ESPAX vs. VSMVX

Last updated Jun 3, 2026

ESPAX (Allspring Special Small Cap Value Fund) and VSMVX (Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares) are both Small Cap Value Equities funds. Over the past 10 years, ESPAX returned 7.84%/yr vs 10.26%/yr for VSMVX. With a 0.96 correlation, they move nearly in lockstep. ESPAX charges 1.24%/yr vs 0.08%/yr for VSMVX.

Performance

ESPAX vs. VSMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring Special Small Cap Value Fund (ESPAX) and Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESPAX achieves a 8.33% return, which is significantly lower than VSMVX's 15.32% return. Over the past 10 years, ESPAX has underperformed VSMVX with an annualized return of 7.84%, while VSMVX has yielded a comparatively higher 10.26% annualized return.

ESPAX

• 1D: -0.53%
• 1M: -0.32%
• YTD: 8.33%
• 6M: 9.44%
• 1Y: 16.35%
• 3Y*: 8.43%
• 5Y*: 2.95%
• 10Y*: 7.84%

VSMVX

• 1D: 0.18%
• 1M: 1.13%
• YTD: 15.32%
• 6M: 16.51%
• 1Y: 39.96%
• 3Y*: 14.13%
• 5Y*: 5.59%
• 10Y*: 10.26%

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

ESPAX vs. VSMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ESPAX Allspring Special Small Cap Value Fund	8.33%	-3.10%	6.44%	18.65%	-13.94%	27.61%	1.16%	28.03%	-13.77%	11.08%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	15.32%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%

Correlation

The correlation between ESPAX and VSMVX 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 Dec 18, 2012	0.96

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

Return for Risk

ESPAX vs. VSMVX — Risk / Return Rank

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

ESPAX

ESPAX Risk / Return Rank: 11
ESPAX Sharpe Ratio Rank: 11
ESPAX Sortino Ratio Rank: 12
ESPAX Omega Ratio Rank: 10
ESPAX Calmar Ratio Rank: 10
ESPAX Martin Ratio Rank: 10

VSMVX

VSMVX Risk / Return Rank: 61
VSMVX Sharpe Ratio Rank: 52
VSMVX Sortino Ratio Rank: 52
VSMVX Omega Ratio Rank: 46
VSMVX Calmar Ratio Rank: 86
VSMVX Martin Ratio Rank: 70

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.

ESPAX vs. VSMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring Special Small Cap Value Fund (ESPAX) and Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX). 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.

	ESPAX	VSMVX	Difference
Sharpe ratio Return per unit of total volatility	0.88	2.14	-1.26
Sortino ratio Return per unit of downside risk	1.44	3.06	-1.62
Omega ratio Gain probability vs. loss probability	1.16	1.37	-0.21
Calmar ratio Return relative to maximum drawdown	1.08	4.10	-3.02
Martin ratio Return relative to average drawdown	3.16	13.53	-10.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESPAX vs. VSMVX - Sharpe Ratio Comparison

The current ESPAX Sharpe Ratio is 0.88, which is lower than the VSMVX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of ESPAX and VSMVX, 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

	ESPAX	VSMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	2.14	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.26	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.43	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.50	-0.06

Drawdowns

ESPAX vs. VSMVX - Drawdown Comparison

The maximum ESPAX drawdown since its inception was -61.14%, which is greater than VSMVX's maximum drawdown of -47.61%. Use the drawdown chart below to compare losses from any high point for ESPAX and VSMVX.

Drawdown Indicators

	ESPAX	VSMVX	Difference
Max Drawdown Largest peak-to-trough decline	-61.14%	-47.61%	-13.53%
Max Drawdown (1Y) Largest decline over 1 year	-13.58%	-9.33%	-4.25%
Max Drawdown (3Y) Largest decline over 3 years	-24.80%	-28.81%	+4.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.84%	-28.81%	+1.97%
Max Drawdown (10Y) Largest decline over 10 years	-43.28%	-47.61%	+4.33%
Current Drawdown Current decline from peak	-3.63%	-0.65%	-2.98%
Average Drawdown Average peak-to-trough decline	-9.15%	-7.65%	-1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.64%	2.83%	+1.81%

Volatility

ESPAX vs. VSMVX - Volatility Comparison

Allspring Special Small Cap Value Fund (ESPAX) has a higher volatility of 5.04% compared to Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) at 4.36%. This indicates that ESPAX's price experiences larger fluctuations and is considered to be riskier than VSMVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESPAX	VSMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	4.36%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	11.47%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	18.33%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.21%	22.01%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.40%	24.13%	-2.73%

ESPAX vs. VSMVX - Expense Ratio Comparison

ESPAX has a 1.24% expense ratio, which is higher than VSMVX's 0.08% expense ratio.

Dividends

ESPAX vs. VSMVX - Dividend Comparison

ESPAX's dividend yield for the trailing twelve months is around 7.62%, more than VSMVX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESPAX Allspring Special Small Cap Value Fund	7.62%	8.26%	10.10%	2.07%	6.24%	6.34%	0.39%	1.68%	7.90%	5.33%	2.25%	2.33%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	1.65%	1.45%	1.85%	1.92%	1.88%	1.66%	1.46%	1.65%	1.89%	1.55%	1.26%	1.42%

Frequently Asked Questions

Can I hold both ESPAX and VSMVX in my portfolio?

With a correlation of 0.94, ESPAX and VSMVX 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, ESPAX or VSMVX?

ESPAX has higher volatility (5.04%) compared to VSMVX (4.36%). In terms of maximum drawdown, ESPAX dropped -61.14% vs VSMVX's -47.61%.

Which has better risk-adjusted returns?

VSMVX currently has the higher Sharpe Ratio (2.14 vs 0.88), 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.