VTMSX vs. TISBX

Last updated Jun 23, 2026

VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) and TISBX (TIAA-CREF Small-Cap Blend Index Fund) are both Small Cap Blend Equities funds. Over the past 10 years, VTMSX returned 11.10%/yr vs 11.33%/yr for TISBX. With a 0.98 correlation, they move nearly in lockstep. VTMSX charges 0.09%/yr vs 0.05%/yr for TISBX.

Performance

VTMSX vs. TISBX - 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 TIAA-CREF Small-Cap Blend Index Fund (TISBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VTMSX having a 20.05% return and TISBX slightly higher at 20.70%. Both investments have delivered pretty close results over the past 10 years, with VTMSX having a 11.10% annualized return and TISBX not far ahead at 11.33%.

VTMSX

• 1D: 1.83%
• 1M: 4.61%
• YTD: 20.05%
• 6M: 16.98%
• 1Y: 36.96%
• 3Y*: 15.15%
• 5Y*: 7.38%
• 10Y*: 11.10%

TISBX

• 1D: 2.09%
• 1M: 3.97%
• YTD: 20.70%
• 6M: 17.17%
• 1Y: 42.96%
• 3Y*: 18.33%
• 5Y*: 7.41%
• 10Y*: 11.33%

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

VTMSX vs. TISBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTMSX Vanguard Tax-Managed Small-Cap Fund Admiral Shares	20.05%	5.93%	8.61%	15.95%	-16.16%	27.08%	11.05%	23.28%	-8.62%	13.05%
TISBX TIAA-CREF Small-Cap Blend Index Fund	20.70%	12.72%	11.60%	17.07%	-20.31%	14.85%	20.14%	25.61%	-10.99%	13.14%

Correlation

The correlation between VTMSX and TISBX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 30, 2002	0.98

The correlation between VTMSX and TISBX has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.

Return for Risk

VTMSX vs. TISBX — Risk / Return Rank

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

VTMSX

VTMSX Risk / Return Rank: 69
VTMSX Sharpe Ratio Rank: 59
VTMSX Sortino Ratio Rank: 62
VTMSX Omega Ratio Rank: 50
VTMSX Calmar Ratio Rank: 90
VTMSX Martin Ratio Rank: 83

TISBX

TISBX Risk / Return Rank: 69
TISBX Sharpe Ratio Rank: 66
TISBX Sortino Ratio Rank: 61
TISBX Omega Ratio Rank: 50
TISBX Calmar Ratio Rank: 86
TISBX Martin Ratio Rank: 80

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. TISBX - 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 TIAA-CREF Small-Cap Blend Index Fund (TISBX). 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	TISBX	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.19	-0.10
Sortino ratio: Return per unit of downside risk	3.00	2.99	+0.01
Omega ratio: Gain probability vs. loss probability	1.36	1.36	0.00
Calmar ratio: Return relative to maximum drawdown	4.31	3.94	+0.37
Martin ratio: Return relative to average drawdown	14.42	13.90	+0.52

VTMSX vs. TISBX - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 2.08, which is comparable to the TISBX Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of VTMSX and TISBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VTMSX vs. TISBX - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, roughly equal to the maximum TISBX drawdown of -56.50%. Use the drawdown chart below to compare losses from any high point for VTMSX and TISBX.

Drawdown Indicators

	VTMSX	TISBX	Difference
Max Drawdown Largest peak-to-trough decline	-57.84%	-56.50%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-10.95%	+2.36%
Max Drawdown (3Y) Largest decline over 3 years	-27.93%	-27.44%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-27.93%	-31.89%	+3.96%
Max Drawdown (10Y) Largest decline over 10 years	-43.88%	-41.69%	-2.19%
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-8.91%	-9.67%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	3.09%	-0.53%

Volatility

VTMSX vs. TISBX - Volatility Comparison

The current volatility for Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) is 5.19%, while TIAA-CREF Small-Cap Blend Index Fund (TISBX) has a volatility of 6.74%. This indicates that VTMSX experiences smaller price fluctuations and is considered to be less risky than TISBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTMSX	TISBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	6.74%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	14.33%	-2.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.75%	19.71%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.47%	22.64%	-1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.14%	23.48%	-0.34%

VTMSX vs. TISBX - Expense Ratio Comparison

VTMSX has a 0.09% expense ratio, which is higher than TISBX's 0.05% expense ratio. However, 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. TISBX - Dividend Comparison

VTMSX's dividend yield for the trailing twelve months is around 1.12%, less than TISBX's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TISBX TIAA-CREF Small-Cap Blend Index Fund	3.42%	4.12%	6.82%	3.09%	1.97%	8.96%	2.65%	5.16%	9.29%	4.49%	4.03%	4.77%
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

Can I hold both VTMSX and TISBX in my portfolio?

With a correlation of 0.94, VTMSX and TISBX 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 TISBX?

TISBX has higher volatility (6.74%) compared to VTMSX (5.19%). In terms of maximum drawdown, VTMSX dropped -57.84% vs TISBX's -56.50%.

Which has better risk-adjusted returns?

TISBX currently has the higher Sharpe Ratio (2.19 vs 2.08), 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.