CMSCX vs. VSGAX

Last updated Jun 24, 2026

CMSCX (Columbia Small Cap Growth Fund) and VSGAX (Vanguard Small-Cap Growth Index Fund Admiral Shares) are both Small Cap Growth Equities funds. Over the past 10 years, CMSCX returned 18.23%/yr vs 12.20%/yr for VSGAX. With a 0.96 correlation, they move nearly in lockstep. CMSCX charges 0.96%/yr vs 0.07%/yr for VSGAX.

Performance

CMSCX vs. VSGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Small Cap Growth Fund (CMSCX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMSCX achieves a 29.83% return, which is significantly higher than VSGAX's 18.73% return. Over the past 10 years, CMSCX has outperformed VSGAX with an annualized return of 18.23%, while VSGAX has yielded a comparatively lower 12.20% annualized return.

CMSCX

• 1D: 0.54%
• 1M: 8.45%
• YTD: 29.83%
• 6M: 26.62%
• 1Y: 59.60%
• 3Y*: 28.75%
• 5Y*: 7.23%
• 10Y*: 18.23%

VSGAX

• 1D: 0.31%
• 1M: 3.10%
• YTD: 18.73%
• 6M: 15.71%
• 1Y: 32.48%
• 3Y*: 18.20%
• 5Y*: 5.11%
• 10Y*: 12.20%

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

CMSCX vs. VSGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMSCX Columbia Small Cap Growth Fund	29.83%	21.68%	24.27%	26.17%	-36.62%	-2.22%	70.31%	40.98%	-1.99%	28.68%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	18.73%	8.44%	14.94%	23.04%	-28.39%	5.70%	35.26%	32.76%	-5.69%	21.92%

Correlation

The correlation between CMSCX and VSGAX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.96

The correlation between CMSCX and VSGAX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

CMSCX vs. VSGAX — Risk / Return Rank

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

CMSCX

CMSCX Risk / Return Rank: 72
CMSCX Sharpe Ratio Rank: 79
CMSCX Sortino Ratio Rank: 63
CMSCX Omega Ratio Rank: 58
CMSCX Calmar Ratio Rank: 80
CMSCX Martin Ratio Rank: 82

VSGAX

VSGAX Risk / Return Rank: 46
VSGAX Sharpe Ratio Rank: 38
VSGAX Sortino Ratio Rank: 35
VSGAX Omega Ratio Rank: 32
VSGAX Calmar Ratio Rank: 64
VSGAX Martin Ratio Rank: 58

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.

CMSCX vs. VSGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Small Cap Growth Fund (CMSCX) and Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX). 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.

	CMSCX	VSGAX	Difference
Sharpe ratio: Return per unit of total volatility	2.40	1.65	+0.75
Sortino ratio: Return per unit of downside risk	3.04	2.29	+0.76
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	3.47	2.94	+0.52
Martin ratio: Return relative to average drawdown	14.17	11.00	+3.17

CMSCX vs. VSGAX - Sharpe Ratio Comparison

The current CMSCX Sharpe Ratio is 2.40, which is higher than the VSGAX Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of CMSCX and VSGAX, 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

CMSCX vs. VSGAX - Drawdown Comparison

The maximum CMSCX drawdown since its inception was -55.64%, which is greater than VSGAX's maximum drawdown of -38.70%. Use the drawdown chart below to compare losses from any high point for CMSCX and VSGAX.

Drawdown Indicators

	CMSCX	VSGAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.64%	-38.70%	-16.94%
Max Drawdown (1Y) Largest decline over 1 year	-17.60%	-11.37%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-28.41%	-27.47%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	-49.84%	-38.36%	-11.48%
Max Drawdown (10Y) Largest decline over 10 years	-52.44%	-38.70%	-13.74%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.93%	-8.53%	-7.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	3.04%	+1.26%

Volatility

CMSCX vs. VSGAX - Volatility Comparison

Columbia Small Cap Growth Fund (CMSCX) has a higher volatility of 8.54% compared to Vanguard Small-Cap Growth Index Fund Admiral Shares (VSGAX) at 6.93%. This indicates that CMSCX's price experiences larger fluctuations and is considered to be riskier than VSGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMSCX	VSGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	6.93%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	20.12%	15.80%	+4.32%
Volatility (1Y) Calculated over the trailing 1-year period	25.50%	20.31%	+5.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.25%	23.70%	+3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.00%	23.08%	+2.92%

CMSCX vs. VSGAX - Expense Ratio Comparison

CMSCX has a 0.96% expense ratio, which is higher than VSGAX's 0.07% expense ratio.

Dividends

CMSCX vs. VSGAX - Dividend Comparison

CMSCX's dividend yield for the trailing twelve months is around 3.80%, more than VSGAX's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMSCX Columbia Small Cap Growth Fund	3.80%	4.93%	0.00%	0.00%	0.00%	10.28%	6.90%	8.86%	21.17%	16.48%	8.67%	60.38%
VSGAX Vanguard Small-Cap Growth Index Fund Admiral Shares	0.44%	0.54%	0.54%	0.67%	0.55%	0.36%	0.44%	0.57%	0.79%	0.81%	1.08%	0.98%

Frequently Asked Questions

Can I hold both CMSCX and VSGAX in my portfolio?

With a correlation of 0.94, CMSCX and VSGAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CMSCX or VSGAX?

CMSCX has higher volatility (8.54%) compared to VSGAX (6.93%). In terms of maximum drawdown, CMSCX dropped -55.64% vs VSGAX's -38.70%.

Which has better risk-adjusted returns?

CMSCX currently has the higher Sharpe Ratio (2.40 vs 1.65), 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.