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VTIVX vs. VTWAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTIVX vs. VTWAX

Last updated Jun 4, 2026

VTIVX (Vanguard Target Retirement 2045 Fund) and VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) are both mutual funds - VTIVX is a Target Retirement Date fund managed by Vanguard, while VTWAX is a Global Equities fund tracking the FTSE Global All Cap Index. Over the past 5 years, VTIVX returned 9.63%/yr vs 11.34%/yr for VTWAX. With a 0.99 correlation, they move nearly in lockstep. VTIVX charges 0.08%/yr vs 0.09%/yr for VTWAX.

Performance

VTIVX vs. VTWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Target Retirement 2045 Fund (VTIVX) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTIVX achieves a 11.08% return, which is significantly lower than VTWAX's 13.15% return.

VTIVX

1D
0.31%
1M
4.78%
YTD
11.08%
6M
11.92%
1Y
26.04%
3Y*
18.49%
5Y*
9.63%
10Y*
11.35%

VTWAX

1D
0.37%
1M
5.68%
YTD
13.15%
6M
14.09%
1Y
30.29%
3Y*
21.27%
5Y*
11.34%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTIVX vs. VTWAX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
VTIVX
Vanguard Target Retirement 2045 Fund		11.08%20.01%13.68%19.72%-17.38%16.16%16.31%16.47%
VTWAX
Vanguard Total World Stock Index Fund Admiral Shares		13.15%22.43%16.43%21.85%-18.02%18.17%16.67%17.53%

Correlation

The correlation between VTIVX and VTWAX 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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Feb 8, 2019

0.99

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

VTIVX vs. VTWAX - Sectors Allocation Comparison

Sectors
VTIVX
VTWAX

Technology

27.4%
27.8%

Financial Services

16.1%
15.9%

Industrials

12.3%
12.0%

Consumer Cyclical

9.4%
9.5%

Healthcare

8.3%
8.1%

Communication Services

8.0%
8.3%

Consumer Defensive

4.8%
4.8%

Energy

4.3%
4.3%

Basic Materials

4.3%
4.2%

Utilities

2.7%
2.7%

Real Estate

2.5%
2.4%

Technology

VTIVX
27.4%
VTWAX
27.8%

Financial Services

VTIVX
16.1%
VTWAX
15.9%

Industrials

VTIVX
12.3%
VTWAX
12.0%

Consumer Cyclical

VTIVX
9.4%
VTWAX
9.5%

Healthcare

VTIVX
8.3%
VTWAX
8.1%

Communication Services

VTIVX
8.0%
VTWAX
8.3%

Consumer Defensive

VTIVX
4.8%
VTWAX
4.8%

Energy

VTIVX
4.3%
VTWAX
4.3%

Basic Materials

VTIVX
4.3%
VTWAX
4.2%

Utilities

VTIVX
2.7%
VTWAX
2.7%

Real Estate

VTIVX
2.5%
VTWAX
2.4%

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Vanguard Target Retirement 2045 Fund

Vanguard Total World Stock Index Fund Admiral Shares

Often compared with VTIVX:
VTIVX vs. VOOVTIVX vs. FIOFXVTIVX vs. VTTHXVTIVX vs. VTIVTIVX vs. SWYHXVTIVX vs. VTSAXVTIVX vs. VASIX
Often compared with VTWAX:
VTWAX vs. VTSAXVTWAX vs. VTVTWAX vs. VTIAXVTWAX vs. VFIAXVTWAX vs. VTWIXVTWAX vs. VOOVTWAX vs. VASGX

Return for Risk

VTIVX vs. VTWAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTIVX
VTIVX Risk / Return Rank: 7171
Overall Rank
VTIVX Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
VTIVX Sortino Ratio Rank: 7171
Sortino Ratio Rank
VTIVX Omega Ratio Rank: 6868
Omega Ratio Rank
VTIVX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VTIVX Martin Ratio Rank: 7474
Martin Ratio Rank
VTWAX
VTWAX Risk / Return Rank: 7070
Overall Rank
VTWAX Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
VTWAX Sortino Ratio Rank: 6767
Sortino Ratio Rank
VTWAX Omega Ratio Rank: 6565
Omega Ratio Rank
VTWAX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VTWAX Martin Ratio Rank: 7575
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.

VTIVX vs. VTWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Target Retirement 2045 Fund (VTIVX) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). 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.

VTIVXVTWAXDifference
Sharpe ratioReturn per unit of total volatility
2.51
2.49

+0.02

Sortino ratioReturn per unit of downside risk
3.50
3.41

+0.09

Omega ratioGain probability vs. loss probability

1.46

1.45

+0.01

Calmar ratioReturn relative to maximum drawdown

3.18

3.19

-0.01

Martin ratioReturn relative to average drawdown

14.06

14.26

-0.20

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

VTIVX vs. VTWAX - Sharpe Ratio Comparison

The current VTIVX Sharpe Ratio is 2.51, which is comparable to the VTWAX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of VTIVX and VTWAX, 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

VTIVXVTWAXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.51

2.49

+0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.72

0.73

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.77

-0.22

Drawdowns

VTIVX vs. VTWAX - Drawdown Comparison

The maximum VTIVX drawdown since its inception was -51.69%, which is greater than VTWAX's maximum drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for VTIVX and VTWAX.

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Drawdown Indicators

VTIVXVTWAXDifference

Max Drawdown

Largest peak-to-trough decline

-51.69%

-34.20%

-17.49%

Max Drawdown (1Y)

Largest decline over 1 year

-8.30%

-9.64%

+1.34%

Max Drawdown (3Y)

Largest decline over 3 years

-13.40%

-16.43%

+3.03%

Max Drawdown (5Y)

Largest decline over 5 years

-25.10%

-26.40%

+1.30%

Max Drawdown (10Y)

Largest decline over 10 years

-31.42%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-6.33%

-5.30%

-1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.87%

2.15%

-0.28%

Volatility

VTIVX vs. VTWAX - Volatility Comparison

The current volatility for Vanguard Target Retirement 2045 Fund (VTIVX) is 3.18%, while Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) has a volatility of 3.55%. This indicates that VTIVX experiences smaller price fluctuations and is considered to be less risky than VTWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTIVXVTWAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.18%

3.55%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

8.37%

9.82%

-1.45%

Volatility (1Y)

Calculated over the trailing 1-year period

10.50%

12.37%

-1.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.49%

15.71%

-2.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.79%

18.20%

-3.41%

VTIVX vs. VTWAX - Expense Ratio Comparison

VTIVX has a 0.08% expense ratio, which is lower than VTWAX'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

VTIVX vs. VTWAX - Dividend Comparison

VTIVX's dividend yield for the trailing twelve months is around 2.25%, more than VTWAX's 1.56% yield.

PositionTTM20252024202320222021202020192018201720162015
VTIVX
Vanguard Target Retirement 2045 Fund		2.25%2.50%2.36%2.27%2.75%15.40%1.90%2.23%2.52%0.04%2.47%3.29%
VTWAX
Vanguard Total World Stock Index Fund Admiral Shares		1.56%1.80%1.92%2.06%2.17%1.79%1.64%2.28%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 1.00, VTIVX and VTWAX 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.

VTWAX has higher volatility (3.55%) compared to VTIVX (3.18%). In terms of maximum drawdown, VTIVX dropped -51.69% vs VTWAX's -34.20%.

VTIVX currently has the higher Sharpe Ratio (2.51 vs 2.49), 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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