VTSNX vs. VTMNX

Last updated Aug 2, 2026

VTSNX (Vanguard Total International Stock Index Fund Institutional Shares) and VTMNX (Vanguard Developed Markets Index Fund Institutional Shares) are both Foreign Large Cap Equities funds from Vanguard - VTSNX tracks the FTSE Global All Cap ex US Index while VTMNX tracks the FTSE Developed All Cap ex US Index. Both are passively managed. Over the past 10 years, VTSNX returned 9.42%/yr vs 10.06%/yr for VTMNX. Their 0.98 correlation means they have historically moved very closely together. VTSNX charges 0.08%/yr vs 0.03%/yr for VTMNX.

Performance

VTSNX vs. VTMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total International Stock Index Fund Institutional Shares (VTSNX) and Vanguard Developed Markets Index Fund Institutional Shares (VTMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VTSNX achieves a 12.79% return, which is significantly lower than VTMNX's 14.63% return. Over the past 10 years, VTSNX has underperformed VTMNX with an annualized return of 9.42%, while VTMNX has yielded a comparatively higher 10.06% annualized return.

VTSNX

• 1D: 2.75%
• 1M: 0.11%
• 6M: 6.67%
• YTD: 12.79%
• 1Y: 27.72%
• 3Y*: 16.82%
• 5Y*: 8.84%
• 10Y*: 9.42%
• ALL TIME*: 6.63%

VTMNX

• 1D: 3.11%
• 1M: 0.75%
• 6M: 8.12%
• YTD: 14.63%
• 1Y: 30.66%
• 3Y*: 17.91%
• 5Y*: 9.92%
• 10Y*: 10.06%
• ALL TIME*: 6.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	$0.00	$0.00	$0.00
VTSNX Vanguard Total International Stock Index Fund Institutional Shares	$0.00	$0.00	$0.00

VTSNX vs. VTMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VTSNX Vanguard Total International Stock Index Fund Institutional Shares	12.79%	32.24%	5.38%	15.29%	-15.99%	8.64%	11.27%	21.69%	-14.41%	27.54%
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	14.63%	35.16%	2.99%	17.82%	-15.36%	11.40%	10.26%	22.13%	-14.51%	26.45%

Correlation

The correlation between VTSNX and VTMNX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (3Y) Balances recent behavior with more history.	0.97
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Jan 3, 2011	0.98

The correlation between VTSNX and VTMNX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

VTSNX vs. VTMNX - Sectors Allocation Comparison

Sectors	VTSNX	VTMNX
Technology	22.0%	18.4%
Financial Services	21.3%	23.1%
Industrials	14.7%	17.9%
Consumer Cyclical	7.0%	7.3%
Basic Materials	6.9%	6.9%
Healthcare	6.6%	7.9%
Consumer Defensive	4.7%	5.3%
Energy	4.0%	4.5%
Communication Services	3.6%	3.2%
Utilities	2.8%	3.1%
Real Estate	2.2%	2.5%

Return for Risk

VTSNX vs. VTMNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VTSNX

VTSNX Risk / Return Rank: 72
VTSNX Sharpe Ratio Rank: 73
VTSNX Sortino Ratio Rank: 69
VTSNX Omega Ratio Rank: 72
VTSNX Calmar Ratio Rank: 74
VTSNX Martin Ratio Rank: 74

VTMNX

VTMNX Risk / Return Rank: 76
VTMNX Sharpe Ratio Rank: 77
VTMNX Sortino Ratio Rank: 73
VTMNX Omega Ratio Rank: 74
VTMNX Calmar Ratio Rank: 78
VTMNX Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VTSNX vs. VTMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Stock Index Fund Institutional Shares (VTSNX) and Vanguard Developed Markets Index Fund Institutional Shares (VTMNX). 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.

	VTSNX	VTMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.74	-0.09
Sortino ratio: Return per unit of downside risk	2.27	2.39	-0.12
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.33	2.50	-0.17
Martin ratio: Return relative to average drawdown	8.66	9.36	-0.70

VTSNX vs. VTMNX - Sharpe Ratio Comparison

The current VTSNX Sharpe Ratio is 1.65, which is comparable to the VTMNX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of VTSNX and VTMNX, 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

VTSNX vs. VTMNX - Drawdown Comparison

The maximum VTSNX drawdown since its inception was -35.72%, smaller than the maximum VTMNX drawdown of -60.57%. Use the drawdown chart below to compare losses from any high point for VTSNX and VTMNX.

Drawdown Indicators

	VTSNX	VTMNX	Difference
Max Drawdown Largest peak-to-trough decline	-35.72%	-60.57%	+24.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.29%	-11.69%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-13.16%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.50%	-29.71%	+0.21%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	-35.60%	-0.12%
Current Drawdown Current decline from peak	-2.62%	-1.68%	-0.94%
Average Drawdown Average peak-to-trough decline	-8.04%	-13.15%	+5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.12%	-0.09%

Volatility

VTSNX vs. VTMNX - Volatility Comparison

The current volatility for Vanguard Total International Stock Index Fund Institutional Shares (VTSNX) is 5.43%, while Vanguard Developed Markets Index Fund Institutional Shares (VTMNX) has a volatility of 5.76%. This indicates that VTSNX experiences smaller price fluctuations and is considered to be less risky than VTMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VTSNX	VTMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.43%	5.76%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	14.81%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	15.98%	16.84%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.36%	16.22%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	16.39%	-0.56%

VTSNX vs. VTMNX - Expense Ratio Comparison

VTSNX has a 0.08% expense ratio, which is higher than VTMNX's 0.03% 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

VTSNX vs. VTMNX - Dividend Comparison

VTSNX's dividend yield for the trailing twelve months is around 2.58%, more than VTMNX's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTMNX Vanguard Developed Markets Index Fund Institutional Shares	2.55%	3.22%	3.36%	3.15%	2.91%	3.16%	2.04%	3.05%	3.35%	2.77%	3.06%	2.92%
VTSNX Vanguard Total International Stock Index Fund Institutional Shares	2.58%	3.17%	3.36%	3.24%	3.08%	3.08%	2.13%	3.16%	3.19%	2.75%	2.95%	2.86%

Frequently Asked Questions

Can I hold both VTSNX and VTMNX in my portfolio?

With a correlation of 0.96, VTSNX and VTMNX 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, VTSNX or VTMNX?

VTMNX has higher volatility (5.76%) compared to VTSNX (5.43%). In terms of maximum drawdown, VTSNX dropped -35.72% vs VTMNX's -60.57%.

Which has better risk-adjusted returns?

VTMNX currently has the higher Sharpe Ratio (1.74 vs 1.65), 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.