VTMSX vs. ^SP600

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and S&P 600 (^SP600).

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

Performance

VTMSX vs. ^SP600 - 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 600 (^SP600). The values are adjusted to include any dividend payments, if applicable.

VTMSX vs. ^SP600 - 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%
^SP600 S&P 600	3.65%	4.23%	6.82%	13.89%	-17.42%	25.27%	9.57%	20.86%	-9.75%	11.73%

Returns By Period

The year-to-date returns for both stocks are quite close, with VTMSX having a 3.68% return and ^SP600 slightly lower at 3.65%. Over the past 10 years, VTMSX has outperformed ^SP600 with an annualized return of 9.83%, while ^SP600 has yielded a comparatively lower 8.26% 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%

^SP600

• 1D: 0.53%
• 1M: -4.39%
• YTD: 3.65%
• 6M: 4.71%
• 1Y: 18.85%
• 3Y*: 8.77%
• 5Y*: 2.57%
• 10Y*: 8.26%

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

Return for Risk

VTMSX vs. ^SP600 — 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

^SP600

^SP600 Risk / Return Rank: 54
^SP600 Sharpe Ratio Rank: 53
^SP600 Sortino Ratio Rank: 54
^SP600 Omega Ratio Rank: 51
^SP600 Calmar Ratio Rank: 51
^SP600 Martin Ratio Rank: 59

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. ^SP600 - 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 600 (^SP600). 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	^SP600	Difference
Sharpe ratio Return per unit of total volatility	0.91	0.83	+0.08
Sortino ratio Return per unit of downside risk	1.41	1.31	+0.10
Omega ratio Gain probability vs. loss probability	1.19	1.17	+0.01
Calmar ratio Return relative to maximum drawdown	1.43	1.28	+0.14
Martin ratio Return relative to average drawdown	5.80	5.11	+0.69
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. ^SP600 - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 0.91, which is comparable to the ^SP600 Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of VTMSX and ^SP600, 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	^SP600	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	0.83	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.12	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.36	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.44	0.00

Correlation

The correlation between VTMSX and ^SP600 is 1.00, 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. ^SP600 - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, roughly equal to the maximum ^SP600 drawdown of -59.17%. Use the drawdown chart below to compare losses from any high point for VTMSX and ^SP600.

Drawdown Indicators

	VTMSX	^SP600	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-59.17%	+1.33%
Max Drawdown (1Y) Largest decline over 1 year	-14.85%	-14.89%	+0.04%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-28.39%	+0.46%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	-45.77%	+1.89%
Current Drawdown Current decline from peak	-5.68%	-5.55%	-0.13%
Average Drawdown Average peak-to-trough decline	-8.98%	-9.31%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.66%	3.74%	-0.08%

Volatility

VTMSX vs. ^SP600 - Volatility Comparison

Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) and S&P 600 (^SP600) have volatilities of 6.25% and 6.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMSX	^SP600	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	6.26%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.04%	13.06%	-0.02%
Volatility (1Y) Calculated over the trailing 1-year period	22.70%	22.74%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	21.56%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	23.19%	-0.07%