VTMSX vs. BRK-B

Last updated Jun 5, 2026

VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) is Small Cap Blend Equities fund managed by BlackRock, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, VTMSX returned 10.70%/yr vs 12.93%/yr for BRK-B. At a 0.48 correlation, their price movements are largely independent.

Performance

VTMSX vs. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTMSX achieves a 15.67% return, which is significantly higher than BRK-B's -4.78% return. Over the past 10 years, VTMSX has underperformed BRK-B with an annualized return of 10.70%, while BRK-B has yielded a comparatively higher 12.93% annualized return.

VTMSX

• 1D: -0.84%
• 1M: 0.35%
• YTD: 15.67%
• 6M: 14.69%
• 1Y: 32.17%
• 3Y*: 14.50%
• 5Y*: 5.76%
• 10Y*: 10.70%

BRK-B

• 1D: 0.69%
• 1M: 2.82%
• YTD: -4.78%
• 6M: -4.89%
• 1Y: -2.52%
• 3Y*: 13.36%
• 5Y*: 10.35%
• 10Y*: 12.93%

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

VTMSX vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	15.67%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%
BRK-B Berkshire Hathaway Inc.	-4.78%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between VTMSX and BRK-B is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 26, 1999	0.48

Over the past year, the correlation between VTMSX and BRK-B has dropped to 0.25 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

VTMSX vs. BRK-B — Risk / Return Rank

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

VTMSX

VTMSX Risk / Return Rank: 52
VTMSX Sharpe Ratio Rank: 40
VTMSX Sortino Ratio Rank: 40
VTMSX Omega Ratio Rank: 35
VTMSX Calmar Ratio Rank: 81
VTMSX Martin Ratio Rank: 63

BRK-B

BRK-B Risk / Return Rank: 31
BRK-B Sharpe Ratio Rank: 34
BRK-B Sortino Ratio Rank: 28
BRK-B Omega Ratio Rank: 27
BRK-B Calmar Ratio Rank: 33
BRK-B Martin Ratio Rank: 32

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. BRK-B - 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 Berkshire Hathaway Inc. (BRK-B). 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	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	1.83	-0.18	+2.01
Sortino ratio: Return per unit of downside risk	2.66	-0.15	+2.81
Omega ratio: Gain probability vs. loss probability	1.32	0.98	+0.33
Calmar ratio: Return relative to maximum drawdown	3.72	-0.27	+3.99
Martin ratio: Return relative to average drawdown	12.35	-0.57	+12.92
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. BRK-B - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 1.83, which is higher than the BRK-B Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of VTMSX and BRK-B, 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

	VTMSX	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	-0.18	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.61	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.67	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.48	-0.02

Drawdowns

VTMSX vs. BRK-B - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for VTMSX and BRK-B.

Drawdown Indicators

	VTMSX	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-53.86%	-3.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-9.42%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-14.95%	-12.98%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-26.58%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	-29.57%	-14.31%
Current Drawdown Current decline from peak	-0.84%	-11.33%	+10.49%
Average Drawdown Average peak-to-trough decline	-8.93%	-11.07%	+2.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	4.46%	-1.88%

Volatility

VTMSX vs. BRK-B - Volatility Comparison

Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a higher volatility of 4.48% compared to Berkshire Hathaway Inc. (BRK-B) at 3.72%. This indicates that VTMSX's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMSX	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	3.72%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	10.70%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	14.32%	+3.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	17.11%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	19.43%	+3.69%

Dividends

VTMSX vs. BRK-B - Dividend Comparison

VTMSX's dividend yield for the trailing twelve months is around 1.16%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	1.16%	1.28%	1.44%	1.50%	1.51%	1.16%	1.09%	1.15%	1.26%	1.11%	1.01%	1.26%

Frequently Asked Questions

Can I hold both VTMSX and BRK-B in my portfolio?

VTMSX and BRK-B have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VTMSX or BRK-B?

VTMSX has higher volatility (4.48%) compared to BRK-B (3.72%). In terms of maximum drawdown, VTMSX dropped -57.84% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

VTMSX currently has the higher Sharpe Ratio (1.83 vs -0.18), 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.