ARSVX vs. VSIIX

Last updated Jun 4, 2026

ARSVX (AMG River Road Small Cap Value Fund) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both Small Cap Value Equities funds. Over the past 10 years, ARSVX returned 8.84%/yr vs 10.57%/yr for VSIIX. Their correlation of 0.93 suggests significant overlap in exposure. ARSVX charges 1.35%/yr vs 0.06%/yr for VSIIX.

Performance

ARSVX vs. VSIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG River Road Small Cap Value Fund (ARSVX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARSVX achieves a -0.70% return, which is significantly lower than VSIIX's 12.06% return. Over the past 10 years, ARSVX has underperformed VSIIX with an annualized return of 8.84%, while VSIIX has yielded a comparatively higher 10.57% annualized return.

ARSVX

• 1D: 0.07%
• 1M: -0.77%
• YTD: -0.70%
• 6M: -10.33%
• 1Y: -5.57%
• 3Y*: 5.66%
• 5Y*: 3.00%
• 10Y*: 8.84%

VSIIX

• 1D: 0.85%
• 1M: 2.83%
• YTD: 12.06%
• 6M: 12.40%
• 1Y: 26.26%
• 3Y*: 16.61%
• 5Y*: 8.07%
• 10Y*: 10.57%

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

ARSVX vs. VSIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARSVX AMG River Road Small Cap Value Fund	-0.70%	-7.36%	14.05%	14.86%	-6.49%	21.14%	1.84%	38.29%	-6.96%	11.73%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	12.06%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%

Correlation

The correlation between ARSVX and VSIIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 30, 2005	0.93

The correlation between ARSVX and VSIIX has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

ARSVX vs. VSIIX — Risk / Return Rank

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

ARSVX

ARSVX Risk / Return Rank: 2
ARSVX Sharpe Ratio Rank: 2
ARSVX Sortino Ratio Rank: 2
ARSVX Omega Ratio Rank: 2
ARSVX Calmar Ratio Rank: 2
ARSVX Martin Ratio Rank: 2

VSIIX

VSIIX Risk / Return Rank: 48
VSIIX Sharpe Ratio Rank: 40
VSIIX Sortino Ratio Rank: 42
VSIIX Omega Ratio Rank: 37
VSIIX Calmar Ratio Rank: 67
VSIIX Martin Ratio Rank: 55

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.

ARSVX vs. VSIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG River Road Small Cap Value Fund (ARSVX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX). 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.

	ARSVX	VSIIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	1.85	-2.11
Sortino ratio: Return per unit of downside risk	-0.23	2.70	-2.93
Omega ratio: Gain probability vs. loss probability	0.97	1.32	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.27	3.16	-3.43
Martin ratio: Return relative to average drawdown	-0.56	11.19	-11.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARSVX vs. VSIIX - Sharpe Ratio Comparison

The current ARSVX Sharpe Ratio is -0.27, which is lower than the VSIIX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of ARSVX and VSIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ARSVX	VSIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	1.85	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.41	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	0.49	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.44	-0.04

Drawdowns

ARSVX vs. VSIIX - Drawdown Comparison

The maximum ARSVX drawdown since its inception was -54.85%, smaller than the maximum VSIIX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for ARSVX and VSIIX.

Drawdown Indicators

	ARSVX	VSIIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.85%	-62.05%	+7.20%
Max Drawdown (1Y) Largest decline over 1 year	-16.62%	-8.87%	-7.75%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-24.09%	+4.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.21%	-24.09%	+4.88%
Max Drawdown (10Y) Largest decline over 10 years	-40.52%	-45.38%	+4.86%
Current Drawdown Current decline from peak	-13.56%	0.00%	-13.56%
Average Drawdown Average peak-to-trough decline	-8.68%	-8.52%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.08%	2.50%	+5.58%

Volatility

ARSVX vs. VSIIX - Volatility Comparison

The current volatility for AMG River Road Small Cap Value Fund (ARSVX) is 3.58%, while Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) has a volatility of 4.09%. This indicates that ARSVX experiences smaller price fluctuations and is considered to be less risky than VSIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSVX	VSIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	4.09%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	10.43%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	15.20%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.86%	19.77%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.35%	21.83%	-2.48%

ARSVX vs. VSIIX - Expense Ratio Comparison

ARSVX has a 1.35% expense ratio, which is higher than VSIIX's 0.06% expense ratio.

Dividends

ARSVX vs. VSIIX - Dividend Comparison

ARSVX has not paid dividends to shareholders, while VSIIX's dividend yield for the trailing twelve months is around 1.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSVX AMG River Road Small Cap Value Fund	0.00%	0.00%	8.50%	4.78%	3.87%	7.75%	0.00%	12.10%	13.01%	14.96%	4.96%	6.51%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	1.76%	1.96%	1.99%	2.10%	2.04%	1.76%	1.69%	2.07%	2.36%	1.80%	1.77%	1.99%

Frequently Asked Questions

Can I hold both ARSVX and VSIIX in my portfolio?

ARSVX and VSIIX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARSVX or VSIIX?

VSIIX has higher volatility (4.09%) compared to ARSVX (3.58%). In terms of maximum drawdown, ARSVX dropped -54.85% vs VSIIX's -62.05%.

Which has better risk-adjusted returns?

VSIIX currently has the higher Sharpe Ratio (1.85 vs -0.27), 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.