XCIIX vs. VTMFX

Last updated Jun 23, 2026

XCIIX (BlackRock Enhanced Capital and Income Fund) and VTMFX (Vanguard Tax-Managed Balanced Fund Admiral Shares) are both mutual funds - XCIIX is a Derivative Income fund actively managed by BlackRock, while VTMFX is a Diversified Portfolio fund tracking the Composite benchmark: Russell 1000 Index and Bloomberg 1-15 Year Municipal Bond Index. XCIIX is actively managed, while VTMFX is passively managed. Over the past 10 years, XCIIX returned 10.24%/yr vs 8.63%/yr for VTMFX. Their correlation of 0.90 suggests significant overlap in exposure. XCIIX charges 0.90%/yr vs 0.05%/yr for VTMFX.

Performance

XCIIX vs. VTMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Enhanced Capital and Income Fund (XCIIX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCIIX achieves a 8.53% return, which is significantly higher than VTMFX's 5.44% return. Over the past 10 years, XCIIX has outperformed VTMFX with an annualized return of 10.24%, while VTMFX has yielded a comparatively lower 8.63% annualized return.

XCIIX

• 1D: 1.45%
• 1M: -0.28%
• YTD: 8.53%
• 6M: 8.58%
• 1Y: 13.42%
• 3Y*: 13.81%
• 5Y*: 9.58%
• 10Y*: 10.24%

VTMFX

• 1D: 0.57%
• 1M: 0.96%
• YTD: 5.44%
• 6M: 5.27%
• 1Y: 15.82%
• 3Y*: 11.93%
• 5Y*: 7.23%
• 10Y*: 8.63%

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

XCIIX vs. VTMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCIIX BlackRock Enhanced Capital and Income Fund	8.53%	10.59%	14.15%	20.34%	-11.31%	21.80%	13.34%	21.26%	-10.58%	14.36%
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	5.44%	11.28%	12.17%	15.55%	-12.69%	13.10%	13.31%	18.01%	-1.40%	12.61%

Correlation

The correlation between XCIIX and VTMFX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 3, 2004	0.90

The correlation between XCIIX and VTMFX shifts across timeframes, from 0.74 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XCIIX vs. VTMFX — Risk / Return Rank

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

XCIIX

XCIIX Risk / Return Rank: 12
XCIIX Sharpe Ratio Rank: 12
XCIIX Sortino Ratio Rank: 11
XCIIX Omega Ratio Rank: 15
XCIIX Calmar Ratio Rank: 10
XCIIX Martin Ratio Rank: 10

VTMFX

VTMFX Risk / Return Rank: 76
VTMFX Sharpe Ratio Rank: 81
VTMFX Sortino Ratio Rank: 79
VTMFX Omega Ratio Rank: 79
VTMFX Calmar Ratio Rank: 64
VTMFX Martin Ratio Rank: 79

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.

XCIIX vs. VTMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Enhanced Capital and Income Fund (XCIIX) and Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX). 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.

	XCIIX	VTMFX	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.45	-1.55
Sortino ratio: Return per unit of downside risk	1.22	3.45	-2.23
Omega ratio: Gain probability vs. loss probability	1.19	1.47	-0.28
Calmar ratio: Return relative to maximum drawdown	0.94	2.93	-2.00
Martin ratio: Return relative to average drawdown	2.82	13.72	-10.90

XCIIX vs. VTMFX - Sharpe Ratio Comparison

The current XCIIX Sharpe Ratio is 0.90, which is lower than the VTMFX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of XCIIX and VTMFX, 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

XCIIX vs. VTMFX - Drawdown Comparison

The maximum XCIIX drawdown since its inception was -56.56%, which is greater than VTMFX's maximum drawdown of -28.49%. Use the drawdown chart below to compare losses from any high point for XCIIX and VTMFX.

Drawdown Indicators

	XCIIX	VTMFX	Difference
Max Drawdown Largest peak-to-trough decline	-56.56%	-28.49%	-28.07%
Max Drawdown (1Y) Largest decline over 1 year	-16.02%	-5.38%	-10.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.50%	-10.61%	-8.89%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-17.40%	-2.10%
Max Drawdown (10Y) Largest decline over 10 years	-32.23%	-21.87%	-10.36%
Current Drawdown Current decline from peak	-1.72%	-0.56%	-1.16%
Average Drawdown Average peak-to-trough decline	-18.33%	-3.54%	-14.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	1.15%	+3.82%

Volatility

XCIIX vs. VTMFX - Volatility Comparison

BlackRock Enhanced Capital and Income Fund (XCIIX) has a higher volatility of 5.10% compared to Vanguard Tax-Managed Balanced Fund Admiral Shares (VTMFX) at 2.50%. This indicates that XCIIX's price experiences larger fluctuations and is considered to be riskier than VTMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCIIX	VTMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	2.50%	+2.60%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	5.21%	+9.36%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	6.45%	+10.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	8.57%	+8.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	9.15%	+8.06%

XCIIX vs. VTMFX - Expense Ratio Comparison

XCIIX has a 0.90% expense ratio, which is higher than VTMFX's 0.05% expense ratio.

Dividends

XCIIX vs. VTMFX - Dividend Comparison

XCIIX's dividend yield for the trailing twelve months is around 0.57%, less than VTMFX's 2.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VTMFX Vanguard Tax-Managed Balanced Fund Admiral Shares	2.12%	2.14%	2.08%	1.94%	1.85%	1.38%	1.72%	2.05%	2.22%	2.00%	2.13%	2.06%
XCIIX BlackRock Enhanced Capital and Income Fund	0.57%	4.36%	5.30%	6.03%	11.97%	4.99%	5.49%	2.89%	0.68%	0.31%	0.00%	0.66%

Frequently Asked Questions

Can I hold both XCIIX and VTMFX in my portfolio?

XCIIX and VTMFX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCIIX or VTMFX?

XCIIX has higher volatility (5.10%) compared to VTMFX (2.50%). In terms of maximum drawdown, XCIIX dropped -56.56% vs VTMFX's -28.49%.

Which has better risk-adjusted returns?

VTMFX currently has the higher Sharpe Ratio (2.45 vs 0.90), 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.