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VTMGX vs. VFWAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTMGX vs. VFWAX

Last updated Jun 24, 2026

VTMGX (Vanguard Developed Markets Index Fund Admiral Shares) and VFWAX (Vanguard FTSE All-World ex-US Index Fund Admiral Shares) are both Foreign Large Cap Equities funds from Vanguard - VTMGX tracks the FTSE Developed All Cap ex US Index while VFWAX tracks the FTSE All-World ex US Index. Both are passively managed. Over the past 10 years, VTMGX returned 10.99%/yr vs 10.66%/yr for VFWAX. With a 0.98 correlation, they move nearly in lockstep. VTMGX charges 0.07%/yr vs 0.11%/yr for VFWAX.

Performance

VTMGX vs. VFWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) and Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with VTMGX having a 16.54% return and VFWAX slightly lower at 16.36%. Both investments have delivered pretty close results over the past 10 years, with VTMGX having a 10.99% annualized return and VFWAX not far behind at 10.66%.

VTMGX

1D
0.04%
1M
3.10%
YTD
16.54%
6M
16.37%
1Y
34.33%
3Y*
20.61%
5Y*
10.34%
10Y*
10.99%

VFWAX

1D
0.21%
1M
3.65%
YTD
16.36%
6M
16.26%
1Y
34.18%
3Y*
20.31%
5Y*
9.42%
10Y*
10.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTMGX vs. VFWAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTMGX
Vanguard Developed Markets Index Fund Admiral Shares		16.54%35.17%3.03%17.65%-15.33%11.39%10.25%22.04%-14.48%26.39%
VFWAX
Vanguard FTSE All-World ex-US Index Fund Admiral Shares		16.36%32.32%5.43%15.55%-15.51%8.08%11.34%21.53%-13.97%27.20%

Correlation

The correlation between VTMGX and VFWAX is 0.95 - 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

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.97

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Sep 27, 2011

0.98

The correlation between VTMGX and VFWAX has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

VTMGX vs. VFWAX - Sectors Allocation Comparison

Sectors
VTMGX
VFWAX

Financial Services

23.3%
22.6%

Industrials

19.2%
15.0%

Technology

13.8%
21.6%

Healthcare

8.2%
6.7%

Basic Materials

7.5%
7.1%

Consumer Cyclical

7.5%
8.0%

Consumer Defensive

5.6%
4.9%

Energy

5.4%
4.7%

Communication Services

3.4%
4.5%

Utilities

3.3%
3.0%

Real Estate

2.7%
1.9%

Financial Services

VTMGX
23.3%
VFWAX
22.6%

Industrials

VTMGX
19.2%
VFWAX
15.0%

Technology

VTMGX
13.8%
VFWAX
21.6%

Healthcare

VTMGX
8.2%
VFWAX
6.7%

Basic Materials

VTMGX
7.5%
VFWAX
7.1%

Consumer Cyclical

VTMGX
7.5%
VFWAX
8.0%

Consumer Defensive

VTMGX
5.6%
VFWAX
4.9%

Energy

VTMGX
5.4%
VFWAX
4.7%

Communication Services

VTMGX
3.4%
VFWAX
4.5%

Utilities

VTMGX
3.3%
VFWAX
3.0%

Real Estate

VTMGX
2.7%
VFWAX
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Developed Markets Index Fund Admiral Shares

Vanguard FTSE All-World ex-US Index Fund Admiral Shares

Often compared with VTMGX:
VTMGX vs. VEMAXVTMGX vs. VEAVTMGX vs. VXUSVTMGX vs. VTSAXVTMGX vs. VOOVTMGX vs. VIAAXVTMGX vs. VTI
Often compared with VFWAX:
VFWAX vs. VTIAXVFWAX vs. VTSAXVFWAX vs. FSPSXVFWAX vs. VOOVFWAX vs. DODWXVFWAX vs. SPYVFWAX vs. VIGAX

