PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
VTMSX vs. VIGAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTMSX vs. VIGAX

Last updated Jun 25, 2026

VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) and VIGAX (Vanguard Growth Index Fund Admiral Shares) are both mutual funds - VTMSX is a Small Cap Blend Equities fund managed by BlackRock, while VIGAX is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index. Over the past 10 years, VTMSX returned 11.34%/yr vs 18.01%/yr for VIGAX. A 0.79 correlation means they provide meaningful diversification when combined. VTMSX charges 0.09%/yr vs 0.05%/yr for VIGAX.

Performance

VTMSX vs. VIGAX - 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 Vanguard Growth Index Fund Admiral Shares (VIGAX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, VTMSX achieves a 19.68% return, which is significantly higher than VIGAX's 3.53% return. Over the past 10 years, VTMSX has underperformed VIGAX with an annualized return of 11.34%, while VIGAX has yielded a comparatively higher 18.01% 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%

VIGAX

1D
-2.10%
1M
-3.95%
YTD
3.53%
6M
2.04%
1Y
18.30%
3Y*
22.74%
5Y*
12.78%
10Y*
18.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTMSX vs. VIGAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VIGAX
Vanguard Growth Index Fund Admiral Shares		3.53%19.43%32.67%46.76%-33.14%27.26%40.18%37.23%-3.35%27.80%

Correlation

The correlation between VTMSX and VIGAX is 0.54, 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

0.54

Correlation (3Y)
Calculated over the trailing 3-year period

0.57

Correlation (5Y)
Calculated over the trailing 5-year period

0.66

Correlation (10Y)
Calculated over the trailing 10-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2000

0.79

Over the past year, the correlation between VTMSX and VIGAX has dropped to 0.54 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.

VTMSX vs. VIGAX - Sectors Allocation Comparison

Sectors
VTMSX
VIGAX

Technology

17.1%
56.4%

Financial Services

16.4%
4.0%

Industrials

15.2%
3.5%

Consumer Cyclical

13.1%
11.6%

Healthcare

10.9%
4.6%

Real Estate

7.7%
0.9%

Energy

5.5%
0.3%

Basic Materials

5.1%
0.6%

Communication Services

3.6%
16.0%

Consumer Defensive

3.4%
1.3%

Utilities

1.9%
0.7%

Technology

VTMSX
17.1%
VIGAX
56.4%

Financial Services

VTMSX
16.4%
VIGAX
4.0%

Industrials

VTMSX
15.2%
VIGAX
3.5%

Consumer Cyclical

VTMSX
13.1%
VIGAX
11.6%

Healthcare

VTMSX
10.9%
VIGAX
4.6%

Real Estate

VTMSX
7.7%
VIGAX
0.9%

Energy

VTMSX
5.5%
VIGAX
0.3%

Basic Materials

VTMSX
5.1%
VIGAX
0.6%

Communication Services

VTMSX
3.6%
VIGAX
16.0%

Consumer Defensive

VTMSX
3.4%
VIGAX
1.3%

Utilities

VTMSX
1.9%
VIGAX
0.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Tax-Managed Small-Cap Fund Admiral Shares

Vanguard Growth Index Fund Admiral Shares

Often compared with VTMSX:
VTMSX vs. VSMAXVTMSX vs. AVUVVTMSX vs. VTCLXVTMSX vs. VFIAXVTMSX vs. ^SP600VTMSX vs. FSMDXVTMSX vs. FNDA
Often compared with VIGAX:
VIGAX vs. VUGVIGAX vs. INDEXVIGAX vs. VVIAXVIGAX vs. VWUAXVIGAX vs. SCHGVIGAX vs. FLCNXVIGAX vs. FSELX

