VTMGX vs. TCIEX

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX).

VTMGX is managed by Vanguard. It was launched on Aug 17, 1999. TCIEX is a passively managed fund by TIAA Investments that tracks the performance of the MSCI EAFE Index. It was launched on Oct 1, 2002.

Performance

VTMGX vs. TCIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). The values are adjusted to include any dividend payments, if applicable.

VTMGX vs. TCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	-0.48%	35.17%	3.03%	17.65%	-15.33%	11.39%	10.25%	22.04%	-14.48%	26.39%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	-1.90%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	25.34%

Returns By Period

In the year-to-date period, VTMGX achieves a -0.48% return, which is significantly higher than TCIEX's -1.90% return. Both investments have delivered pretty close results over the past 10 years, with VTMGX having a 8.99% annualized return and TCIEX not far behind at 8.58%.

VTMGX

• 1D: 0.05%
• 1M: -11.62%
• YTD: -0.48%
• 6M: 5.23%
• 1Y: 25.87%
• 3Y*: 14.82%
• 5Y*: 8.15%
• 10Y*: 8.99%

TCIEX

• 1D: 0.37%
• 1M: -10.84%
• YTD: -1.90%
• 6M: 2.34%
• 1Y: 19.49%
• 3Y*: 13.36%
• 5Y*: 7.86%
• 10Y*: 8.58%

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

VTMGX vs. TCIEX - Expense Ratio Comparison

VTMGX has a 0.07% expense ratio, which is higher than TCIEX's 0.05% 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%.

VTMGX

Vanguard Developed Markets Index Fund Admiral Shares

TCIEX

TIAA-CREF International Equity Index Fund Institutional Class

Return for Risk

VTMGX vs. TCIEX — Risk / Return Rank

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

VTMGX

VTMGX Risk / Return Rank: 81
VTMGX Sharpe Ratio Rank: 82
VTMGX Sortino Ratio Rank: 80
VTMGX Omega Ratio Rank: 78
VTMGX Calmar Ratio Rank: 83
VTMGX Martin Ratio Rank: 81

TCIEX

TCIEX Risk / Return Rank: 61
TCIEX Sharpe Ratio Rank: 62
TCIEX Sortino Ratio Rank: 60
TCIEX Omega Ratio Rank: 57
TCIEX Calmar Ratio Rank: 66
TCIEX Martin Ratio Rank: 61

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.

VTMGX vs. TCIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). 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.

	VTMGX	TCIEX	Difference
Sharpe ratio Return per unit of total volatility	1.51	1.09	+0.42
Sortino ratio Return per unit of downside risk	2.01	1.53	+0.48
Omega ratio Gain probability vs. loss probability	1.30	1.22	+0.08
Calmar ratio Return relative to maximum drawdown	2.01	1.48	+0.53
Martin ratio Return relative to average drawdown	7.98	5.82	+2.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTMGX vs. TCIEX - Sharpe Ratio Comparison

The current VTMGX Sharpe Ratio is 1.51, which is higher than the TCIEX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of VTMGX and TCIEX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VTMGX	TCIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.09	+0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.50	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.52	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.38	-0.10

Correlation

The correlation between VTMGX and TCIEX is 0.97, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VTMGX vs. TCIEX - Dividend Comparison

VTMGX's dividend yield for the trailing twelve months is around 3.01%, less than TCIEX's 3.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTMGX Vanguard Developed Markets Index Fund Admiral Shares	3.01%	3.20%	3.34%	3.14%	2.88%	3.14%	2.02%	3.03%	3.33%	2.77%	3.06%	2.91%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.97%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%

Drawdowns

VTMGX vs. TCIEX - Drawdown Comparison

The maximum VTMGX drawdown since its inception was -60.58%, roughly equal to the maximum TCIEX drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for VTMGX and TCIEX.

Drawdown Indicators

	VTMGX	TCIEX	Difference
Max Drawdown Largest peak-to-trough decline	-60.58%	-59.27%	-1.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.67%	-11.35%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-29.25%	-0.46%
Max Drawdown (10Y) Largest decline over 10 years	-35.68%	-33.58%	-2.10%
Current Drawdown Current decline from peak	-11.62%	-10.86%	-0.76%
Average Drawdown Average peak-to-trough decline	-14.74%	-10.64%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	3.03%	-0.09%

Volatility

VTMGX vs. TCIEX - Volatility Comparison

Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) have volatilities of 7.09% and 7.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMGX	TCIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	7.10%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.91%	10.83%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	16.97%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	15.89%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.42%	16.56%	-0.14%