Return for Risk

VTMGX vs. VFWAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTMGX
VTMGX Risk / Return Rank: 6565
Overall Rank
VTMGX Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
VTMGX Sortino Ratio Rank: 6060
Sortino Ratio Rank
VTMGX Omega Ratio Rank: 6464
Omega Ratio Rank
VTMGX Calmar Ratio Rank: 6969
Calmar Ratio Rank
VTMGX Martin Ratio Rank: 6363
Martin Ratio Rank
VFWAX
VFWAX Risk / Return Rank: 7070
Overall Rank
VFWAX Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
VFWAX Sortino Ratio Rank: 6666
Sortino Ratio Rank
VFWAX Omega Ratio Rank: 7272
Omega Ratio Rank
VFWAX Calmar Ratio Rank: 7171
Calmar Ratio Rank
VFWAX Martin Ratio Rank: 6666
Martin Ratio Rank
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. VFWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) and Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX). 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.

VTMGXVFWAXDifference
Sharpe ratioReturn per unit of total volatility
2.22
2.30

-0.08

Sortino ratioReturn per unit of downside risk
2.98
3.08

-0.10

Omega ratioGain probability vs. loss probability

1.41

1.43

-0.02

Calmar ratioReturn relative to maximum drawdown

3.03

3.10

-0.06

Martin ratioReturn relative to average drawdown

11.62

12.01

-0.39

VTMGX vs. VFWAX - Sharpe Ratio Comparison

The current VTMGX Sharpe Ratio is 2.22, which is comparable to the VFWAX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of VTMGX and VFWAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VTMGX vs. VFWAX - Drawdown Comparison

The maximum VTMGX drawdown since its inception was -60.58%, which is greater than VFWAX's maximum drawdown of -34.93%. Use the drawdown chart below to compare losses from any high point for VTMGX and VFWAX.

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Drawdown Indicators

VTMGXVFWAXDifference

Max Drawdown

Largest peak-to-trough decline

-60.58%

-34.93%

-25.65%

Max Drawdown (1Y)

Largest decline over 1 year

-11.67%

-11.34%

-0.33%

Max Drawdown (3Y)

Largest decline over 3 years

-13.18%

-13.25%

+0.07%

Max Drawdown (5Y)

Largest decline over 5 years

-29.71%

-29.20%

-0.51%

Max Drawdown (10Y)

Largest decline over 10 years

-35.68%

-34.93%

-0.75%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-14.63%

-7.17%

-7.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.04%

2.92%

+0.12%

Volatility

VTMGX vs. VFWAX - Volatility Comparison

Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) and Vanguard FTSE All-World ex-US Index Fund Admiral Shares (VFWAX) have volatilities of 6.17% and 6.14%, 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.

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Volatility by Period

VTMGXVFWAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.17%

6.14%

+0.03%

Volatility (6M)

Calculated over the trailing 6-month period

13.63%

13.22%

+0.41%

Volatility (1Y)

Calculated over the trailing 1-year period

15.96%

15.32%

+0.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.04%

15.36%

+0.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.56%

16.11%

+0.45%

VTMGX vs. VFWAX - Expense Ratio Comparison

VTMGX has a 0.07% expense ratio, which is lower than VFWAX's 0.11% 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

VTMGX vs. VFWAX - Dividend Comparison

VTMGX's dividend yield for the trailing twelve months is around 2.49%, more than VFWAX's 2.45% yield.

PositionTTM20252024202320222021202020192018201720162015
VFWAX
Vanguard FTSE All-World ex-US Index Fund Admiral Shares		2.45%3.05%3.20%3.28%3.07%3.03%1.97%3.07%3.24%2.67%2.96%2.95%
VTMGX
Vanguard Developed Markets Index Fund Admiral Shares		2.49%3.20%3.34%3.14%2.88%3.14%2.02%3.03%3.33%2.77%3.06%2.91%

Frequently Asked Questions

With a correlation of 0.95, VTMGX and VFWAX 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.

VTMGX has higher volatility (6.17%) compared to VFWAX (6.14%). In terms of maximum drawdown, VTMGX dropped -60.58% vs VFWAX's -34.93%.

VFWAX currently has the higher Sharpe Ratio (2.30 vs 2.22), 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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