VIPIX vs VTCIX
Vanguard Inflation Protected Securities Fund Insti Shs vs Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares
Quick Verdict
VTCIX has a lower expense ratio. VTCIX delivered stronger 1-year returns. VTCIX offers more diversification with 836 holdings.
Side-by-Side Comparison
| Metric | VIPIX | VTCIX | Winner |
|---|---|---|---|
| Expense Ratio | 0.07% | 0.03% | |
| AUM | $12.4B | $5.2B | |
| Dividend Yield | 5.21% | 0.93% | |
| Holdings | 63 | 836 | |
| YTD Return | -0.86% | +12.08% | |
| 1Y Return | -2.83% | +20.64% | |
| 3Y Return (annualized) | -0.18% | +20.37% | |
| 5Y Return (annualized) | -4.75% | +11.00% | |
| Volatility (annualized) | 6.7% | 16.1% | |
| Max Drawdown | -24.5% | -26.0% | |
| Fund Family | Vanguard (US) | Vanguard (US) | |
| Category | Fixed Income | Equity | |
| Inception | Dec 12, 2003 | Feb 24, 1999 |
VIPIX vs VTCIX Performance
Vanguard Inflation Protected Securities Fund Insti Shs (VIPIX) is a mutual fund from Vanguard (US) and Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares (VTCIX) is a mutual fund from Vanguard (US). Over the past year VIPIX returned -2.83% while VTCIX returned +20.64%. Year to date, VIPIX is down 0.86% versus a gain of 12.08% for VTCIX.
Over three years, VIPIX compounded at -0.18% per year against +20.37% for VTCIX; over five years the annualized figures are -4.75% and +11.00% respectively. Across the full 5-year window we track, VTCIX has the edge at +11.00% annualized vs -4.75%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTCIX has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 6.7% for VIPIX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -24.5% for VIPIX and -26.0% for VTCIX. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
VIPIX charges 0.07% per year while VTCIX charges 0.03%. On a $10,000 position that is $7 vs $3 annually, a gap of $4 per year that compounds over a long holding period. On income, VIPIX currently yields 5.21% against 0.93% for VTCIX.
Holdings Overlap
VIPIX and VTCIX share 0 holdings out of 880 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, VIPIX or VTCIX?
VIPIX has an expense ratio of 0.07% while VTCIX charges 0.03%. VTCIX is the cheaper option. On a $10,000 investment, that is $4 per year of difference.
Which performed better, VIPIX or VTCIX?
Over the past year VIPIX returned -2.83% vs +20.64% for VTCIX, so VTCIX leads on 1-year performance. Over the longest common window we track (5 years), VIPIX annualized -4.75% vs +11.00% for VTCIX. Past performance does not guarantee future results.
Which is riskier, VIPIX or VTCIX?
VTCIX has been the more volatile fund at 16.1% annualized versus 6.7% for VIPIX. Worst drawdown: VIPIX -24.5% vs VTCIX -26.0%.
Should I hold both VIPIX and VTCIX?
VIPIX and VTCIX have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between VIPIX and VTCIX?
VIPIX and VTCIX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 880 unique securities.
Which pays a higher dividend, VIPIX or VTCIX?
VIPIX yields 5.21% while VTCIX yields 0.93%, so VIPIX currently pays the higher dividend yield.
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