VTMFX vs. BACIX

Last updated Jul 17, 2026

VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) and BACIX (BlackRock Energy Opportunities Fund) are both mutual funds - VTMFX is a Diversified Portfolio fund tracking the Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index, while BACIX is a Energy Equities fund managed by BlackRock. Over the past 10 years, VTMFX returned 8.47%/yr vs 8.42%/yr for BACIX. A 0.57 correlation means they provide meaningful diversification when combined. VTMFX charges 0.05%/yr vs 0.91%/yr for BACIX.

Performance

VTMFX vs. BACIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and BlackRock Energy Opportunities Fund (BACIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTMFX achieves a 5.92% return, which is significantly lower than BACIX's 27.17% return. Both investments have delivered pretty close results over the past 10 years, with VTMFX having a 8.47% annualized return and BACIX not far behind at 8.42%.

VTMFX

• 1D: 0.16%
• 1M: 0.44%
• 6M: 4.73%
• YTD: 5.92%
• 1Y: 13.64%
• 3Y*: 11.57%
• 5Y*: 6.90%
• 10Y*: 8.47%

BACIX

• 1D: -0.76%
• 1M: 2.69%
• 6M: 21.84%
• YTD: 27.17%
• 1Y: 34.54%
• 3Y*: 16.02%
• 5Y*: 21.16%
• 10Y*: 8.42%

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

VTMFX vs. BACIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.92%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%
BACIX BlackRock Energy Opportunities Fund	27.17%	11.03%	4.23%	2.97%	43.64%	43.50%	-29.38%	13.04%	-19.55%	2.47%

Correlation

The correlation between VTMFX and BACIX is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Feb 24, 2005	0.57

The correlation between VTMFX and BACIX shifts across timeframes, from -0.12 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VTMFX vs. BACIX — Risk / Return Rank

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

VTMFX

VTMFX Risk / Return Rank: 79
VTMFX Sharpe Ratio Rank: 82
VTMFX Sortino Ratio Rank: 80
VTMFX Omega Ratio Rank: 81
VTMFX Calmar Ratio Rank: 69
VTMFX Martin Ratio Rank: 83

BACIX

BACIX Risk / Return Rank: 60
BACIX Sharpe Ratio Rank: 71
BACIX Sortino Ratio Rank: 61
BACIX Omega Ratio Rank: 57
BACIX Calmar Ratio Rank: 66
BACIX Martin Ratio Rank: 44

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.

VTMFX vs. BACIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and BlackRock Energy Opportunities Fund (BACIX). 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.

	VTMFX	BACIX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.90	+0.22
Sortino ratio: Return per unit of downside risk	2.99	2.49	+0.50
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.09
Calmar ratio: Return relative to maximum drawdown	2.55	2.54	+0.01
Martin ratio: Return relative to average drawdown	11.79	7.63	+4.15

VTMFX vs. BACIX - Sharpe Ratio Comparison

The current VTMFX Sharpe Ratio is 2.12, which is comparable to the BACIX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of VTMFX and BACIX, 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

VTMFX vs. BACIX - Drawdown Comparison

The maximum VTMFX drawdown since its inception was -28.49%, smaller than the maximum BACIX drawdown of -77.81%. Use the drawdown chart below to compare losses from any high point for VTMFX and BACIX.

Drawdown Indicators

	VTMFX	BACIX	Difference
Max Drawdown Largest peak-to-trough decline	-28.49%	-77.81%	+49.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-13.24%	+7.86%
Max Drawdown (3Y) Largest decline over 3 years	-10.61%	-18.44%	+7.83%
Max Drawdown (5Y) Largest decline over 5 years	-17.40%	-25.76%	+8.36%
Max Drawdown (10Y) Largest decline over 10 years	-21.87%	-65.65%	+43.78%
Current Drawdown Current decline from peak	-0.10%	-7.15%	+7.05%
Average Drawdown Average peak-to-trough decline	-3.54%	-32.23%	+28.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	4.40%	-3.24%

Volatility

VTMFX vs. BACIX - Volatility Comparison

The current volatility for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) is 1.84%, while BlackRock Energy Opportunities Fund (BACIX) has a volatility of 6.43%. This indicates that VTMFX experiences smaller price fluctuations and is considered to be less risky than BACIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMFX	BACIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.84%	6.43%	-4.59%
Volatility (6M) Calculated over the trailing 6-month period	5.26%	14.65%	-9.39%
Volatility (1Y) Calculated over the trailing 1-year period	6.49%	17.73%	-11.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.58%	23.44%	-14.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.13%	27.14%	-18.01%

VTMFX vs. BACIX - Expense Ratio Comparison

VTMFX has a 0.05% expense ratio, which is lower than BACIX's 0.91% expense ratio.

Dividends

VTMFX vs. BACIX - Dividend Comparison

VTMFX's dividend yield for the trailing twelve months is around 2.19%, which matches BACIX's 2.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BACIX BlackRock Energy Opportunities Fund	2.20%	2.79%	2.63%	3.39%	2.49%	2.67%	3.66%	3.06%	3.43%	2.76%	2.38%	2.51%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.19%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%

Frequently Asked Questions

Can I hold both VTMFX and BACIX in my portfolio?

VTMFX and BACIX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTMFX or BACIX?

BACIX has higher volatility (6.43%) compared to VTMFX (1.84%). In terms of maximum drawdown, VTMFX dropped -28.49% vs BACIX's -77.81%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.12 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.