VTMSX vs. LIVIX

Last updated Jun 4, 2026

VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) and LIVIX (BlackRock LifePath Index 2055 Fund) are both mutual funds - VTMSX is a Small Cap Blend Equities fund managed by BlackRock, while LIVIX is a Target Retirement Date fund managed by BlackRock. Over the past 10 years, VTMSX returned 10.79%/yr vs 12.04%/yr for LIVIX. Their correlation of 0.83 suggests significant overlap in exposure. VTMSX charges 0.09%/yr vs 0.10%/yr for LIVIX.

Performance

VTMSX vs. LIVIX - 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 BlackRock LifePath Index 2055 Fund (LIVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTMSX achieves a 16.65% return, which is significantly higher than LIVIX's 13.10% return. Over the past 10 years, VTMSX has underperformed LIVIX with an annualized return of 10.79%, while LIVIX has yielded a comparatively higher 12.04% annualized return.

VTMSX

• 1D: 0.92%
• 1M: 2.71%
• YTD: 16.65%
• 6M: 15.43%
• 1Y: 32.94%
• 3Y*: 14.82%
• 5Y*: 5.98%
• 10Y*: 10.79%

LIVIX

• 1D: 0.47%
• 1M: 5.62%
• YTD: 13.10%
• 6M: 13.99%
• 1Y: 29.98%
• 3Y*: 19.96%
• 5Y*: 10.51%
• 10Y*: 12.04%

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

VTMSX vs. LIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	16.65%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%
LIVIX BlackRock LifePath Index 2055 Fund	13.10%	21.57%	13.60%	21.62%	-18.38%	18.75%	14.99%	26.76%	-7.83%	21.38%

Correlation

The correlation between VTMSX and LIVIX is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 2, 2011	0.83

The correlation between VTMSX and LIVIX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.

Return for Risk

VTMSX vs. LIVIX — Risk / Return Rank

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

VTMSX

VTMSX Risk / Return Rank: 59
VTMSX Sharpe Ratio Rank: 47
VTMSX Sortino Ratio Rank: 48
VTMSX Omega Ratio Rank: 41
VTMSX Calmar Ratio Rank: 86
VTMSX Martin Ratio Rank: 71

LIVIX

LIVIX Risk / Return Rank: 69
LIVIX Sharpe Ratio Rank: 70
LIVIX Sortino Ratio Rank: 65
LIVIX Omega Ratio Rank: 62
LIVIX Calmar Ratio Rank: 70
LIVIX Martin Ratio Rank: 76

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. LIVIX - 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 BlackRock LifePath Index 2055 Fund (LIVIX). 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	LIVIX	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.43	-0.42
Sortino ratio: Return per unit of downside risk	2.89	3.37	-0.47
Omega ratio: Gain probability vs. loss probability	1.35	1.44	-0.10
Calmar ratio: Return relative to maximum drawdown	4.10	3.22	+0.88
Martin ratio: Return relative to average drawdown	13.62	14.29	-0.67
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. LIVIX - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 2.01, which is comparable to the LIVIX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of VTMSX and LIVIX, 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	LIVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	2.43	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.67	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.72	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.64	-0.19

Drawdowns

VTMSX vs. LIVIX - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, which is greater than LIVIX's maximum drawdown of -34.44%. Use the drawdown chart below to compare losses from any high point for VTMSX and LIVIX.

Drawdown Indicators

	VTMSX	LIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-34.44%	-23.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-9.44%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-17.39%	-10.54%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-26.45%	-1.48%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	-34.44%	-9.44%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.93%	-4.52%	-4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.13%	+0.45%

Volatility

VTMSX vs. LIVIX - Volatility Comparison

Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a higher volatility of 4.51% compared to BlackRock LifePath Index 2055 Fund (LIVIX) at 3.86%. This indicates that VTMSX's price experiences larger fluctuations and is considered to be riskier than LIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMSX	LIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	3.86%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	10.06%	+1.63%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	12.54%	+4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	15.84%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.12%	16.72%	+6.40%

VTMSX vs. LIVIX - Expense Ratio Comparison

VTMSX has a 0.09% expense ratio, which is lower than LIVIX's 0.10% 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

VTMSX vs. LIVIX - Dividend Comparison

VTMSX's dividend yield for the trailing twelve months is around 1.15%, less than LIVIX's 2.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LIVIX BlackRock LifePath Index 2055 Fund	2.19%	2.48%	0.01%	2.04%	1.96%	2.04%	1.56%	2.95%	2.35%	2.27%	1.54%	2.88%
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	1.15%	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 LIVIX in my portfolio?

VTMSX and LIVIX have a correlation of 0.78, 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 LIVIX?

VTMSX has higher volatility (4.51%) compared to LIVIX (3.86%). In terms of maximum drawdown, VTMSX dropped -57.84% vs LIVIX's -34.44%.

Which has better risk-adjusted returns?

LIVIX currently has the higher Sharpe Ratio (2.43 vs 2.01), 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.