VTMSX vs. MALMX
VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) and MALMX (BlackRock Short-Term Municipal Fund) are both mutual funds - VTMSX is a Small Cap Blend Equities fund managed by BlackRock, while MALMX is a Municipal Bonds fund managed by BlackRock. Over the past 10 years, VTMSX returned 11.34%/yr vs 1.74%/yr for MALMX. At a correlation of -0.02, they often move in opposite directions. VTMSX charges 0.09%/yr vs 0.36%/yr for MALMX.
Performance
VTMSX vs. MALMX - Performance Comparison
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Returns By Period
In the year-to-date period, VTMSX achieves a 19.68% return, which is significantly higher than MALMX's 1.02% return. Over the past 10 years, VTMSX has outperformed MALMX with an annualized return of 11.34%, while MALMX has yielded a comparatively lower 1.74% annualized return.
VTMSX
- 1D
- -0.37%
- 1M
- 4.28%
- YTD
- 19.68%
- 6M
- 16.75%
- 1Y
- 33.50%
- 3Y*
- 16.27%
- 5Y*
- 6.42%
- 10Y*
- 11.34%
MALMX
- 1D
- 0.00%
- 1M
- 0.89%
- YTD
- 1.02%
- 6M
- 1.41%
- 1Y
- 4.39%
- 3Y*
- 4.59%
- 5Y*
- 2.37%
- 10Y*
- 1.74%
VTMSX vs. MALMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares | 19.68% | 5.93% | 8.61% | 15.95% | -16.16% | 27.08% | 11.05% | 23.28% | -8.62% | 13.05% |
MALMX BlackRock Short-Term Municipal Fund | 1.02% | 6.38% | 3.58% | 4.21% | -2.88% | -0.11% | 1.39% | 2.58% | 1.45% | 0.86% |
Correlation
The correlation between VTMSX and MALMX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 1999 | -0.02 |
The correlation between VTMSX and MALMX shifts across timeframes, from -0.02 (all time) to 0.14 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VTMSX vs. MALMX — Risk / Return Rank
VTMSX
MALMX
VTMSX vs. MALMX - 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 Short-Term Municipal Fund (MALMX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VTMSX | MALMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.88 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 4.08 | 2.34 | +1.74 |
| Martin ratioReturn relative to average drawdown | 13.66 | 7.53 | +6.13 |
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Drawdowns
VTMSX vs. MALMX - Drawdown Comparison
The maximum VTMSX drawdown since its inception was -57.84%, which is greater than MALMX's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for VTMSX and MALMX.
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Drawdown Indicators
| VTMSX | MALMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.84% | -5.01% | -52.83% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -1.88% | -6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -2.32% | -25.61% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -5.01% | -22.92% |
Max Drawdown (10Y)Largest decline over 10 years | -43.88% | -5.01% | -38.87% |
Current DrawdownCurrent decline from peak | -0.37% | -0.44% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -8.91% | -0.72% | -8.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 0.58% | +1.98% |
Volatility
VTMSX vs. MALMX - Volatility Comparison
Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a higher volatility of 4.92% compared to BlackRock Short-Term Municipal Fund (MALMX) at 0.46%. This indicates that VTMSX's price experiences larger fluctuations and is considered to be riskier than MALMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMSX | MALMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.92% | 0.46% | +4.46% |
Volatility (6M)Calculated over the trailing 6-month period | 12.10% | 1.31% | +10.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 1.73% | +16.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.46% | 2.00% | +19.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.12% | 1.59% | +21.53% |
VTMSX vs. MALMX - Expense Ratio Comparison
VTMSX has a 0.09% expense ratio, which is lower than MALMX's 0.36% expense ratio.
Dividends
VTMSX vs. MALMX - Dividend Comparison
VTMSX's dividend yield for the trailing twelve months is around 1.12%, less than MALMX's 3.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MALMX BlackRock Short-Term Municipal Fund | 3.48% | 4.62% | 3.93% | 2.56% | 0.90% | 0.58% | 1.08% | 1.75% | 1.34% | 0.86% | 0.54% | 0.41% |
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares | 1.12% | 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
VTMSX and MALMX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTMSX has higher volatility (4.92%) compared to MALMX (0.46%). In terms of maximum drawdown, VTMSX dropped -57.84% vs MALMX's -5.01%.
MALMX currently has the higher Sharpe Ratio (2.54 vs 1.98), 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.
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