Return for Risk

VTMSX vs. VIGAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTMSX
VTMSX Risk / Return Rank: 6565
Overall Rank
VTMSX Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
VTMSX Sortino Ratio Rank: 5757
Sortino Ratio Rank
VTMSX Omega Ratio Rank: 4646
Omega Ratio Rank
VTMSX Calmar Ratio Rank: 8888
Calmar Ratio Rank
VTMSX Martin Ratio Rank: 7979
Martin Ratio Rank
VIGAX
VIGAX Risk / Return Rank: 1818
Overall Rank
VIGAX Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
VIGAX Sortino Ratio Rank: 1919
Sortino Ratio Rank
VIGAX Omega Ratio Rank: 2020
Omega Ratio Rank
VIGAX Calmar Ratio Rank: 1515
Calmar Ratio Rank
VIGAX Martin Ratio Rank: 1717
Martin Ratio Rank
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. VIGAX - 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 Vanguard Growth Index Fund Admiral Shares (VIGAX). 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.

VTMSXVIGAXDifference
Sharpe ratioReturn per unit of total volatility
1.98
1.19

+0.79

Sortino ratioReturn per unit of downside risk
2.87
1.66

+1.20

Omega ratioGain probability vs. loss probability

1.34

1.21

+0.13

Calmar ratioReturn relative to maximum drawdown

4.08

1.22

+2.86

Martin ratioReturn relative to average drawdown

13.66

4.17

+9.49

VTMSX vs. VIGAX - Sharpe Ratio Comparison

The current VTMSX Sharpe Ratio is 1.98, which is higher than the VIGAX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of VTMSX and VIGAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

VTMSX vs. VIGAX - Drawdown Comparison

The maximum VTMSX drawdown since its inception was -57.84%, which is greater than VIGAX's maximum drawdown of -50.66%. Use the drawdown chart below to compare losses from any high point for VTMSX and VIGAX.

Loading charts...

Drawdown Indicators

VTMSXVIGAXDifference

Max Drawdown

Largest peak-to-trough decline

-57.84%

-50.66%

-7.18%

Max Drawdown (1Y)

Largest decline over 1 year

-8.59%

-16.51%

+7.92%

Max Drawdown (3Y)

Largest decline over 3 years

-27.93%

-23.04%

-4.89%

Max Drawdown (5Y)

Largest decline over 5 years

-27.93%

-35.63%

+7.70%

Max Drawdown (10Y)

Largest decline over 10 years

-43.88%

-35.63%

-8.25%

Current Drawdown

Current decline from peak

-0.37%

-6.85%

+6.48%

Average Drawdown

Average peak-to-trough decline

-8.91%

-11.94%

+3.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

4.82%

-2.26%

Volatility

VTMSX vs. VIGAX - Volatility Comparison

The current volatility for Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) is 4.92%, while Vanguard Growth Index Fund Admiral Shares (VIGAX) has a volatility of 6.88%. This indicates that VTMSX experiences smaller price fluctuations and is considered to be less risky than VIGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

VTMSXVIGAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.92%

6.88%

-1.96%

Volatility (6M)

Calculated over the trailing 6-month period

12.10%

13.48%

-1.38%

Volatility (1Y)

Calculated over the trailing 1-year period

17.75%

17.00%

+0.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.46%

22.51%

-1.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.12%

21.65%

+1.47%

VTMSX vs. VIGAX - Expense Ratio Comparison

VTMSX has a 0.09% expense ratio, which is higher than VIGAX'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. VIGAX - Dividend Comparison

VTMSX's dividend yield for the trailing twelve months is around 1.12%, more than VIGAX's 0.38% yield.

PositionTTM20252024202320222021202020192018201720162015
VIGAX
Vanguard Growth Index Fund Admiral Shares		0.38%0.40%0.46%0.57%0.69%0.47%0.66%0.94%1.31%1.14%1.39%1.31%
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 VIGAX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VIGAX has higher volatility (6.88%) compared to VTMSX (4.92%). In terms of maximum drawdown, VTMSX dropped -57.84% vs VIGAX's -50.66%.

VTMSX currently has the higher Sharpe Ratio (1.98 vs 1.19), 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.

Portfolio Optimizer

Find the right allocation for VTMSX and VIGAX

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer