VTCLX vs. VTSMX
VTCLX (Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares) and VTSMX (Vanguard Total Stock Market Index Fund Investor Shares) are both Large Cap Blend Equities funds from Vanguard - VTCLX tracks the Russell 1000 Index while VTSMX tracks the CRSP US Total Market Index. Both are passively managed. Over the past 10 years, VTCLX returned 15.42%/yr vs 14.88%/yr for VTSMX. With a 1.00 correlation, they move nearly in lockstep. VTCLX charges 0.05%/yr vs 0.06%/yr for VTSMX.
Performance
VTCLX vs. VTSMX - Performance Comparison
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Returns By Period
In the year-to-date period, VTCLX achieves a 10.03% return, which is significantly lower than VTSMX's 10.70% return. Both investments have delivered pretty close results over the past 10 years, with VTCLX having a 15.42% annualized return and VTSMX not far behind at 14.88%.
VTCLX
- 1D
- 1.08%
- 1M
- 0.78%
- YTD
- 10.03%
- 6M
- 9.38%
- 1Y
- 26.78%
- 3Y*
- 20.54%
- 5Y*
- 13.27%
- 10Y*
- 15.42%
VTSMX
- 1D
- 1.14%
- 1M
- 0.90%
- YTD
- 10.70%
- 6M
- 9.91%
- 1Y
- 27.47%
- 3Y*
- 20.31%
- 5Y*
- 12.63%
- 10Y*
- 14.88%
VTCLX vs. VTSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTCLX Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares | 10.03% | 17.44% | 23.76% | 26.62% | -19.07% | 26.87% | 21.08% | 31.47% | -4.98% | 22.40% |
VTSMX Vanguard Total Stock Market Index Fund Investor Shares | 10.70% | 16.63% | 22.76% | 26.38% | -19.60% | 25.59% | 20.87% | 30.63% | -5.27% | 21.05% |
Correlation
The correlation between VTCLX and VTSMX is 1.00 - 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 | 1.00 |
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 | 1.00 |
The correlation between VTCLX and VTSMX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
VTCLX vs. VTSMX — Risk / Return Rank
VTCLX
VTSMX
VTCLX vs. VTSMX - 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 Index Fund Investor Shares (VTSMX). 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 | VTSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 3.06 | -0.03 |
| Martin ratioReturn relative to average drawdown | 13.67 | 13.72 | -0.05 |
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Drawdowns
VTCLX vs. VTSMX - Drawdown Comparison
The maximum VTCLX drawdown since its inception was -55.18%, roughly equal to the maximum VTSMX drawdown of -55.38%. Use the drawdown chart below to compare losses from any high point for VTCLX and VTSMX.
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Drawdown Indicators
| VTCLX | VTSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.18% | -55.38% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -8.79% | -8.93% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -19.01% | -19.63% | +0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -24.98% | -25.43% | +0.45% |
Max Drawdown (10Y)Largest decline over 10 years | -34.56% | -34.98% | +0.42% |
Current DrawdownCurrent decline from peak | -1.15% | -1.13% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -7.55% | -8.89% | +1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 1.99% | -0.04% |
Volatility
VTCLX vs. VTSMX - Volatility Comparison
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares (VTCLX) and Vanguard Total Stock Market Index Fund Investor Shares (VTSMX) have volatilities of 4.78% 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
| VTCLX | VTSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.78% | 4.88% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 9.99% | 10.11% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 12.81% | -0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.31% | 17.46% | -0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.32% | 18.45% | -0.13% |
VTCLX vs. VTSMX - Expense Ratio Comparison
VTCLX has a 0.05% expense ratio, which is lower than VTSMX's 0.06% 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. VTSMX - Dividend Comparison
VTCLX's dividend yield for the trailing twelve months is around 0.91%, less than VTSMX's 0.94% 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% |
VTSMX Vanguard Total Stock Market Index Fund Investor Shares | 0.94% | 0.75% | 0.89% | 1.33% | 1.54% | 1.11% | 1.33% | 1.67% | 1.92% | 1.61% | 1.83% | 1.86% |
Frequently Asked Questions
With a correlation of 1.00, VTCLX and VTSMX 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.
VTSMX has higher volatility (4.88%) compared to VTCLX (4.78%). In terms of maximum drawdown, VTCLX dropped -55.18% vs VTSMX's -55.38%.
VTSMX currently has the higher Sharpe Ratio (2.13 vs 2.11), 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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