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VTWAX vs. VTIVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VTWAX vs. VTIVX

Last updated Jun 4, 2026

VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) and VTIVX (Vanguard Target Retirement 2045 Fund) are both mutual funds - VTWAX is a Global Equities fund tracking the FTSE Global All Cap Index, while VTIVX is a Target Retirement Date fund managed by Vanguard. Over the past 5 years, VTWAX returned 11.34%/yr vs 9.63%/yr for VTIVX. With a 0.99 correlation, they move nearly in lockstep. VTWAX charges 0.09%/yr vs 0.08%/yr for VTIVX.

Performance

VTWAX vs. VTIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) and Vanguard Target Retirement 2045 Fund (VTIVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VTWAX achieves a 13.15% return, which is significantly higher than VTIVX's 11.08% return.

VTWAX

1D
0.37%
1M
5.68%
YTD
13.15%
6M
14.09%
1Y
30.29%
3Y*
21.27%
5Y*
11.34%
10Y*
—

VTIVX

1D
0.31%
1M
4.78%
YTD
11.08%
6M
11.92%
1Y
26.04%
3Y*
18.49%
5Y*
9.63%
10Y*
11.35%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VTWAX vs. VTIVX - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
VTWAX
Vanguard Total World Stock Index Fund Admiral Shares		13.15%22.43%16.43%21.85%-18.02%18.17%16.67%17.53%
VTIVX
Vanguard Target Retirement 2045 Fund		11.08%20.01%13.68%19.72%-17.38%16.16%16.31%16.47%

Correlation

The correlation between VTWAX and VTIVX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since Feb 8, 2019

0.99

The correlation between VTWAX and VTIVX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VTWAX vs. VTIVX - Sectors Allocation Comparison

Sectors
VTWAX
VTIVX

Technology

27.8%
27.4%

Financial Services

15.9%
16.1%

Industrials

12.0%
12.3%

Consumer Cyclical

9.5%
9.4%

Communication Services

8.3%
8.0%

Healthcare

8.1%
8.3%

Consumer Defensive

4.8%
4.8%

Energy

4.3%
4.3%

Basic Materials

4.2%
4.3%

Utilities

2.7%
2.7%

Real Estate

2.4%
2.5%

Technology

VTWAX
27.8%
VTIVX
27.4%

Financial Services

VTWAX
15.9%
VTIVX
16.1%

Industrials

VTWAX
12.0%
VTIVX
12.3%

Consumer Cyclical

VTWAX
9.5%
VTIVX
9.4%

Communication Services

VTWAX
8.3%
VTIVX
8.0%

Healthcare

VTWAX
8.1%
VTIVX
8.3%

Consumer Defensive

VTWAX
4.8%
VTIVX
4.8%

Energy

VTWAX
4.3%
VTIVX
4.3%

Basic Materials

VTWAX
4.2%
VTIVX
4.3%

Utilities

VTWAX
2.7%
VTIVX
2.7%

Real Estate

VTWAX
2.4%
VTIVX
2.5%

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Vanguard Total World Stock Index Fund Admiral Shares

Vanguard Target Retirement 2045 Fund

Often compared with VTWAX:
VTWAX vs. VTSAXVTWAX vs. VTVTWAX vs. VTIAXVTWAX vs. VFIAXVTWAX vs. VTWIXVTWAX vs. VOOVTWAX vs. VASGX
Often compared with VTIVX:
VTIVX vs. VOOVTIVX vs. FIOFXVTIVX vs. VTTHXVTIVX vs. VTIVTIVX vs. SWYHXVTIVX vs. VTSAXVTIVX vs. VASIX

Return for Risk

VTWAX vs. VTIVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VTWAX
VTWAX Risk / Return Rank: 7070
Overall Rank
VTWAX Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
VTWAX Sortino Ratio Rank: 6767
Sortino Ratio Rank
VTWAX Omega Ratio Rank: 6565
Omega Ratio Rank
VTWAX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VTWAX Martin Ratio Rank: 7575
Martin Ratio Rank
VTIVX
VTIVX Risk / Return Rank: 7171
Overall Rank
VTIVX Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
VTIVX Sortino Ratio Rank: 7171
Sortino Ratio Rank
VTIVX Omega Ratio Rank: 6868
Omega Ratio Rank
VTIVX Calmar Ratio Rank: 6868
Calmar Ratio Rank
VTIVX Martin Ratio Rank: 7474
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.

