VTMNX vs. TROSX

Last updated Jun 24, 2026

VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) and TROSX (T. Rowe Price Overseas Stock Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, VTMNX returned 11.01%/yr vs 10.14%/yr for TROSX. With a 0.98 correlation, they move nearly in lockstep. VTMNX charges 0.05%/yr vs 0.77%/yr for TROSX.

Performance

VTMNX vs. TROSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) and T. Rowe Price Overseas Stock Fund (TROSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTMNX achieves a 16.59% return, which is significantly higher than TROSX's 10.75% return. Over the past 10 years, VTMNX has outperformed TROSX with an annualized return of 11.01%, while TROSX has yielded a comparatively lower 10.14% annualized return.

VTMNX

• 1D: 0.04%
• 1M: 3.10%
• YTD: 16.59%
• 6M: 16.36%
• 1Y: 34.31%
• 3Y*: 20.63%
• 5Y*: 10.37%
• 10Y*: 11.01%

TROSX

• 1D: 0.11%
• 1M: 2.22%
• YTD: 10.75%
• 6M: 10.47%
• 1Y: 27.44%
• 3Y*: 17.06%
• 5Y*: 8.50%
• 10Y*: 10.14%

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

VTMNX vs. TROSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	16.59%	35.16%	2.99%	17.82%	-15.36%	11.40%	10.26%	22.13%	-14.51%	26.45%
TROSX T. Rowe Price Overseas Stock Fund	10.75%	31.78%	2.91%	16.34%	-15.42%	12.24%	9.24%	22.91%	-15.08%	27.05%

Correlation

The correlation between VTMNX and TROSX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
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 Jan 3, 2007	0.98

The correlation between VTMNX and TROSX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

VTMNX vs. TROSX — Risk / Return Rank

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

VTMNX

VTMNX Risk / Return Rank: 65
VTMNX Sharpe Ratio Rank: 68
VTMNX Sortino Ratio Rank: 60
VTMNX Omega Ratio Rank: 64
VTMNX Calmar Ratio Rank: 68
VTMNX Martin Ratio Rank: 62

TROSX

TROSX Risk / Return Rank: 41
TROSX Sharpe Ratio Rank: 42
TROSX Sortino Ratio Rank: 41
TROSX Omega Ratio Rank: 41
TROSX Calmar Ratio Rank: 39
TROSX Martin Ratio Rank: 41

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.

VTMNX vs. TROSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) and T. Rowe Price Overseas Stock Fund (TROSX). 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.

	VTMNX	TROSX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.76	+0.46
Sortino ratio: Return per unit of downside risk	2.97	2.48	+0.50
Omega ratio: Gain probability vs. loss probability	1.40	1.32	+0.08
Calmar ratio: Return relative to maximum drawdown	3.03	2.27	+0.76
Martin ratio: Return relative to average drawdown	11.62	8.39	+3.23

VTMNX vs. TROSX - Sharpe Ratio Comparison

The current VTMNX Sharpe Ratio is 2.22, which is comparable to the TROSX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of VTMNX and TROSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTMNX vs. TROSX - Drawdown Comparison

The maximum VTMNX drawdown since its inception was -60.57%, roughly equal to the maximum TROSX drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for VTMNX and TROSX.

Drawdown Indicators

	VTMNX	TROSX	Difference
Max Drawdown Largest peak-to-trough decline	-60.57%	-60.62%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-11.69%	-12.42%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-13.16%	-14.02%	+0.86%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-29.45%	-0.26%
Max Drawdown (10Y) Largest decline over 10 years	-35.60%	-36.34%	+0.74%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.20%	-12.43%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	3.35%	-0.31%

Volatility

VTMNX vs. TROSX - Volatility Comparison

Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a higher volatility of 6.21% compared to T. Rowe Price Overseas Stock Fund (TROSX) at 4.82%. This indicates that VTMNX's price experiences larger fluctuations and is considered to be riskier than TROSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMNX	TROSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	4.82%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	13.67%	13.47%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	16.05%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	16.22%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.54%	16.94%	-0.40%

VTMNX vs. TROSX - Expense Ratio Comparison

VTMNX has a 0.05% expense ratio, which is lower than TROSX's 0.77% expense ratio.

Dividends

VTMNX vs. TROSX - Dividend Comparison

VTMNX's dividend yield for the trailing twelve months is around 2.51%, more than TROSX's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TROSX T. Rowe Price Overseas Stock Fund	1.85%	2.05%	2.38%	2.28%	2.38%	1.88%	1.41%	2.14%	3.33%	1.86%	1.98%	2.11%
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	2.51%	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

Can I hold both VTMNX and TROSX in my portfolio?

With a correlation of 0.94, VTMNX and TROSX 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.

Which is riskier, VTMNX or TROSX?

VTMNX has higher volatility (6.21%) compared to TROSX (4.82%). In terms of maximum drawdown, VTMNX dropped -60.57% vs TROSX's -60.62%.

Which has better risk-adjusted returns?

VTMNX currently has the higher Sharpe Ratio (2.22 vs 1.76), 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.