HLIEX vs. VSMAX

Last updated Jun 13, 2026

HLIEX (JPMorgan Equity Income Fund) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - HLIEX is a Large Cap Value Equities fund managed by JPMorgan, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Over the past 10 years, HLIEX returned 12.25%/yr vs 11.48%/yr for VSMAX. Their correlation of 0.85 suggests significant overlap in exposure. HLIEX charges 0.70%/yr vs 0.05%/yr for VSMAX.

Performance

HLIEX vs. VSMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, HLIEX achieves a 11.08% return, which is significantly lower than VSMAX's 14.59% return. Over the past 10 years, HLIEX has outperformed VSMAX with an annualized return of 12.25%, while VSMAX has yielded a comparatively lower 11.48% annualized return.

HLIEX

• 1D: 1.49%
• 1M: 2.40%
• YTD: 11.08%
• 6M: 10.34%
• 1Y: 22.22%
• 3Y*: 17.80%
• 5Y*: 10.85%
• 10Y*: 12.25%

VSMAX

• 1D: 2.58%
• 1M: 3.08%
• YTD: 14.59%
• 6M: 12.93%
• 1Y: 27.91%
• 3Y*: 16.37%
• 5Y*: 6.83%
• 10Y*: 11.48%

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

HLIEX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLIEX JPMorgan Equity Income Fund	11.08%	14.67%	19.67%	4.79%	-1.88%	25.10%	3.61%	26.30%	-4.45%	17.55%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	14.59%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between HLIEX and VSMAX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	0.85

The correlation between HLIEX and VSMAX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

HLIEX vs. VSMAX — Risk / Return Rank

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

HLIEX

HLIEX Risk / Return Rank: 79
HLIEX Sharpe Ratio Rank: 79
HLIEX Sortino Ratio Rank: 78
HLIEX Omega Ratio Rank: 74
HLIEX Calmar Ratio Rank: 83
HLIEX Martin Ratio Rank: 82

VSMAX

VSMAX Risk / Return Rank: 62
VSMAX Sharpe Ratio Rank: 52
VSMAX Sortino Ratio Rank: 54
VSMAX Omega Ratio Rank: 46
VSMAX Calmar Ratio Rank: 81
VSMAX Martin Ratio Rank: 78

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.

HLIEX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Income Fund (HLIEX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). 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.

	HLIEX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.67	+0.48
Sortino ratio: Return per unit of downside risk	3.06	2.39	+0.67
Omega ratio: Gain probability vs. loss probability	1.39	1.29	+0.10
Calmar ratio: Return relative to maximum drawdown	3.21	3.11	+0.11
Martin ratio: Return relative to average drawdown	12.23	11.42	+0.81

HLIEX vs. VSMAX - Sharpe Ratio Comparison

The current HLIEX Sharpe Ratio is 2.15, which is comparable to the VSMAX Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of HLIEX and VSMAX, 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

HLIEX vs. VSMAX - Drawdown Comparison

The maximum HLIEX drawdown since its inception was -50.33%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for HLIEX and VSMAX.

Drawdown Indicators

	HLIEX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-50.33%	-59.68%	+9.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.08%	-8.97%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-14.19%	-25.25%	+11.06%
Max Drawdown (5Y) Largest decline over 5 years	-14.85%	-28.14%	+13.29%
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	-41.82%	+4.93%
Current Drawdown Current decline from peak	-0.18%	-0.32%	+0.14%
Average Drawdown Average peak-to-trough decline	-6.36%	-9.68%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.44%	-0.58%

Volatility

HLIEX vs. VSMAX - Volatility Comparison

The current volatility for JPMorgan Equity Income Fund (HLIEX) is 3.27%, while Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a volatility of 5.47%. This indicates that HLIEX experiences smaller price fluctuations and is considered to be less risky than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLIEX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	5.47%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	12.32%	-4.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	16.69%	-6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	20.77%	-6.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.80%	21.59%	-4.79%

HLIEX vs. VSMAX - Expense Ratio Comparison

HLIEX has a 0.70% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

HLIEX vs. VSMAX - Dividend Comparison

HLIEX's dividend yield for the trailing twelve months is around 9.73%, more than VSMAX's 1.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLIEX JPMorgan Equity Income Fund	9.73%	10.81%	14.41%	2.77%	3.67%	3.33%	1.82%	2.78%	5.12%	2.47%	2.45%	2.73%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.19%	1.33%	1.30%	1.56%	1.54%	1.24%	1.14%	1.39%	1.67%	1.35%	1.49%	1.48%

Frequently Asked Questions

Can I hold both HLIEX and VSMAX in my portfolio?

HLIEX and VSMAX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLIEX or VSMAX?

VSMAX has higher volatility (5.47%) compared to HLIEX (3.27%). In terms of maximum drawdown, HLIEX dropped -50.33% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

HLIEX currently has the higher Sharpe Ratio (2.15 vs 1.67), 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.