- ISIN
- US9219328104
- CUSIP
- 921932810
- Issuer
- Vanguard
- Inception Date
- Apr 1, 2011
- Region
- North America (U.S.)
- Category
- Small Cap Blend Equities
- Min. Investment
- $5,000,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Small-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
VSMSX Performance Chart
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) is up 21.7% since the beginning of the year. VSMSX is currently trading at $543 per share. Investors who bought $1,000 worth of VSMSX shares 5 years ago would now be looking at an investment worth $1,432.
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Returns By Period
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) has returned 21.66% so far this year and 36.02% over the past 12 months. Over the last ten years, VSMSX has returned 10.77% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares
- 1D
- 0.84%
- 1M
- -0.61%
- 6M
- 15.20%
- YTD
- 21.66%
- 1Y
- 36.02%
- 3Y*
- 13.28%
- 5Y*
- 7.44%
- 10Y*
- 10.77%
- ALL TIME*
- 11.96%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
VSMSX Monthly Returns History
Based on dividend-adjusted daily data since Jan 3, 2012, VSMSX's average daily return is +0.05%, while the average monthly return is +1.09%. At this rate, an investment would double in approximately 5.3 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2020 with a return of +18.2%, while the worst month was Mar 2020 at -22.4%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 4 months.
On a daily basis, VSMSX closed higher 53% of trading days. The best single day was Mar 24, 2020 with a return of +9.0%, while the worst single day was Mar 16, 2020 at -13.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.61% | 2.17% | -4.05% | 10.41% | 1.04% | 7.29% | -1.82% | 21.66% | |||||
| 2025 | 2.91% | -5.71% | -6.15% | -4.19% | 5.23% | 4.05% | 0.93% | 7.07% | 0.99% | -0.87% | 2.65% | -0.04% | 6.04% |
| 2024 | -5.22% | 3.33% | 3.23% | -5.62% | 5.04% | -2.28% | 10.78% | -1.44% | 0.85% | -2.64% | 10.93% | -7.96% | 7.20% |
| 2023 | 9.49% | -1.23% | -5.17% | -2.78% | -1.75% | 8.22% | 5.51% | -4.15% | -6.00% | -5.74% | 8.26% | 14.33% | 17.57% |
| 2022 | -7.28% | 1.39% | 0.37% | -7.82% | 1.86% | -8.55% | 10.01% | -4.39% | -9.89% | 12.36% | 4.16% | -6.73% | -16.19% |
| 2021 | 6.29% | 7.66% | 3.33% | 2.03% | 2.06% | 0.34% | -2.39% | 2.01% | -2.44% | 3.42% | -2.30% | 4.50% | 26.72% |
Benchmark Metrics
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares has an annualized alpha of -1.06%, beta of 1.07, and R2 of 0.72 versus S&P 500 Index. Calculated based on daily prices since January 03, 2012.
- This fund participated in 109.15% of S&P 500 Index downside but only 103.17% of its upside - more exposed to losses than it benefited from rallies.
- With beta of 1.07 and R2 of 0.72, 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
- -1.06%
- Beta
- 1.07
- R²
- 0.72
- Upside Capture
- 103.17%
- Downside Capture
- 109.15%
Expense Ratio
VSMSX has an expense ratio of 0.08%, which is considered low.
Return for Risk
Risk / Return Rank
VSMSX ranks 82 for risk / return — above 82% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Vanguard S&P Small-Cap 600 Index Fund Institutional Shares (VSMSX) 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.
| VSMSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.25 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.73 | 2.00 | +1.72 |
| Martin ratioReturn relative to average drawdown | 12.78 | 8.49 | +4.29 |
Dividends
Dividend History
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares provided a 1.15% dividend yield over the last twelve months, with an annual payout of $6.22 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $6.22 | $6.22 | $6.37 | $5.94 | $5.31 | $4.96 | $3.71 | $4.23 | $3.51 | $3.12 | $2.49 | $2.65 |
Dividend yield | 1.15% | 1.39% | 1.49% | 1.47% | 1.52% | 1.17% | 1.10% | 1.38% | 1.39% | 1.11% | 1.00% | 1.33% |
Monthly Dividends
The table displays the monthly dividend distributions for Vanguard S&P Small-Cap 600 Index Fund Institutional 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.22 | $6.22 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $6.37 | $6.37 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.94 | $5.94 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.31 | $5.31 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.96 | $4.96 |
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 S&P Small-Cap 600 Index Fund Institutional 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 S&P Small-Cap 600 Index Fund Institutional Shares was 44.42%, occurring on Mar 23, 2020. Recovery took 172 trading sessions.
The current Vanguard S&P Small-Cap 600 Index Fund Institutional Shares drawdown is 1.82%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-44.42%Mar 2020 | 1y 6mo | 8mo 6d | 2y 2moSep 2018 - Nov 2020 | COVID crash2020 |
-27.93%Apr 2025 | 4mo 13d | 8mo 7d | 1y 15dNov 2024 - Dec 2025 | 2025 selloff2025 |
-26.51%Sep 2022 | 10mo 21d | 1y 9mo | 2y 8moNov 2021 - Jul 2024 | Bear market2022 |
-20.00%Feb 2016 | 7mo 22d | 5mo 2d | 1y 19dJun 2015 - Jul 2016 | — |
-11.75%Jun 2012 | 2mo 9d | 3mo 4d | 5mo 13dMar 2012 - Sep 2012 | — |
Drawdown Indicators
| VSMSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.42% | -56.78% | +12.36% |
Max Drawdown (1Y)Largest decline over 1 year | -8.69% | -9.10% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -27.93% | -18.90% | -9.03% |
Max Drawdown (5Y)Largest decline over 5 years | -27.93% | -25.43% | -2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -44.42% | -33.92% | -10.50% |
Current DrawdownCurrent decline from peak | -1.82% | -1.58% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -7.34% | -10.70% | +3.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 2.14% | +0.40% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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