DRGVX vs. VSMIX

Last updated Jun 24, 2026

DRGVX (BNY Mellon Dynamic Value Fund Class I) and VSMIX (Vanguard Short-Term Investment-Grade Fund Investor Shares) are both mutual funds - DRGVX is a Large Cap Value Equities fund actively managed by BNY Mellon, while VSMIX is a Short-Term Bond fund managed by Vanguard. Over the past 10 years, DRGVX returned 14.35%/yr vs 18.87%/yr for VSMIX. Their correlation of 0.88 suggests significant overlap in exposure. DRGVX charges 0.68%/yr vs 0.20%/yr for VSMIX.

Performance

DRGVX vs. VSMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Dynamic Value Fund Class I (DRGVX) and Vanguard Short-Term Investment-Grade Fund Investor Shares (VSMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRGVX achieves a 15.75% return, which is significantly lower than VSMIX's 33.11% return. Over the past 10 years, DRGVX has underperformed VSMIX with an annualized return of 14.35%, while VSMIX has yielded a comparatively higher 18.87% annualized return.

DRGVX

• 1D: 0.51%
• 1M: 2.59%
• YTD: 15.75%
• 6M: 14.70%
• 1Y: 29.67%
• 3Y*: 20.11%
• 5Y*: 14.34%
• 10Y*: 14.35%

VSMIX

• 1D: 1.19%
• 1M: 6.10%
• YTD: 33.11%
• 6M: 30.69%
• 1Y: 61.64%
• 3Y*: 33.10%
• 5Y*: 21.03%
• 10Y*: 18.87%

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

DRGVX vs. VSMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRGVX BNY Mellon Dynamic Value Fund Class I	15.75%	18.48%	14.26%	12.83%	1.51%	31.14%	3.94%	27.04%	-10.52%	15.06%
VSMIX Vanguard Short-Term Investment-Grade Fund Investor Shares	33.11%	18.01%	24.82%	23.14%	4.58%	36.67%	11.14%	32.32%	-25.45%	18.47%

Correlation

The correlation between DRGVX and VSMIX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.88

The correlation between DRGVX and VSMIX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

Return for Risk

DRGVX vs. VSMIX — Risk / Return Rank

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

DRGVX

DRGVX Risk / Return Rank: 83
DRGVX Sharpe Ratio Rank: 82
DRGVX Sortino Ratio Rank: 79
DRGVX Omega Ratio Rank: 74
DRGVX Calmar Ratio Rank: 92
DRGVX Martin Ratio Rank: 91

VSMIX

VSMIX Risk / Return Rank: 89
VSMIX Sharpe Ratio Rank: 93
VSMIX Sortino Ratio Rank: 82
VSMIX Omega Ratio Rank: 80
VSMIX Calmar Ratio Rank: 95
VSMIX Martin Ratio Rank: 94

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.

DRGVX vs. VSMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Dynamic Value Fund Class I (DRGVX) and Vanguard Short-Term Investment-Grade Fund Investor Shares (VSMIX). 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.

	DRGVX	VSMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.89	-0.41
Sortino ratio: Return per unit of downside risk	3.43	3.57	-0.13
Omega ratio: Gain probability vs. loss probability	1.44	1.47	-0.03
Calmar ratio: Return relative to maximum drawdown	4.59	5.53	-0.93
Martin ratio: Return relative to average drawdown	16.80	19.25	-2.46

DRGVX vs. VSMIX - Sharpe Ratio Comparison

The current DRGVX Sharpe Ratio is 2.48, which is comparable to the VSMIX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of DRGVX and VSMIX, 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

DRGVX vs. VSMIX - Drawdown Comparison

The maximum DRGVX drawdown since its inception was -42.60%, smaller than the maximum VSMIX drawdown of -57.53%. Use the drawdown chart below to compare losses from any high point for DRGVX and VSMIX.

Drawdown Indicators

	DRGVX	VSMIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.60%	-57.53%	+14.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.65%	-11.39%	+4.74%
Max Drawdown (3Y) Largest decline over 3 years	-17.01%	-25.26%	+8.25%
Max Drawdown (5Y) Largest decline over 5 years	-17.01%	-25.26%	+8.25%
Max Drawdown (10Y) Largest decline over 10 years	-42.60%	-57.53%	+14.93%
Current Drawdown Current decline from peak	-0.28%	0.00%	-0.28%
Average Drawdown Average peak-to-trough decline	-4.32%	-9.50%	+5.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	3.26%	-1.44%

Volatility

DRGVX vs. VSMIX - Volatility Comparison

The current volatility for BNY Mellon Dynamic Value Fund Class I (DRGVX) is 4.25%, while Vanguard Short-Term Investment-Grade Fund Investor Shares (VSMIX) has a volatility of 8.81%. This indicates that DRGVX experiences smaller price fluctuations and is considered to be less risky than VSMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRGVX	VSMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.25%	8.81%	-4.56%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	17.04%	-7.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	21.80%	-9.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	23.32%	-7.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	26.78%	-7.93%

DRGVX vs. VSMIX - Expense Ratio Comparison

DRGVX has a 0.68% expense ratio, which is higher than VSMIX's 0.20% expense ratio.

Dividends

DRGVX vs. VSMIX - Dividend Comparison

DRGVX's dividend yield for the trailing twelve months is around 5.94%, less than VSMIX's 6.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DRGVX BNY Mellon Dynamic Value Fund Class I	5.94%	6.88%	6.87%	5.31%	7.99%	21.73%	2.85%	3.52%	17.87%	10.95%	2.89%	16.07%
VSMIX Vanguard Short-Term Investment-Grade Fund Investor Shares	6.41%	8.53%	7.40%	4.71%	9.53%	15.84%	0.40%	2.37%	26.83%	15.94%	1.65%	10.91%

Frequently Asked Questions

Can I hold both DRGVX and VSMIX in my portfolio?

DRGVX and VSMIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRGVX or VSMIX?

VSMIX has higher volatility (8.81%) compared to DRGVX (4.25%). In terms of maximum drawdown, DRGVX dropped -42.60% vs VSMIX's -57.53%.

Which has better risk-adjusted returns?

VSMIX currently has the higher Sharpe Ratio (2.89 vs 2.48), 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.