VTMSX vs. PBAIX
VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both mutual funds - VTMSX is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while PBAIX is a Tactical Allocation fund actively managed by BlackRock. VTMSX is passively managed, while PBAIX is actively managed. Over the past 10 years, VTMSX returned 11.06%/yr vs 6.12%/yr for PBAIX. Their 0.64 correlation means they have sometimes moved together and sometimes differently. VTMSX charges 0.05%/yr vs 0.77%/yr for PBAIX.
Performance
VTMSX vs. PBAIX - Performance Comparison
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Returns By Period
In the year-to-date period, VTMSX achieves a 25.91% return, which is significantly higher than PBAIX's 10.63% return. Over the past 10 years, VTMSX has outperformed PBAIX with an annualized return of 11.06%, while PBAIX has yielded a comparatively lower 6.12% annualized return.
VTMSX
- 1D
- 1.70%
- 1M
- 2.46%
- 6M
- 16.98%
- YTD
- 25.91%
- 1Y
- 37.56%
- 3Y*
- 15.20%
- 5Y*
- 8.22%
- 10Y*
- 11.06%
- ALL TIME*
- 10.73%
PBAIX
- 1D
- -0.23%
- 1M
- 0.92%
- 6M
- 9.66%
- YTD
- 10.63%
- 1Y
- 11.47%
- 3Y*
- 9.51%
- 5Y*
- 7.80%
- 10Y*
- 6.12%
- ALL TIME*
- 6.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VTMSX vs. PBAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares | 25.91% | 5.93% | 8.61% | 15.95% | -16.16% | 27.08% | 11.05% | 23.28% | -8.62% | 13.05% |
PBAIX BlackRock Tactical Opportunities Fund Institutional Class | 10.63% | 6.46% | 12.08% | 2.64% | 6.14% | 0.50% | 6.91% | 1.65% | 4.68% | 8.05% |
Correlation
The correlation between VTMSX and PBAIX is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.02 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 1999 | 0.64 |
The correlation between VTMSX and PBAIX shifts across timeframes, from -0.02 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VTMSX vs. PBAIX — Risk / Return Rank
VTMSX
PBAIX
VTMSX vs. PBAIX - 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 Tactical Opportunities Fund Institutional Class (PBAIX). 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 | PBAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.38 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | 3.81 | +0.68 |
| Martin ratioReturn relative to average drawdown | 15.27 | 9.23 | +6.03 |
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Drawdowns
VTMSX vs. PBAIX - Drawdown Comparison
The maximum VTMSX drawdown since its inception was -57.84%, which is greater than PBAIX's maximum drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for VTMSX and PBAIX.
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Drawdown Indicators
| VTMSX | PBAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.84% | -39.26% | -18.58% |
Max Drawdown (1Y)Largest decline over 1 year | -8.59% | -2.99% | -5.60% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -6.79% | -21.14% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -6.79% | -21.14% |
Max Drawdown (10Y)Largest decline over 10 years | -43.88% | -8.94% | -34.94% |
Current DrawdownCurrent decline from peak | 0.00% | -0.23% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -8.88% | -4.28% | -4.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 1.23% | +1.29% |
Volatility
VTMSX vs. PBAIX - Volatility Comparison
Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) has a higher volatility of 4.10% compared to BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) at 1.66%. This indicates that VTMSX's price experiences larger fluctuations and is considered to be riskier than PBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTMSX | PBAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.10% | 1.66% | +2.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 4.64% | +7.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.38% | 5.74% | +11.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.33% | 6.44% | +14.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 6.10% | +16.98% |
VTMSX vs. PBAIX - Expense Ratio Comparison
VTMSX has a 0.05% expense ratio, which is lower than PBAIX's 0.77% expense ratio.
Dividends
VTMSX vs. PBAIX - Dividend Comparison
VTMSX's dividend yield for the trailing twelve months is around 1.16%, while PBAIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBAIX BlackRock Tactical Opportunities Fund Institutional Class | 0.00% | 0.00% | 0.00% | 11.84% | 3.52% | 0.00% | 2.71% | 3.39% | 10.17% | 0.86% | 1.74% | 5.15% |
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
VTMSX and PBAIX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTMSX has higher volatility (4.10%) compared to PBAIX (1.66%). In terms of maximum drawdown, VTMSX dropped -57.84% vs PBAIX's -39.26%.
VTMSX currently has the higher Sharpe Ratio (2.22 vs 1.99), 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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