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VTMGX vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTMGX vs. VOO

Last updated Aug 2, 2026
Documentation

VTMGX (Vanguard Developed Markets Index Fund Admiral Shares) and VOO (Vanguard S&P 500 ETF) are both funds - VTMGX is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, VTMGX returned 10.04%/yr vs 15.14%/yr for VOO. Their correlation of 0.80 means they have usually moved in the same direction. VTMGX charges 0.07%/yr vs 0.03%/yr for VOO.

Performance

VTMGX vs. VOO - 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 S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTMGX achieves a 14.59% return, which is significantly higher than VOO's 10.16% return. Over the past 10 years, VTMGX has underperformed VOO with an annualized return of 10.04%, while VOO has yielded a comparatively higher 15.14% annualized return.

VTMGX

1D
3.12%
1M
0.75%
6M
8.12%
YTD
14.59%
1Y
30.61%
3Y*
17.88%
5Y*
9.89%
10Y*
10.04%
ALL TIME*
5.84%

VOO

1D
0.71%
1M
0.26%
6M
8.58%
YTD
10.16%
1Y
21.58%
3Y*
19.42%
5Y*
12.83%
10Y*
15.14%
ALL TIME*
14.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

VOO

Vanguard S&P 500 ETF
$3.82B$3.78B$5.44B

VTMGX

Vanguard Developed Markets Index Fund Admiral Shares
$0.00$0.00$0.00

VTMGX vs. VOO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VTMGX
Vanguard Developed Markets Index Fund Admiral Shares		14.59%35.17%3.03%17.65%-15.33%11.39%10.25%22.04%-14.48%26.39%
VOO
Vanguard S&P 500 ETF		10.16%17.82%24.98%26.32%-18.17%28.79%18.32%31.37%-4.50%21.77%

Correlation

The correlation between VTMGX and VOO is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.78

Correlation (3Y)
Balances recent behavior with more history.

0.74

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (10Y)
Provides a long-term view across more market conditions.

0.79

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.80

The correlation between VTMGX and VOO has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

VTMGX vs. VOO - Sectors Allocation Comparison

Sectors
VTMGX
VOO

Financial Services

23.1%
11.4%

Technology

18.4%
38.6%

Industrials

17.9%
8.5%

Healthcare

7.9%
8.9%

Consumer Cyclical

7.3%
9.5%

Basic Materials

6.9%
1.7%

Consumer Defensive

5.3%
4.5%

Energy

4.5%
3.0%

Communication Services

3.2%
9.9%

Utilities

3.1%
2.2%

Real Estate

2.5%
1.8%

Financial Services

VTMGX
23.1%
VOO
11.4%

Technology

VTMGX
18.4%
VOO
38.6%

Industrials

VTMGX
17.9%
VOO
8.5%

Healthcare

VTMGX
7.9%
VOO
8.9%

Consumer Cyclical

VTMGX
7.3%
VOO
9.5%

Basic Materials

VTMGX
6.9%
VOO
1.7%

Consumer Defensive

VTMGX
5.3%
VOO
4.5%

Energy

VTMGX
4.5%
VOO
3.0%

Communication Services

VTMGX
3.2%
VOO
9.9%

Utilities

VTMGX
3.1%
VOO
2.2%

Real Estate

VTMGX
2.5%
VOO
1.8%

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 S&P 500 ETF

Often compared with VTMGX:
VTMGX vs. VEMAXVTMGX vs. VEAVTMGX vs. VXUSVTMGX vs. VTSAXVTMGX vs. VIAAXVTMGX vs. VTIVTMGX vs. VTRIX
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. FXAIXVOO vs. SPYVOO vs. VGT

Return for Risk

VTMGX vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VTMGX
VTMGX Risk / Return Rank: 7676
Overall Rank
VTMGX Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
VTMGX Sortino Ratio Rank: 7373
Sortino Ratio Rank
VTMGX Omega Ratio Rank: 7474
Omega Ratio Rank
VTMGX Calmar Ratio Rank: 7878
Calmar Ratio Rank
VTMGX Martin Ratio Rank: 7979
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 6868
Overall Rank
VOO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 6565
Sortino Ratio Rank
VOO Omega Ratio Rank: 6666
Omega Ratio Rank
VOO Calmar Ratio Rank: 6464
Calmar Ratio Rank
VOO Martin Ratio Rank: 7676
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTMGX vs. VOO - 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 S&P 500 ETF (VOO). 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.

VTMGXVOODifference
Sharpe ratioReturn per unit of total volatility
1.75
1.53

+0.21

Sortino ratioReturn per unit of downside risk
2.40
2.13

+0.27

Omega ratioGain probability vs. loss probability

1.32

1.28

+0.04

Calmar ratioReturn relative to maximum drawdown

2.51

2.21

+0.30

Martin ratioReturn relative to average drawdown

9.35

9.44

-0.08

VTMGX vs. VOO - Sharpe Ratio Comparison

The current VTMGX Sharpe Ratio is 1.75, which is comparable to the VOO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of VTMGX and VOO, 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. VOO - Drawdown Comparison

The maximum VTMGX drawdown since its inception was -60.58%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for VTMGX and VOO.

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Drawdown Indicators

VTMGXVOODifference

Max Drawdown

Largest peak-to-trough decline

-60.58%

-33.99%

-26.59%

Max Drawdown (1Y)

Largest decline over 1 year

-11.67%

-8.90%

-2.77%

Max Drawdown (3Y)

Largest decline over 3 years

-13.18%

-18.69%

+5.51%

Max Drawdown (5Y)

Largest decline over 5 years

-29.71%

-24.52%

-5.19%

Max Drawdown (10Y)

Largest decline over 10 years

-35.68%

-33.99%

-1.69%

Current Drawdown

Current decline from peak

-1.68%

-1.38%

-0.30%

Average Drawdown

Average peak-to-trough decline

-14.58%

-3.67%

-10.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.13%

2.08%

+1.05%

Volatility

VTMGX vs. VOO - Volatility Comparison

Vanguard Developed Markets Index Fund Admiral Shares (VTMGX) has a higher volatility of 5.76% compared to Vanguard S&P 500 ETF (VOO) at 3.54%. This indicates that VTMGX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTMGXVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.76%

3.54%

+2.22%

Volatility (6M)

Calculated over the trailing 6-month period

14.78%

10.10%

+4.68%

Volatility (1Y)

Calculated over the trailing 1-year period

16.81%

12.82%

+3.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.20%

16.93%

-0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.41%

18.01%

-1.60%

VTMGX vs. VOO - Expense Ratio Comparison

VTMGX has a 0.07% expense ratio, which is higher than VOO'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

VTMGX vs. VOO - Dividend Comparison

VTMGX's dividend yield for the trailing twelve months is around 2.53%, more than VOO's 1.07% yield.

PositionTTM20252024202320222021202020192018201720162015
VOO
Vanguard S&P 500 ETF		1.07%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%
VTMGX
Vanguard Developed Markets Index Fund Admiral Shares		2.53%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

VTMGX and VOO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VTMGX has higher volatility (5.76%) compared to VOO (3.54%). In terms of maximum drawdown, VTMGX dropped -60.58% vs VOO's -33.99%.

VTMGX currently has the higher Sharpe Ratio (1.75 vs 1.53), 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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