- ISIN
- US9229086866
- CUSIP
- 922908686
- Issuer
- Vanguard
- Inception Date
- Nov 13, 2000
- Region
- North America (U.S.)
- Category
- Small Cap Blend Equities
- Index Tracked
- CRSP US Small Cap Index
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $183B
Share Price Chart
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Performance
VSMAX Performance Chart
Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) is up 15.4% since the beginning of the year. VSMAX is currently trading at $142 per share. Investors who bought $1,000 worth of VSMAX shares 5 years ago would now be looking at an investment worth $1,460.
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Returns By Period
Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has returned 15.43% so far this year and 29.88% over the past 12 months. Over the last ten years, VSMAX has returned 11.47% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Vanguard Small-Cap Index Fund Admiral Shares
- 1D
- 1.27%
- 1M
- 2.62%
- YTD
- 15.43%
- 6M
- 12.70%
- 1Y
- 29.88%
- 3Y*
- 16.29%
- 5Y*
- 7.86%
- 10Y*
- 11.47%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
VSMAX Monthly Returns History
Based on dividend-adjusted daily data since Nov 13, 2000, VSMAX's average daily return is +0.04%, while the average monthly return is +0.87%. At this rate, an investment would double in approximately 6.7 years.
Historically, 63% of months were positive and 37% were negative. The best month was Apr 2009 with a return of +18.3%, while the worst month was Mar 2020 at -21.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, VSMAX closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +10.0%, while the worst single day was Dec 20, 2000 at -17.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.61% | 2.75% | -5.20% | 8.62% | 3.19% | 1.06% | 15.43% | ||||||
| 2025 | 3.89% | -4.84% | -6.31% | -2.48% | 5.54% | 4.24% | 1.86% | 4.60% | 0.96% | 0.29% | 1.45% | 0.07% | 8.83% |
| 2024 | -2.63% | 5.81% | 4.36% | -6.54% | 3.96% | -1.34% | 6.78% | 0.13% | 1.98% | -0.71% | 10.50% | -7.34% | 14.23% |
| 2023 | 10.13% | -2.28% | -3.62% | -1.17% | -1.98% | 8.72% | 4.95% | -3.70% | -5.62% | -5.82% | 9.19% | 10.27% | 18.17% |
| 2022 | -7.91% | 0.86% | 1.48% | -8.24% | -0.03% | -9.39% | 10.57% | -2.60% | -9.57% | 9.92% | 4.43% | -5.93% | -17.61% |
| 2021 | 2.20% | 6.14% | 1.61% | 4.04% | 0.07% | 1.43% | -1.44% | 1.97% | -3.11% | 4.91% | -4.33% | 3.49% | 17.74% |
Benchmark Metrics
Vanguard Small-Cap Index Fund Admiral Shares has an annualized alpha of 2.01%, beta of 1.09, and R2 of 0.83 versus S&P 500 Index. Calculated based on daily prices since November 13, 2000.
- This fund captured 121.75% of S&P 500 Index gains and 109.97% of its losses - amplifying both gains and losses, but participating more in upside than downside.
- This fund generated an annualized alpha of 2.01% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- With beta of 1.09 and R2 of 0.83, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 2.01%
- Beta
- 1.09
- R²
- 0.83
- Upside Capture
- 121.75%
- Downside Capture
- 109.97%
Expense Ratio
VSMAX has an expense ratio of 0.05%, which is considered low.
Return for Risk
Risk / Return Rank
VSMAX ranks 55 for risk / return — on par with similar mutual funds. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) and compare them to S&P 500 Index.
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.
| VSMAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.37 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.36 | 2.78 | +0.57 |
| Martin ratioReturn relative to average drawdown | 12.34 | 12.44 | -0.10 |
Dividends
Dividend History
Vanguard Small-Cap Index Fund Admiral Shares provided a 1.18% dividend yield over the last twelve months, with an annual payout of $1.67 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.67 | $1.65 | $1.50 | $1.59 | $1.35 | $1.34 | $1.07 | $1.10 | $1.05 | $0.96 | $0.92 | $0.78 |
Dividend yield | 1.18% | 1.33% | 1.30% | 1.56% | 1.54% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.49% | 1.48% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard Small-Cap Index Fund Admiral Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.47 | $0.00 | $0.00 | $0.00 | $0.47 | ||||||
| 2025 | $0.00 | $0.00 | $0.44 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.39 | $0.00 | $0.00 | $0.44 | $1.65 |
| 2024 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.41 | $0.00 | $0.00 | $0.34 | $0.00 | $0.00 | $0.43 | $1.50 |
| 2023 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.35 | $0.00 | $0.00 | $0.52 | $1.59 |
| 2022 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.48 | $1.35 |
| 2021 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.52 | $1.34 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Vanguard Small-Cap Index Fund Admiral Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Vanguard Small-Cap Index Fund Admiral Shares was 59.68%, occurring on Mar 9, 2009. Recovery took 452 trading sessions.
The current Vanguard Small-Cap Index Fund Admiral Shares drawdown is 0.57%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -59.68%Mar 2009 | 1y 7mo | 1y 9mo | 3y 5moJul 2007 - Dec 2010 |
COVID crash2020 | -41.82%Mar 2020 | 1mo 1d | 7mo 21d | 8mo 22dFeb 2020 - Nov 2020 |
Dot-com crash2000–2002 | -40.91%Oct 2002 | 1y 10mo | 1y 1mo | 3y 15dNov 2000 - Dec 2003 |
2011 bear market2011 | -28.38%Oct 2011 | 5mo 4d | 11mo 9d | 1y 4moMay 2011 - Sep 2012 |
Bear market2022 | -28.14%Jun 2022 | 7mo 9d | 2y 1mo | 2y 8moNov 2021 - Jul 2024 |
Drawdown Indicators
| VSMAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.68% | -56.78% | -2.90% |
Max Drawdown (1Y)Largest decline over 1 year | -8.97% | -9.10% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -25.25% | -18.90% | -6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -28.14% | -25.43% | -2.71% |
Max Drawdown (10Y)Largest decline over 10 years | -41.82% | -33.92% | -7.90% |
Current DrawdownCurrent decline from peak | -0.57% | -1.80% | +1.23% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -10.71% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.43% | 2.03% | +0.40% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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