VTMFX vs. MEAR
VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) and MEAR (iShares Short Maturity Municipal Bond ETF) are both funds - VTMFX is a Diversified Portfolio fund managed by BlackRock, while MEAR is a Municipal Bonds fund actively managed by iShares. Over the past 10 years, VTMFX returned 8.70%/yr vs 1.78%/yr for MEAR. At a 0.08 correlation, their price movements are largely independent. VTMFX charges 0.09%/yr vs 0.25%/yr for MEAR.
Performance
VTMFX vs. MEAR - Performance Comparison
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Returns By Period
In the year-to-date period, VTMFX achieves a 6.03% return, which is significantly higher than MEAR's 1.06% return. Over the past 10 years, VTMFX has outperformed MEAR with an annualized return of 8.70%, while MEAR has yielded a comparatively lower 1.78% annualized return.
VTMFX
- 1D
- 0.17%
- 1M
- 3.06%
- YTD
- 6.03%
- 6M
- 6.16%
- 1Y
- 16.91%
- 3Y*
- 12.75%
- 5Y*
- 7.33%
- 10Y*
- 8.70%
MEAR
- 1D
- 0.00%
- 1M
- 0.32%
- YTD
- 1.06%
- 6M
- 1.30%
- 1Y
- 3.29%
- 3Y*
- 3.58%
- 5Y*
- 2.43%
- 10Y*
- 1.78%
VTMFX vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | 6.03% | 11.28% | 12.17% | 15.55% | -12.69% | 13.10% | 13.31% | 18.01% | -1.40% | 12.61% |
MEAR iShares Short Maturity Municipal Bond ETF | 1.06% | 3.76% | 3.40% | 3.93% | 0.10% | 0.05% | 1.18% | 1.91% | 1.63% | 1.12% |
Correlation
The correlation between VTMFX and MEAR is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Mar 6, 2015 | 0.08 |
Over the past year, VTMFX and MEAR have become more correlated (0.31) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
VTMFX vs. MEAR — Risk / Return Rank
VTMFX
MEAR
VTMFX vs. MEAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) and iShares Short Maturity Municipal Bond ETF (MEAR). 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.
| VTMFX | MEAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.91 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 7.07 | -3.85 |
| Martin ratioReturn relative to average drawdown | 15.40 | 28.99 | -13.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTMFX | MEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.83 | 3.86 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 2.48 | -1.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.96 | 1.18 | -0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 1.11 | -0.27 |
Drawdowns
VTMFX vs. MEAR - Drawdown Comparison
The maximum VTMFX drawdown since its inception was -28.49%, which is greater than MEAR's maximum drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for VTMFX and MEAR.
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Drawdown Indicators
| VTMFX | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.49% | -2.68% | -25.81% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -0.47% | -4.91% |
Max Drawdown (3Y)Largest decline over 3 years | -10.61% | -0.86% | -9.75% |
Max Drawdown (5Y)Largest decline over 5 years | -17.40% | -1.12% | -16.28% |
Max Drawdown (10Y)Largest decline over 10 years | -21.87% | -2.68% | -19.19% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -0.19% | -3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 0.11% | +1.01% |
Volatility
VTMFX vs. MEAR - Volatility Comparison
Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) has a higher volatility of 1.70% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.24%. This indicates that VTMFX's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMFX | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 0.24% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 0.61% | +4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 0.86% | +5.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.52% | 0.98% | +7.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.12% | 1.52% | +7.60% |
VTMFX vs. MEAR - Expense Ratio Comparison
VTMFX has a 0.09% expense ratio, which is lower than MEAR's 0.25% 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. MEAR - Dividend Comparison
VTMFX's dividend yield for the trailing twelve months is around 2.10%, less than MEAR's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares | 2.10% | 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
VTMFX and MEAR have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTMFX has higher volatility (1.70%) compared to MEAR (0.24%). In terms of maximum drawdown, VTMFX dropped -28.49% vs MEAR's -2.68%.
MEAR currently has the higher Sharpe Ratio (3.86 vs 2.83), 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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