VTMFX vs. DGTSX

Last updated Jun 23, 2026

VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) and DGTSX (DFA Global Allocation 25/75 Portfolio) are both Diversified Portfolio funds. Over the past 10 years, VTMFX returned 8.63%/yr vs 5.23%/yr for DGTSX. Their correlation of 0.90 suggests significant overlap in exposure. VTMFX charges 0.05%/yr vs 0.24%/yr for DGTSX.

Performance

VTMFX vs. DGTSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and DFA Global Allocation 25/75 Portfolio (DGTSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTMFX achieves a 5.44% return, which is significantly higher than DGTSX's 4.30% return. Over the past 10 years, VTMFX has outperformed DGTSX with an annualized return of 8.63%, while DGTSX has yielded a comparatively lower 5.23% annualized return.

VTMFX

• 1D: 0.57%
• 1M: 0.96%
• YTD: 5.44%
• 6M: 5.27%
• 1Y: 15.82%
• 3Y*: 11.93%
• 5Y*: 7.23%
• 10Y*: 8.63%

DGTSX

• 1D: 0.34%
• 1M: 0.76%
• YTD: 4.30%
• 6M: 4.30%
• 1Y: 9.92%
• 3Y*: 8.27%
• 5Y*: 5.39%
• 10Y*: 5.23%

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

VTMFX vs. DGTSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.44%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%
DGTSX DFA Global Allocation 25/75 Portfolio	4.30%	8.39%	7.43%	8.93%	-8.06%	10.20%	7.29%	9.80%	-1.85%	5.83%

Correlation

The correlation between VTMFX and DGTSX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Dec 26, 2003	0.90

The correlation between VTMFX and DGTSX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

VTMFX vs. DGTSX — Risk / Return Rank

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

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 81
VTMFX Sortino Ratio Rank: 79
VTMFX Omega Ratio Rank: 79
VTMFX Calmar Ratio Rank: 64
VTMFX Martin Ratio Rank: 79

DGTSX

DGTSX Risk / Return Rank: 89
DGTSX Sharpe Ratio Rank: 91
DGTSX Sortino Ratio Rank: 91
DGTSX Omega Ratio Rank: 88
DGTSX Calmar Ratio Rank: 85
DGTSX Martin Ratio Rank: 90

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. DGTSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and DFA Global Allocation 25/75 Portfolio (DGTSX). 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	DGTSX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.79	-0.34
Sortino ratio: Return per unit of downside risk	3.45	4.16	-0.71
Omega ratio: Gain probability vs. loss probability	1.47	1.57	-0.11
Calmar ratio: Return relative to maximum drawdown	2.93	3.79	-0.86
Martin ratio: Return relative to average drawdown	13.72	16.65	-2.92

VTMFX vs. DGTSX - Sharpe Ratio Comparison

The current VTMFX Sharpe Ratio is 2.45, which is comparable to the DGTSX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of VTMFX and DGTSX, 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. DGTSX - Drawdown Comparison

The maximum VTMFX drawdown since its inception was -28.49%, which is greater than DGTSX's maximum drawdown of -16.71%. Use the drawdown chart below to compare losses from any high point for VTMFX and DGTSX.

Drawdown Indicators

	VTMFX	DGTSX	Difference
Max Drawdown Largest peak-to-trough decline	-28.49%	-16.71%	-11.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-2.64%	-2.74%
Max Drawdown (3Y) Largest decline over 3 years	-10.61%	-7.46%	-3.15%
Max Drawdown (5Y) Largest decline over 5 years	-17.40%	-11.26%	-6.14%
Max Drawdown (10Y) Largest decline over 10 years	-21.87%	-11.26%	-10.61%
Current Drawdown Current decline from peak	-0.56%	-0.14%	-0.42%
Average Drawdown Average peak-to-trough decline	-3.54%	-1.64%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	0.60%	+0.55%

Volatility

VTMFX vs. DGTSX - Volatility Comparison

Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has a higher volatility of 2.50% compared to DFA Global Allocation 25/75 Portfolio (DGTSX) at 1.42%. This indicates that VTMFX's price experiences larger fluctuations and is considered to be riskier than DGTSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMFX	DGTSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.50%	1.42%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	5.21%	2.98%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	6.45%	3.59%	+2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.57%	5.98%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.15%	5.24%	+3.91%

VTMFX vs. DGTSX - Expense Ratio Comparison

VTMFX has a 0.05% expense ratio, which is lower than DGTSX's 0.24% 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

VTMFX vs. DGTSX - Dividend Comparison

VTMFX's dividend yield for the trailing twelve months is around 2.12%, less than DGTSX's 5.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGTSX DFA Global Allocation 25/75 Portfolio	5.70%	5.54%	7.28%	4.75%	2.77%	7.62%	2.12%	2.57%	2.99%	1.25%	1.26%	1.50%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	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 DGTSX in my portfolio?

With a correlation of 0.92, VTMFX and DGTSX 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.

Which is riskier, VTMFX or DGTSX?

VTMFX has higher volatility (2.50%) compared to DGTSX (1.42%). In terms of maximum drawdown, VTMFX dropped -28.49% vs DGTSX's -16.71%.

Which has better risk-adjusted returns?

DGTSX currently has the higher Sharpe Ratio (2.79 vs 2.45), 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.