VTIAX Martin Ratio Rank: 64

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. VTIAX - 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 International Stock Index Fund Admiral Shares (VTIAX). 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	VTIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.28	-0.19
Sortino ratio: Return per unit of downside risk	2.84	3.07	-0.22
Omega ratio: Gain probability vs. loss probability	1.38	1.43	-0.05
Calmar ratio: Return relative to maximum drawdown	3.00	3.05	-0.05
Martin ratio: Return relative to average drawdown	13.52	11.84	+1.68

VTCLX vs. VTIAX - Sharpe Ratio Comparison

The current VTCLX Sharpe Ratio is 2.09, which is comparable to the VTIAX Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of VTCLX and VTIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTCLX vs. VTIAX - Drawdown Comparison

The maximum VTCLX drawdown since its inception was -55.18%, which is greater than VTIAX's maximum drawdown of -35.83%. Use the drawdown chart below to compare losses from any high point for VTCLX and VTIAX.

Drawdown Indicators

	VTCLX	VTIAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.18%	-35.83%	-19.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.79%	-11.28%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-13.13%	-5.88%
Max Drawdown (5Y) Largest decline over 5 years	-24.98%	-29.52%	+4.54%
Max Drawdown (10Y) Largest decline over 10 years	-34.56%	-35.83%	+1.27%
Current Drawdown Current decline from peak	-1.55%	0.00%	-1.55%
Average Drawdown Average peak-to-trough decline	-7.55%	-8.06%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.90%	-0.95%

Volatility

VTCLX vs. VTIAX - Volatility Comparison

The current volatility for Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) is 4.68%, while Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) has a volatility of 6.02%. This indicates that VTCLX experiences smaller price fluctuations and is considered to be less risky than VTIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTCLX	VTIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	6.02%	-1.34%
Volatility (6M) Calculated over the trailing 6-month period	9.93%	13.03%	-3.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.64%	15.10%	-2.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.31%	15.21%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	15.95%	+2.37%

VTCLX vs. VTIAX - Expense Ratio Comparison

VTCLX has a 0.05% expense ratio, which is lower than VTIAX's 0.09% 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. VTIAX - Dividend Comparison

VTCLX's dividend yield for the trailing twelve months is around 0.91%, less than VTIAX's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTIAX Vanguard Total International Stock Index Fund Admiral Shares	2.48%	3.15%	3.33%	3.22%	3.04%	3.05%	2.10%	3.04%	3.16%	2.73%	2.93%	2.84%

Frequently Asked Questions

Can I hold both VTCLX and VTIAX in my portfolio?

VTCLX and VTIAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTCLX or VTIAX?

VTIAX has higher volatility (6.02%) compared to VTCLX (4.68%). In terms of maximum drawdown, VTCLX dropped -55.18% vs VTIAX's -35.83%.

Which has better risk-adjusted returns?

VTIAX currently has the higher Sharpe Ratio (2.28 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.