VTMSX vs. CSMDX

Last updated Jun 5, 2026

VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) and CSMDX (Copeland SMID Cap Dividend Growth Fund) are both Small Cap Blend Equities funds. Over the past 5 years, VTMSX returned 5.76%/yr vs 4.87%/yr for CSMDX. Their correlation of 0.93 suggests significant overlap in exposure. VTMSX charges 0.09%/yr vs 0.95%/yr for CSMDX.

Performance

VTMSX vs. CSMDX - 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 Copeland SMID Cap Dividend Growth Fund (CSMDX). 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 CSMDX's 11.47% 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%

CSMDX

• 1D: -0.23%
• 1M: 1.31%
• YTD: 11.47%
• 6M: 9.96%
• 1Y: 16.48%
• 3Y*: 8.43%
• 5Y*: 4.87%
• 10Y*: —

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

VTMSX vs. CSMDX - 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%	10.08%
CSMDX Copeland SMID Cap Dividend Growth Fund	11.47%	2.72%	2.24%	18.89%	-14.89%	22.60%	8.29%	29.90%	-5.20%	10.44%

Correlation

The correlation between VTMSX and CSMDX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 28, 2017	0.93

The correlation between VTMSX and CSMDX has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

VTMSX vs. CSMDX — 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

CSMDX

CSMDX Risk / Return Rank: 20
CSMDX Sharpe Ratio Rank: 17
CSMDX Sortino Ratio Rank: 19
CSMDX Omega Ratio Rank: 16
CSMDX Calmar Ratio Rank: 25
CSMDX Martin Ratio Rank: 23

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. CSMDX - 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 Copeland SMID Cap Dividend Growth Fund (CSMDX). 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	CSMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.16	+0.67
Sortino ratio: Return per unit of downside risk	2.66	1.81	+0.85
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio: Return relative to maximum drawdown	3.72	1.82	+1.91
Martin ratio: Return relative to average drawdown	12.35	5.56	+6.79
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. CSMDX - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 1.83, which is higher than the CSMDX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of VTMSX and CSMDX, 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	CSMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.16	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.27	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.45	+0.01

Drawdowns

VTMSX vs. CSMDX - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, which is greater than CSMDX's maximum drawdown of -37.28%. Use the drawdown chart below to compare losses from any high point for VTMSX and CSMDX.

Drawdown Indicators

	VTMSX	CSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-37.28%	-20.56%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-9.20%	+0.61%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-24.60%	-3.33%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-24.60%	-3.33%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	—	—
Current Drawdown Current decline from peak	-0.84%	-0.76%	-0.08%
Average Drawdown Average peak-to-trough decline	-8.93%	-5.77%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	3.00%	-0.42%

Volatility

VTMSX vs. CSMDX - Volatility Comparison

Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a higher volatility of 4.48% compared to Copeland SMID Cap Dividend Growth Fund (CSMDX) at 3.49%. This indicates that VTMSX's price experiences larger fluctuations and is considered to be riskier than CSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMSX	CSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.48%	3.49%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	11.71%	10.22%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	14.45%	+3.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	18.16%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	19.16%	+3.96%

VTMSX vs. CSMDX - Expense Ratio Comparison

VTMSX has a 0.09% expense ratio, which is lower than CSMDX's 0.95% expense ratio.

Dividends

VTMSX vs. CSMDX - Dividend Comparison

VTMSX's dividend yield for the trailing twelve months is around 1.16%, less than CSMDX's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMDX Copeland SMID Cap Dividend Growth Fund	2.82%	3.14%	1.33%	0.81%	4.07%	6.67%	0.38%	2.61%	4.40%	0.13%	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 CSMDX in my portfolio?

With a correlation of 0.93, VTMSX and CSMDX 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, VTMSX or CSMDX?

VTMSX has higher volatility (4.48%) compared to CSMDX (3.49%). In terms of maximum drawdown, VTMSX dropped -57.84% vs CSMDX's -37.28%.

Which has better risk-adjusted returns?

VTMSX currently has the higher Sharpe Ratio (1.83 vs 1.16), 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.