VTMNX vs. TCIEX
VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) and TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) are both mutual funds - VTMNX is a Foreign Large Cap Equities fund managed by Vanguard, while TCIEX is a Large Cap Blend Equities fund tracking the MSCI EAFE Index. Over the past 10 years, VTMNX returned 10.26%/yr vs 9.38%/yr for TCIEX. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.05% expense ratio.
Performance
VTMNX vs. TCIEX - Performance Comparison
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Returns By Period
In the year-to-date period, VTMNX achieves a 15.93% return, which is significantly higher than TCIEX's 9.52% return. Over the past 10 years, VTMNX has outperformed TCIEX with an annualized return of 10.26%, while TCIEX has yielded a comparatively lower 9.38% annualized return.
VTMNX
- 1D
- 0.26%
- 1M
- 6.02%
- YTD
- 15.93%
- 6M
- 19.14%
- 1Y
- 33.56%
- 3Y*
- 20.22%
- 5Y*
- 9.97%
- 10Y*
- 10.26%
TCIEX
- 1D
- 0.33%
- 1M
- 4.10%
- YTD
- 9.52%
- 6M
- 11.87%
- 1Y
- 22.18%
- 3Y*
- 17.07%
- 5Y*
- 8.81%
- 10Y*
- 9.38%
VTMNX vs. TCIEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTMNX Vanguard Developed Markets Index Fund Institutional Shares | 15.93% | 35.16% | 2.99% | 17.82% | -15.36% | 11.40% | 10.26% | 22.13% | -14.51% | 26.45% |
TCIEX TIAA-CREF International Equity Index Fund Institutional Class | 9.52% | 31.55% | 3.69% | 18.21% | -14.19% | 11.30% | 8.13% | 21.82% | -13.27% | 25.34% |
Correlation
The correlation between VTMNX and TCIEX 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 | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003 | 0.97 |
The correlation between VTMNX and TCIEX has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
VTMNX vs. TCIEX — Risk / Return Rank
VTMNX
TCIEX
VTMNX vs. TCIEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) 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.
| VTMNX | TCIEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.26 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 1.89 | +0.92 |
| Martin ratioReturn relative to average drawdown | 10.90 | 7.06 | +3.84 |
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
| VTMNX | TCIEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 1.42 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.55 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.57 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.41 | -0.09 |
Drawdowns
VTMNX vs. TCIEX - Drawdown Comparison
The maximum VTMNX drawdown since its inception was -60.57%, roughly equal to the maximum TCIEX drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for VTMNX and TCIEX.
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Drawdown Indicators
| VTMNX | TCIEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.57% | -59.27% | -1.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.69% | -11.35% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -13.16% | -13.58% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -29.71% | -29.25% | -0.46% |
Max Drawdown (10Y)Largest decline over 10 years | -35.60% | -33.58% | -2.02% |
Current DrawdownCurrent decline from peak | 0.00% | -0.49% | +0.49% |
Average DrawdownAverage peak-to-trough decline | -13.22% | -10.58% | -2.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 3.02% | -0.02% |
Volatility
VTMNX vs. TCIEX - Volatility Comparison
Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a higher volatility of 4.98% compared to TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) at 4.65%. This indicates that VTMNX's price experiences larger fluctuations and is considered to be riskier than TCIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMNX | TCIEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.98% | 4.65% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 12.55% | 12.25% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.13% | 15.11% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.88% | 16.10% | -0.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.52% | 16.65% | -0.13% |
VTMNX vs. TCIEX - Expense Ratio Comparison
Both VTMNX and TCIEX have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VTMNX vs. TCIEX - Dividend Comparison
VTMNX's dividend yield for the trailing twelve months is around 2.60%, less than TCIEX's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCIEX TIAA-CREF International Equity Index Fund Institutional Class | 3.55% | 3.89% | 3.17% | 3.14% | 2.82% | 3.02% | 1.96% | 3.08% | 3.42% | 2.78% | 2.95% | 3.06% |
VTMNX Vanguard Developed Markets Index Fund Institutional Shares | 2.60% | 3.22% | 3.36% | 3.15% | 2.91% | 3.16% | 2.04% | 3.05% | 3.35% | 2.77% | 3.06% | 2.92% |
Frequently Asked Questions
With a correlation of 0.95, VTMNX and TCIEX 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.
VTMNX has higher volatility (4.98%) compared to TCIEX (4.65%). In terms of maximum drawdown, VTMNX dropped -60.57% vs TCIEX's -59.27%.
VTMNX currently has the higher Sharpe Ratio (2.17 vs 1.42), 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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