VTWAX vs. VTIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) and Vanguard Target Retirement 2045 Fund (VTIVX). 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.

VTWAXVTIVXDifference
Sharpe ratioReturn per unit of total volatility
2.49
2.51

-0.02

Sortino ratioReturn per unit of downside risk
3.41
3.50

-0.09

Omega ratioGain probability vs. loss probability

1.45

1.46

-0.01

Calmar ratioReturn relative to maximum drawdown

3.19

3.18

+0.01

Martin ratioReturn relative to average drawdown

14.26

14.06

+0.20

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VTWAX vs. VTIVX - Sharpe Ratio Comparison

The current VTWAX Sharpe Ratio is 2.49, which is comparable to the VTIVX Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of VTWAX and VTIVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

VTWAXVTIVXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.49

2.51

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.72

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.77

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.77

0.55

+0.22

Drawdowns

VTWAX vs. VTIVX - Drawdown Comparison

The maximum VTWAX drawdown since its inception was -34.20%, smaller than the maximum VTIVX drawdown of -51.69%. Use the drawdown chart below to compare losses from any high point for VTWAX and VTIVX.

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Drawdown Indicators

VTWAXVTIVXDifference

Max Drawdown

Largest peak-to-trough decline

-34.20%

-51.69%

+17.49%

Max Drawdown (1Y)

Largest decline over 1 year

-9.64%

-8.30%

-1.34%

Max Drawdown (3Y)

Largest decline over 3 years

-16.43%

-13.40%

-3.03%

Max Drawdown (5Y)

Largest decline over 5 years

-26.40%

-25.10%

-1.30%

Max Drawdown (10Y)

Largest decline over 10 years

—

-31.42%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.30%

-6.33%

+1.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.15%

1.87%

+0.28%

Volatility

VTWAX vs. VTIVX - Volatility Comparison

Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) has a higher volatility of 3.55% compared to Vanguard Target Retirement 2045 Fund (VTIVX) at 3.18%. This indicates that VTWAX's price experiences larger fluctuations and is considered to be riskier than VTIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VTWAXVTIVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.55%

3.18%

+0.37%

Volatility (6M)

Calculated over the trailing 6-month period

9.82%

8.37%

+1.45%

Volatility (1Y)

Calculated over the trailing 1-year period

12.37%

10.50%

+1.87%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.71%

13.49%

+2.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.20%

14.79%

+3.41%

VTWAX vs. VTIVX - Expense Ratio Comparison

VTWAX has a 0.09% expense ratio, which is higher than VTIVX's 0.08% 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

VTWAX vs. VTIVX - Dividend Comparison

VTWAX's dividend yield for the trailing twelve months is around 1.56%, less than VTIVX's 2.25% yield.

PositionTTM20252024202320222021202020192018201720162015
VTIVX
Vanguard Target Retirement 2045 Fund		2.25%2.50%2.36%2.27%2.75%15.40%1.90%2.23%2.52%0.04%2.47%3.29%
VTWAX
Vanguard Total World Stock Index Fund Admiral Shares		1.56%1.80%1.92%2.06%2.17%1.79%1.64%2.28%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 1.00, VTWAX and VTIVX 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.

VTWAX has higher volatility (3.55%) compared to VTIVX (3.18%). In terms of maximum drawdown, VTWAX dropped -34.20% vs VTIVX's -51.69%.

VTIVX currently has the higher Sharpe Ratio (2.51 vs 2.49), 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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