VTMNX vs. VTSNX

Last updated Aug 2, 2026

VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) and VTSNX (Vanguard Total International Stock Index Fund Institutional Shares) are both Foreign Large Cap Equities funds from Vanguard - VTMNX tracks the FTSE Developed All Cap ex US Index while VTSNX tracks the FTSE Global All Cap ex US Index. Both are passively managed. Over the past 10 years, VTMNX returned 10.06%/yr vs 9.42%/yr for VTSNX. Their 0.98 correlation means they have historically moved very closely together. VTMNX charges 0.03%/yr vs 0.08%/yr for VTSNX.

Performance

VTMNX vs. VTSNX - 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 Total International Stock Index Fund Institutional Shares (VTSNX). 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 VTSNX's 12.79% return. Over the past 10 years, VTMNX has outperformed VTSNX with an annualized return of 10.06%, while VTSNX has yielded a comparatively lower 9.42% 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%

VTSNX

• 1D: 2.75%
• 1M: 0.11%
• 6M: 6.67%
• YTD: 12.79%
• 1Y: 27.72%
• 3Y*: 16.82%
• 5Y*: 8.84%
• 10Y*: 9.42%
• ALL TIME*: 6.63%

*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)
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	$0.00	$0.00	$0.00
VTSNX Vanguard Total International Stock Index Fund Institutional Shares	$0.00	$0.00	$0.00

VTMNX vs. VTSNX - 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%
VTSNX Vanguard Total International Stock Index Fund Institutional Shares	12.79%	32.24%	5.38%	15.29%	-15.99%	8.64%	11.27%	21.69%	-14.41%	27.54%

Correlation

The correlation between VTMNX and VTSNX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.98

The correlation between VTMNX and VTSNX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

VTMNX vs. VTSNX - Sectors Allocation Comparison

Sectors	VTMNX	VTSNX
Financial Services	23.1%	21.3%
Technology	18.4%	22.0%
Industrials	17.9%	14.7%
Healthcare	7.9%	6.6%
Consumer Cyclical	7.3%	7.0%
Basic Materials	6.9%	6.9%
Consumer Defensive	5.3%	4.7%
Energy	4.5%	4.0%
Communication Services	3.2%	3.6%
Utilities	3.1%	2.8%
Real Estate	2.5%	2.2%

Return for Risk

VTMNX vs. VTSNX — 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

VTSNX

VTSNX Risk / Return Rank: 72
VTSNX Sharpe Ratio Rank: 73
VTSNX Sortino Ratio Rank: 69
VTSNX Omega Ratio Rank: 72
VTSNX Calmar Ratio Rank: 74
VTSNX Martin Ratio Rank: 74

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. VTSNX - 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 Total International Stock Index Fund Institutional Shares (VTSNX). 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	VTSNX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.65	+0.09
Sortino ratio: Return per unit of downside risk	2.39	2.27	+0.12
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.50	2.33	+0.17
Martin ratio: Return relative to average drawdown	9.36	8.66	+0.70

VTMNX vs. VTSNX - Sharpe Ratio Comparison

The current VTMNX Sharpe Ratio is 1.74, which is comparable to the VTSNX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of VTMNX and VTSNX, 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. VTSNX - Drawdown Comparison

The maximum VTMNX drawdown since its inception was -60.57%, which is greater than VTSNX's maximum drawdown of -35.72%. Use the drawdown chart below to compare losses from any high point for VTMNX and VTSNX.

Drawdown Indicators

	VTMNX	VTSNX	Difference
Max Drawdown Largest peak-to-trough decline	-60.57%	-35.72%	-24.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.69%	-11.29%	-0.40%
Max Drawdown (3Y) Largest decline over 3 years	-13.16%	-13.14%	-0.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.71%	-29.50%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-35.60%	-35.72%	+0.12%
Current Drawdown Current decline from peak	-1.68%	-2.62%	+0.94%
Average Drawdown Average peak-to-trough decline	-13.15%	-8.04%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.12%	3.03%	+0.09%

Volatility

VTMNX vs. VTSNX - Volatility Comparison

Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a higher volatility of 5.76% compared to Vanguard Total International Stock Index Fund Institutional Shares (VTSNX) at 5.43%. This indicates that VTMNX's price experiences larger fluctuations and is considered to be riskier than VTSNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMNX	VTSNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	5.43%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	14.81%	14.12%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	15.98%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.22%	15.36%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	15.83%	+0.56%

VTMNX vs. VTSNX - Expense Ratio Comparison

VTMNX has a 0.03% expense ratio, which is lower than VTSNX's 0.08% 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. VTSNX - Dividend Comparison

VTMNX's dividend yield for the trailing twelve months is around 2.55%, less than VTSNX's 2.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTSNX Vanguard Total International Stock Index Fund Institutional Shares	2.58%	3.17%	3.36%	3.24%	3.08%	3.08%	2.13%	3.16%	3.19%	2.75%	2.95%	2.86%

Frequently Asked Questions

Can I hold both VTMNX and VTSNX in my portfolio?

With a correlation of 0.96, VTMNX and VTSNX 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 VTSNX?

VTMNX has higher volatility (5.76%) compared to VTSNX (5.43%). In terms of maximum drawdown, VTMNX dropped -60.57% vs VTSNX's -35.72%.

Which has better risk-adjusted returns?

VTMNX currently has the higher Sharpe Ratio (1.74 vs 1.65), 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.