VTMSX vs. ^SP500TR

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and S&P 500 Total Return (^SP500TR).

VTMSX is managed by BlackRock. It was launched on Mar 25, 1999.

Performance

VTMSX vs. ^SP500TR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and S&P 500 Total Return (^SP500TR). The values are adjusted to include any dividend payments, if applicable.

VTMSX vs. ^SP500TR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	3.68%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%
^SP500TR S&P 500 Total Return	-3.64%	17.88%	25.02%	26.29%	-18.11%	28.71%	18.40%	31.49%	-4.38%	21.83%

Returns By Period

In the year-to-date period, VTMSX achieves a 3.68% return, which is significantly higher than ^SP500TR's -3.64% return. Over the past 10 years, VTMSX has underperformed ^SP500TR with an annualized return of 9.83%, while ^SP500TR has yielded a comparatively higher 14.17% annualized return.

VTMSX

• 1D: 2.78%
• 1M: -4.68%
• YTD: 3.68%
• 6M: 5.13%
• 1Y: 20.31%
• 3Y*: 10.51%
• 5Y*: 4.17%
• 10Y*: 9.83%

^SP500TR

• 1D: 0.72%
• 1M: -4.34%
• YTD: -3.64%
• 6M: -1.43%
• 1Y: 18.20%
• 3Y*: 18.60%
• 5Y*: 11.96%
• 10Y*: 14.17%

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

Return for Risk

VTMSX vs. ^SP500TR — Risk / Return Rank

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

VTMSX

VTMSX Risk / Return Rank: 49
VTMSX Sharpe Ratio Rank: 42
VTMSX Sortino Ratio Rank: 48
VTMSX Omega Ratio Rank: 39
VTMSX Calmar Ratio Rank: 58
VTMSX Martin Ratio Rank: 59

^SP500TR

^SP500TR Risk / Return Rank: 72
^SP500TR Sharpe Ratio Rank: 66
^SP500TR Sortino Ratio Rank: 69
^SP500TR Omega Ratio Rank: 74
^SP500TR Calmar Ratio Rank: 67
^SP500TR 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.

VTMSX vs. ^SP500TR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and S&P 500 Total Return (^SP500TR). 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.

	VTMSX	^SP500TR	Difference
Sharpe ratio Return per unit of total volatility	0.91	1.00	-0.09
Sortino ratio Return per unit of downside risk	1.41	1.52	-0.11
Omega ratio Gain probability vs. loss probability	1.19	1.23	-0.05
Calmar ratio Return relative to maximum drawdown	1.43	1.54	-0.11
Martin ratio Return relative to average drawdown	5.80	7.32	-1.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTMSX vs. ^SP500TR - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 0.91, which is comparable to the ^SP500TR Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of VTMSX and ^SP500TR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VTMSX	^SP500TR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.00	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.71	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.79	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.62	-0.19

Correlation

The correlation between VTMSX and ^SP500TR is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

VTMSX vs. ^SP500TR - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, roughly equal to the maximum ^SP500TR drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for VTMSX and ^SP500TR.

Drawdown Indicators

	VTMSX	^SP500TR	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-55.25%	-2.59%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-12.12%	-2.73%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-24.49%	-3.44%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	-33.79%	-10.09%
Current Drawdown Current decline from peak	-5.68%	-5.55%	-0.13%
Average Drawdown Average peak-to-trough decline	-8.98%	-8.20%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	2.55%	+1.11%

Volatility

VTMSX vs. ^SP500TR - Volatility Comparison

Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a higher volatility of 6.25% compared to S&P 500 Total Return (^SP500TR) at 5.38%. This indicates that VTMSX's price experiences larger fluctuations and is considered to be riskier than ^SP500TR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMSX	^SP500TR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	5.38%	+0.87%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	9.55%	+3.49%
Volatility (1Y) Calculated over the trailing 1-year period	22.70%	18.32%	+4.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	16.90%	+4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	18.05%	+5.07%