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VTCLX vs. VTMSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTCLX vs. VTMSX

Last updated Jun 24, 2026

VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) and VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) are both mutual funds - VTCLX is a Large Cap Blend Equities fund tracking the Russell 1000 Index, while VTMSX is a Small Cap Blend Equities fund managed by BlackRock. Over the past 10 years, VTCLX returned 15.64%/yr vs 11.38%/yr for VTMSX. Their correlation of 0.87 suggests significant overlap in exposure. VTCLX charges 0.05%/yr vs 0.09%/yr for VTMSX.

Performance

VTCLX vs. VTMSX - 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 Tax-Managed Small-Cap Fund Admiral Shares (VTMSX). 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 lower than VTMSX's 20.11% return. Over the past 10 years, VTCLX has outperformed VTMSX with an annualized return of 15.64%, while VTMSX has yielded a comparatively lower 11.38% 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%

VTMSX

1D
0.05%
1M
4.66%
YTD
20.11%
6M
17.64%
1Y
35.38%
3Y*
16.42%
5Y*
6.79%
10Y*
11.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTCLX vs. VTMSX - 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%
VTMSX
Vanguard Tax-Managed Small-Cap Fund Admiral Shares		20.11%5.93%8.61%15.95%-16.16%27.08%11.05%23.28%-8.62%13.05%

Correlation

The correlation between VTCLX and VTMSX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.76

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

0.77

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

0.81

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

0.80

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

0.87

The correlation between VTCLX and VTMSX shifts across timeframes, from 0.76 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

VTCLX vs. VTMSX - Sectors Allocation Comparison

Sectors
VTCLX
VTMSX

Technology

37.4%
17.1%

Financial Services

11.2%
16.4%

Communication Services

10.5%
3.6%

Consumer Cyclical

10.1%
13.1%

Industrials

8.8%
15.2%

Healthcare

8.5%
10.9%

Consumer Defensive

4.4%
3.4%

Energy

3.3%
5.5%

Utilities

2.0%
1.9%

Basic Materials

2.0%
5.1%

Real Estate

1.9%
7.7%

Technology

VTCLX
37.4%
VTMSX
17.1%

Financial Services

VTCLX
11.2%
VTMSX
16.4%

Communication Services

VTCLX
10.5%
VTMSX
3.6%

Consumer Cyclical

VTCLX
10.1%
VTMSX
13.1%

Industrials

VTCLX
8.8%
VTMSX
15.2%

Healthcare

VTCLX
8.5%
VTMSX
10.9%

Consumer Defensive

VTCLX
4.4%
VTMSX
3.4%

Energy

VTCLX
3.3%
VTMSX
5.5%

Utilities

VTCLX
2.0%
VTMSX
1.9%

Basic Materials

VTCLX
2.0%
VTMSX
5.1%

Real Estate

VTCLX
1.9%
VTMSX
7.7%

Compare stocks, funds, or ETFs

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Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares

Vanguard Tax-Managed Small-Cap Fund Admiral Shares

Often compared with VTCLX:
VTCLX vs. VOOVTCLX vs. VTMFXVTCLX vs. IWOVTCLX vs. VTIVTCLX vs. PRCOXVTCLX vs. VTSMXVTCLX vs. VUG
Often compared with VTMSX:
VTMSX vs. VSMAXVTMSX vs. AVUVVTMSX vs. VFIAXVTMSX vs. ^SP600VTMSX vs. FSMDXVTMSX vs. FNDAVTMSX vs. TISBX

Return for Risk

VTCLX vs. VTMSX — 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
VTMSX
VTMSX Risk / Return Rank: 6969
Overall Rank
VTMSX Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
VTMSX Sortino Ratio Rank: 6262
Sortino Ratio Rank
VTMSX Omega Ratio Rank: 5050
Omega Ratio Rank
VTMSX Calmar Ratio Rank: 9090
Calmar Ratio Rank
VTMSX Martin Ratio Rank: 8484
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. VTMSX - 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 Tax-Managed Small-Cap Fund Admiral Shares (VTMSX). 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.

VTCLXVTMSXDifference
Sharpe ratioReturn per unit of total volatility
2.09
2.10

0.00

Sortino ratioReturn per unit of downside risk
2.84
3.01

-0.17

Omega ratioGain probability vs. loss probability

1.38

1.36

+0.02

Calmar ratioReturn relative to maximum drawdown

3.00

4.33

-1.33

Martin ratioReturn relative to average drawdown

13.52

14.50

-0.98

VTCLX vs. VTMSX - Sharpe Ratio Comparison

The current VTCLX Sharpe Ratio is 2.09, which is comparable to the VTMSX Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of VTCLX and VTMSX, 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. VTMSX - Drawdown Comparison

The maximum VTCLX drawdown since its inception was -55.18%, roughly equal to the maximum VTMSX drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for VTCLX and VTMSX.

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Drawdown Indicators

VTCLXVTMSXDifference

Max Drawdown

Largest peak-to-trough decline

-55.18%

-57.84%

+2.66%

Max Drawdown (1Y)

Largest decline over 1 year

-8.79%

-8.59%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-19.01%

-27.93%

+8.92%

Max Drawdown (5Y)

Largest decline over 5 years

-24.98%

-27.93%

+2.95%

Max Drawdown (10Y)

Largest decline over 10 years

-34.56%

-43.88%

+9.32%

Current Drawdown

Current decline from peak

-1.55%

0.00%

-1.55%

Average Drawdown

Average peak-to-trough decline

-7.55%

-8.91%

+1.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

2.56%

-0.61%

Volatility

VTCLX vs. VTMSX - Volatility Comparison

Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) and Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) have volatilities of 4.68% and 4.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTCLXVTMSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.68%

4.88%

-0.20%

Volatility (6M)

Calculated over the trailing 6-month period

9.93%

12.09%

-2.16%

Volatility (1Y)

Calculated over the trailing 1-year period

12.64%

17.78%

-5.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.31%

21.46%

-4.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.32%

23.15%

-4.83%

VTCLX vs. VTMSX - Expense Ratio Comparison

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

VTCLX's dividend yield for the trailing twelve months is around 0.91%, less than VTMSX's 1.12% 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%
VTMSX
Vanguard Tax-Managed Small-Cap Fund Admiral Shares		1.12%1.28%1.44%1.50%1.51%1.16%1.09%1.15%1.26%1.11%1.01%1.26%

Frequently Asked Questions

VTCLX and VTMSX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VTMSX has higher volatility (4.88%) compared to VTCLX (4.68%). In terms of maximum drawdown, VTCLX dropped -55.18% vs VTMSX's -57.84%.

VTMSX currently has the higher Sharpe Ratio (2.10 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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