XCIIX vs. VTMSX

Last updated Jun 23, 2026

XCIIX (BlackRock Enhanced Capital and Income Fund) and VTMSX (Vanguard Tax-Managed Small-Cap Fund Admiral Shares) are both mutual funds - XCIIX is a Derivative Income fund actively managed by BlackRock, while VTMSX is a Small Cap Blend Equities fund managed by BlackRock. Over the past 10 years, XCIIX returned 10.24%/yr vs 11.10%/yr for VTMSX. A 0.80 correlation means they provide meaningful diversification when combined. XCIIX charges 0.90%/yr vs 0.09%/yr for VTMSX.

Performance

XCIIX vs. VTMSX - 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 Small-Cap Fund Admiral Shares (VTMSX). 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 lower than VTMSX's 20.05% return. Over the past 10 years, XCIIX has underperformed VTMSX with an annualized return of 10.24%, while VTMSX has yielded a comparatively higher 11.10% 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%

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%

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

XCIIX vs. VTMSX - 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%
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%

Correlation

The correlation between XCIIX and VTMSX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since May 3, 2004	0.80

Over the past year, the correlation between XCIIX and VTMSX has dropped to 0.50 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

XCIIX vs. VTMSX — 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

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

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. VTMSX - 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 Small-Cap Fund Admiral Shares (VTMSX). 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	VTMSX	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.08	-1.18
Sortino ratio: Return per unit of downside risk	1.22	3.00	-1.78
Omega ratio: Gain probability vs. loss probability	1.19	1.36	-0.16
Calmar ratio: Return relative to maximum drawdown	0.94	4.31	-3.37
Martin ratio: Return relative to average drawdown	2.82	14.42	-11.60

XCIIX vs. VTMSX - Sharpe Ratio Comparison

The current XCIIX Sharpe Ratio is 0.90, which is lower than the VTMSX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of XCIIX and VTMSX, 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. VTMSX - Drawdown Comparison

The maximum XCIIX drawdown since its inception was -56.56%, roughly equal to the maximum VTMSX drawdown of -57.84%. Use the drawdown chart below to compare losses from any high point for XCIIX and VTMSX.

Drawdown Indicators

	XCIIX	VTMSX	Difference
Max Drawdown Largest peak-to-trough decline	-56.56%	-57.84%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-16.02%	-8.59%	-7.43%
Max Drawdown (3Y) Largest decline over 3 years	-19.50%	-27.93%	+8.43%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-27.93%	+8.43%
Max Drawdown (10Y) Largest decline over 10 years	-32.23%	-43.88%	+11.65%
Current Drawdown Current decline from peak	-1.72%	-0.04%	-1.68%
Average Drawdown Average peak-to-trough decline	-18.33%	-8.91%	-9.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.97%	2.56%	+2.41%

Volatility

XCIIX vs. VTMSX - Volatility Comparison

BlackRock Enhanced Capital and Income Fund (XCIIX) and Vanguard Tax-Managed Small-Cap Fund Admiral Shares (VTMSX) have volatilities of 5.10% and 5.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCIIX	VTMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	5.19%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	12.10%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	16.64%	17.75%	-1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	21.47%	-4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	23.14%	-5.93%

XCIIX vs. VTMSX - Expense Ratio Comparison

XCIIX has a 0.90% expense ratio, which is higher than VTMSX's 0.09% expense ratio.

Dividends

XCIIX vs. VTMSX - Dividend Comparison

XCIIX's dividend yield for the trailing twelve months is around 0.57%, less than VTMSX's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 VTMSX in my portfolio?

XCIIX and VTMSX have a correlation of 0.50, 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 VTMSX?

VTMSX has higher volatility (5.19%) compared to XCIIX (5.10%). In terms of maximum drawdown, XCIIX dropped -56.56% vs VTMSX's -57.84%.

Which has better risk-adjusted returns?

VTMSX currently has the higher Sharpe Ratio (2.08 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.