VTMFX vs. WFSPX
VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) and WFSPX (iShares S&P 500 Index Fund) are both mutual funds - VTMFX is a Diversified Portfolio fund managed by BlackRock, while WFSPX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, VTMFX returned 8.70%/yr vs 15.54%/yr for WFSPX. With a 0.96 correlation, they move nearly in lockstep. VTMFX charges 0.09%/yr vs 0.03%/yr for WFSPX.
Performance
VTMFX vs. WFSPX - Performance Comparison
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Returns By Period
In the year-to-date period, VTMFX achieves a 6.03% return, which is significantly lower than WFSPX's 11.69% return. Over the past 10 years, VTMFX has underperformed WFSPX with an annualized return of 8.70%, while WFSPX has yielded a comparatively higher 15.54% 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%
WFSPX
- 1D
- 0.13%
- 1M
- 5.80%
- YTD
- 11.69%
- 6M
- 11.72%
- 1Y
- 28.93%
- 3Y*
- 22.71%
- 5Y*
- 14.24%
- 10Y*
- 15.54%
VTMFX vs. WFSPX - 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% |
WFSPX iShares S&P 500 Index Fund | 11.69% | 17.83% | 24.94% | 26.25% | -18.14% | 28.63% | 18.43% | 31.45% | -4.83% | 21.27% |
Correlation
The correlation between VTMFX and WFSPX is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 1994 | 0.96 |
The correlation between VTMFX and WFSPX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
VTMFX vs. WFSPX — Risk / Return Rank
VTMFX
WFSPX
VTMFX vs. WFSPX - 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 S&P 500 Index Fund (WFSPX). 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 | WFSPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.46 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 3.35 | -0.13 |
| Martin ratioReturn relative to average drawdown | 15.40 | 15.65 | -0.25 |
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 | WFSPX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.83 | 2.52 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.86 | 0.85 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.96 | 0.87 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.85 | 0.13 | +0.71 |
Drawdowns
VTMFX vs. WFSPX - Drawdown Comparison
The maximum VTMFX drawdown since its inception was -28.49%, smaller than the maximum WFSPX drawdown of -58.21%. Use the drawdown chart below to compare losses from any high point for VTMFX and WFSPX.
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Drawdown Indicators
| VTMFX | WFSPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.49% | -58.21% | +29.72% |
Max Drawdown (1Y)Largest decline over 1 year | -5.38% | -8.90% | +3.52% |
Max Drawdown (3Y)Largest decline over 3 years | -10.61% | -18.74% | +8.13% |
Max Drawdown (5Y)Largest decline over 5 years | -17.40% | -24.51% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -21.87% | -33.74% | +11.87% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -12.77% | +9.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.90% | -0.78% |
Volatility
VTMFX vs. WFSPX - Volatility Comparison
The current volatility for Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) is 1.70%, while iShares S&P 500 Index Fund (WFSPX) has a volatility of 2.82%. This indicates that VTMFX experiences smaller price fluctuations and is considered to be less risky than WFSPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMFX | WFSPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 2.82% | -1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 4.75% | 8.97% | -4.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.13% | 11.85% | -5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.52% | 16.88% | -8.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.12% | 18.02% | -8.90% |
VTMFX vs. WFSPX - Expense Ratio Comparison
VTMFX has a 0.09% expense ratio, which is higher than WFSPX's 0.03% expense ratio. However, 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. WFSPX - Dividend Comparison
VTMFX's dividend yield for the trailing twelve months is around 2.10%, more than WFSPX's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
WFSPX iShares S&P 500 Index Fund | 1.56% | 1.72% | 1.41% | 1.50% | 2.02% | 1.82% | 1.66% | 1.99% | 2.00% | 1.62% | 2.37% | 2.49% |
Frequently Asked Questions
With a correlation of 0.98, VTMFX and WFSPX 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.
WFSPX has higher volatility (2.82%) compared to VTMFX (1.70%). In terms of maximum drawdown, VTMFX dropped -28.49% vs WFSPX's -58.21%.
VTMFX currently has the higher Sharpe Ratio (2.83 vs 2.52), 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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