VTMNX vs. VIGAX

Last updated Aug 2, 2026

VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) and VIGAX (Vanguard Growth Index Fund Admiral Shares) are both mutual funds - VTMNX is a Foreign Large Cap Equities fund tracking the FTSE Developed All Cap ex US Index, while VIGAX is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Both are passively managed. Over the past 10 years, VTMNX returned 10.06%/yr vs 17.14%/yr for VIGAX. Their 0.70 correlation means they have sometimes moved together and sometimes differently. VTMNX charges 0.03%/yr vs 0.05%/yr for VIGAX.

Performance

VTMNX vs. VIGAX - 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 Growth Index Fund Admiral Shares (VIGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTMNX achieves a 14.63% return, which is significantly higher than VIGAX's 3.80% return. Over the past 10 years, VTMNX has underperformed VIGAX with an annualized return of 10.06%, while VIGAX has yielded a comparatively higher 17.14% annualized return.

VTMNX

• 1D: 3.11%
• 1M: 0.75%
• 6M: 8.12%
• YTD: 14.63%
• 1Y: 30.66%
• 3Y*: 17.91%
• 5Y*: 9.92%
• 10Y*: 10.06%
• ALL TIME*: 6.04%

VIGAX

• 1D: 2.71%
• 1M: -1.61%
• 6M: 5.19%
• YTD: 3.80%
• 1Y: 14.04%
• 3Y*: 20.59%
• 5Y*: 11.90%
• 10Y*: 17.14%
• ALL TIME*: 9.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VIGAX Vanguard Growth Index Fund Admiral Shares	$0.00	$0.00	$0.00
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	$0.00	$0.00	$0.00

VTMNX vs. VIGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	14.63%	35.16%	2.99%	17.82%	-15.36%	11.40%	10.26%	22.13%	-14.51%	26.45%
VIGAX Vanguard Growth Index Fund Admiral Shares	3.80%	19.43%	32.67%	46.76%	-33.14%	27.26%	40.18%	37.23%	-3.35%	27.80%

Correlation

The correlation between VTMNX and VIGAX is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Jan 4, 2001	0.70

The correlation between VTMNX and VIGAX has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

VTMNX vs. VIGAX - Sectors Allocation Comparison

Sectors	VTMNX	VIGAX
Financial Services	23.1%	3.8%
Technology	18.4%	56.2%
Industrials	17.9%	5.3%
Healthcare	7.9%	4.7%
Consumer Cyclical	7.3%	11.5%
Basic Materials	6.9%	0.5%
Consumer Defensive	5.3%	1.4%
Energy	4.5%	0.3%
Communication Services	3.2%	15.4%
Utilities	3.1%	0.7%
Real Estate	2.5%	1.0%

Return for Risk

VTMNX vs. VIGAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTMNX

VTMNX Risk / Return Rank: 76
VTMNX Sharpe Ratio Rank: 77
VTMNX Sortino Ratio Rank: 73
VTMNX Omega Ratio Rank: 74
VTMNX Calmar Ratio Rank: 78
VTMNX Martin Ratio Rank: 79

VIGAX

VIGAX Risk / Return Rank: 18
VIGAX Sharpe Ratio Rank: 18
VIGAX Sortino Ratio Rank: 19
VIGAX Omega Ratio Rank: 19
VIGAX Calmar Ratio Rank: 15
VIGAX Martin Ratio Rank: 17

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.

VTMNX vs. VIGAX - 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 Growth Index Fund Admiral Shares (VIGAX). 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	VIGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.66	+1.09
Sortino ratio: Return per unit of downside risk	2.39	1.01	+1.38
Omega ratio: Gain probability vs. loss probability	1.32	1.12	+0.19
Calmar ratio: Return relative to maximum drawdown	2.50	0.71	+1.80
Martin ratio: Return relative to average drawdown	9.36	2.26	+7.10

VTMNX vs. VIGAX - Sharpe Ratio Comparison

The current VTMNX Sharpe Ratio is 1.74, which is higher than the VIGAX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of VTMNX and VIGAX, 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. VIGAX - Drawdown Comparison

The maximum VTMNX drawdown since its inception was -60.57%, which is greater than VIGAX's maximum drawdown of -50.66%. Use the drawdown chart below to compare losses from any high point for VTMNX and VIGAX.

Drawdown Indicators

	VTMNX	VIGAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.57%	-50.66%	-9.91%
Max Drawdown (1Y) Largest decline over 1 year	-11.69%	-16.51%	+4.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.16%	-23.04%	+9.88%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-35.63%	+5.92%
Max Drawdown (10Y) Largest decline over 10 years	-35.60%	-35.63%	+0.03%
Current Drawdown Current decline from peak	-1.68%	-6.60%	+4.92%
Average Drawdown Average peak-to-trough decline	-13.15%	-11.92%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	5.16%	-2.04%

Volatility

VTMNX vs. VIGAX - Volatility Comparison

Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a higher volatility of 5.76% compared to Vanguard Growth Index Fund Admiral Shares (VIGAX) at 5.41%. This indicates that VTMNX's price experiences larger fluctuations and is considered to be riskier than VIGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMNX	VIGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	5.41%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	14.81%	14.24%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	17.76%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	22.62%	-6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	21.69%	-5.30%

VTMNX vs. VIGAX - Expense Ratio Comparison

VTMNX has a 0.03% expense ratio, which is lower than VIGAX's 0.05% 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. VIGAX - Dividend Comparison

VTMNX's dividend yield for the trailing twelve months is around 2.55%, more than VIGAX's 0.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIGAX Vanguard Growth Index Fund Admiral Shares	0.39%	0.40%	0.46%	0.57%	0.69%	0.47%	0.66%	0.94%	1.31%	1.14%	1.39%	1.31%
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	2.55%	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 VIGAX in my portfolio?

VTMNX and VIGAX have a correlation of 0.69, 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 VIGAX?

VTMNX has higher volatility (5.76%) compared to VIGAX (5.41%). In terms of maximum drawdown, VTMNX dropped -60.57% vs VIGAX's -50.66%.

Which has better risk-adjusted returns?

VTMNX currently has the higher Sharpe Ratio (1.74 vs 0.66), 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.