VTMNX vs. VBIAX

Last updated Jun 4, 2026

VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) and VBIAX (Vanguard Balanced Index Fund Admiral Shares) are both mutual funds - VTMNX is a Foreign Large Cap Equities fund managed by Vanguard, while VBIAX is a Diversified Portfolio fund managed by Vanguard. Over the past 10 years, VTMNX returned 10.26%/yr vs 9.83%/yr for VBIAX. A 0.75 correlation means they provide meaningful diversification when combined. VTMNX charges 0.05%/yr vs 0.07%/yr for VBIAX.

Performance

VTMNX vs. VBIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, VTMNX achieves a 15.93% return, which is significantly higher than VBIAX's 7.35% return. Both investments have delivered pretty close results over the past 10 years, with VTMNX having a 10.26% annualized return and VBIAX not far behind at 9.83%.

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%

VBIAX

• 1D: 0.15%
• 1M: 3.71%
• YTD: 7.35%
• 6M: 7.26%
• 1Y: 19.35%
• 3Y*: 15.04%
• 5Y*: 8.01%
• 10Y*: 9.83%

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

VTMNX vs. VBIAX - 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%
VBIAX Vanguard Balanced Index Fund Admiral Shares	7.35%	13.61%	14.58%	17.54%	-16.90%	14.21%	16.40%	21.78%	-2.86%	13.89%

Correlation

The correlation between VTMNX and VBIAX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 5, 2001	0.75

The correlation between VTMNX and VBIAX has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

VTMNX vs. VBIAX - Sectors Allocation Comparison

Sectors	VTMNX	VBIAX
Financial Services	23.3%	12.0%
Industrials	19.2%	9.8%
Technology	13.8%	33.5%
Healthcare	8.2%	9.2%
Basic Materials	7.5%	2.0%
Consumer Cyclical	7.5%	10.0%
Consumer Defensive	5.6%	4.7%
Energy	5.4%	3.7%
Communication Services	3.4%	10.3%
Utilities	3.3%	2.3%
Real Estate	2.7%	2.4%

Return for Risk

VTMNX vs. VBIAX — Risk / Return Rank

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

VTMNX

VTMNX Risk / Return Rank: 52
VTMNX Sharpe Ratio Rank: 54
VTMNX Sortino Ratio Rank: 49
VTMNX Omega Ratio Rank: 51
VTMNX Calmar Ratio Rank: 54
VTMNX Martin Ratio Rank: 54

VBIAX

VBIAX Risk / Return Rank: 76
VBIAX Sharpe Ratio Rank: 76
VBIAX Sortino Ratio Rank: 74
VBIAX Omega Ratio Rank: 70
VBIAX Calmar Ratio Rank: 75
VBIAX Martin Ratio Rank: 83

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. VBIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) and Vanguard Balanced Index Fund Admiral Shares (VBIAX). 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	VBIAX	Difference
Sharpe ratio Return per unit of total volatility	2.17	2.52	-0.35
Sortino ratio Return per unit of downside risk	2.95	3.59	-0.64
Omega ratio Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio Return relative to maximum drawdown	2.81	3.42	-0.61
Martin ratio Return relative to average drawdown	10.90	15.60	-4.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTMNX vs. VBIAX - Sharpe Ratio Comparison

The current VTMNX Sharpe Ratio is 2.17, which is comparable to the VBIAX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of VTMNX and VBIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	VTMNX	VBIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	2.52	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.73	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.88	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.64	-0.32

Drawdowns

VTMNX vs. VBIAX - Drawdown Comparison

The maximum VTMNX drawdown since its inception was -60.57%, which is greater than VBIAX's maximum drawdown of -35.90%. Use the drawdown chart below to compare losses from any high point for VTMNX and VBIAX.

Drawdown Indicators

	VTMNX	VBIAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.57%	-35.90%	-24.67%
Max Drawdown (1Y) Largest decline over 1 year	-11.69%	-5.83%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-13.16%	-11.70%	-1.46%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-21.53%	-8.18%
Max Drawdown (10Y) Largest decline over 10 years	-35.60%	-22.78%	-12.82%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.22%	-4.44%	-8.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.27%	+1.73%

Volatility

VTMNX vs. VBIAX - Volatility Comparison

Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a higher volatility of 4.98% compared to Vanguard Balanced Index Fund Admiral Shares (VBIAX) at 2.26%. This indicates that VTMNX's price experiences larger fluctuations and is considered to be riskier than VBIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMNX	VBIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	2.26%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	12.55%	6.11%	+6.44%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	7.90%	+7.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	11.05%	+4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.52%	11.21%	+5.31%

VTMNX vs. VBIAX - Expense Ratio Comparison

VTMNX has a 0.05% expense ratio, which is lower than VBIAX's 0.07% 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

VTMNX vs. VBIAX - Dividend Comparison

VTMNX's dividend yield for the trailing twelve months is around 2.60%, less than VBIAX's 5.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBIAX Vanguard Balanced Index Fund Admiral Shares	5.21%	6.00%	5.27%	4.35%	2.83%	3.19%	2.65%	2.28%	2.32%	1.95%	2.09%	2.09%
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

Can I hold both VTMNX and VBIAX in my portfolio?

VTMNX and VBIAX 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.

Which is riskier, VTMNX or VBIAX?

VTMNX has higher volatility (4.98%) compared to VBIAX (2.26%). In terms of maximum drawdown, VTMNX dropped -60.57% vs VBIAX's -35.90%.

Which has better risk-adjusted returns?

VBIAX currently has the higher Sharpe Ratio (2.52 vs 2.17), 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.