BRSIX vs. VSIIX

Last updated Jun 24, 2026

BRSIX (Bridgeway Ultra Small Company Market Fund) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both Small Cap Value Equities funds. Over the past 10 years, BRSIX returned 8.64%/yr vs 11.04%/yr for VSIIX. Their correlation of 0.85 suggests significant overlap in exposure. BRSIX charges 0.78%/yr vs 0.06%/yr for VSIIX.

Performance

BRSIX vs. VSIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bridgeway Ultra Small Company Market Fund (BRSIX) 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, BRSIX achieves a 18.55% return, which is significantly higher than VSIIX's 13.42% return. Over the past 10 years, BRSIX has underperformed VSIIX with an annualized return of 8.64%, while VSIIX has yielded a comparatively higher 11.04% annualized return.

BRSIX

• 1D: -0.98%
• 1M: 0.89%
• YTD: 18.55%
• 6M: 17.64%
• 1Y: 55.36%
• 3Y*: 21.16%
• 5Y*: -0.17%
• 10Y*: 8.64%

VSIIX

• 1D: 0.19%
• 1M: 2.68%
• YTD: 13.42%
• 6M: 11.91%
• 1Y: 26.44%
• 3Y*: 16.95%
• 5Y*: 8.88%
• 10Y*: 11.04%

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

BRSIX vs. VSIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRSIX Bridgeway Ultra Small Company Market Fund	18.55%	20.09%	14.92%	11.46%	-23.43%	-1.93%	25.50%	15.34%	-17.23%	12.29%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	13.42%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%

Correlation

The correlation between BRSIX and VSIIX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 7, 1999	0.85

The correlation between BRSIX and VSIIX shifts across timeframes, from 0.73 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BRSIX vs. VSIIX — Risk / Return Rank

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

BRSIX

BRSIX Risk / Return Rank: 74
BRSIX Sharpe Ratio Rank: 76
BRSIX Sortino Ratio Rank: 64
BRSIX Omega Ratio Rank: 53
BRSIX Calmar Ratio Rank: 93
BRSIX Martin Ratio Rank: 85

VSIIX

VSIIX Risk / Return Rank: 53
VSIIX Sharpe Ratio Rank: 45
VSIIX Sortino Ratio Rank: 48
VSIIX Omega Ratio Rank: 40
VSIIX Calmar Ratio Rank: 73
VSIIX Martin Ratio Rank: 59

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.

BRSIX vs. VSIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bridgeway Ultra Small Company Market Fund (BRSIX) 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.

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.

	BRSIX	VSIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.82	+0.52
Sortino ratio: Return per unit of downside risk	3.06	2.67	+0.38
Omega ratio: Gain probability vs. loss probability	1.37	1.32	+0.05
Calmar ratio: Return relative to maximum drawdown	4.91	3.15	+1.76
Martin ratio: Return relative to average drawdown	14.75	11.18	+3.57

BRSIX vs. VSIIX - Sharpe Ratio Comparison

The current BRSIX Sharpe Ratio is 2.34, which is comparable to the VSIIX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BRSIX 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.

Drawdowns

BRSIX vs. VSIIX - Drawdown Comparison

The maximum BRSIX drawdown since its inception was -61.79%, roughly equal to the maximum VSIIX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for BRSIX and VSIIX.

Drawdown Indicators

	BRSIX	VSIIX	Difference
Max Drawdown Largest peak-to-trough decline	-61.79%	-62.05%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.46%	-8.87%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-30.80%	-24.09%	-6.71%
Max Drawdown (5Y) Largest decline over 5 years	-53.66%	-24.09%	-29.57%
Max Drawdown (10Y) Largest decline over 10 years	-54.09%	-45.38%	-8.71%
Current Drawdown Current decline from peak	-3.72%	-1.02%	-2.70%
Average Drawdown Average peak-to-trough decline	-15.62%	-8.50%	-7.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	2.49%	+1.32%

Volatility

BRSIX vs. VSIIX - Volatility Comparison

Bridgeway Ultra Small Company Market Fund (BRSIX) has a higher volatility of 8.19% compared to Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) at 4.01%. This indicates that BRSIX's price experiences larger fluctuations and is considered to be riskier than VSIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRSIX	VSIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.19%	4.01%	+4.18%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	10.66%	+5.43%
Volatility (1Y) Calculated over the trailing 1-year period	24.09%	15.35%	+8.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.61%	19.73%	+4.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.20%	21.84%	+2.36%

BRSIX vs. VSIIX - Expense Ratio Comparison

BRSIX has a 0.78% expense ratio, which is higher than VSIIX's 0.06% expense ratio.

Dividends

BRSIX vs. VSIIX - Dividend Comparison

BRSIX's dividend yield for the trailing twelve months is around 0.87%, less than VSIIX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRSIX Bridgeway Ultra Small Company Market Fund	0.87%	1.03%	0.62%	0.89%	2.12%	1.32%	3.46%	1.30%	16.12%	13.71%	8.25%	12.77%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	1.74%	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 BRSIX and VSIIX in my portfolio?

BRSIX and VSIIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRSIX or VSIIX?

BRSIX has higher volatility (8.19%) compared to VSIIX (4.01%). In terms of maximum drawdown, BRSIX dropped -61.79% vs VSIIX's -62.05%.

Which has better risk-adjusted returns?

BRSIX currently has the higher Sharpe Ratio (2.34 vs 1.82), 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.