HRSMX vs. VSIAX

Last updated Jun 23, 2026

HRSMX (Hood River Small-Cap Growth Fund) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both mutual funds - HRSMX is a Small Cap Growth Equities fund managed by Hood River Capital Management, while VSIAX is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Over the past 10 years, HRSMX returned 20.62%/yr vs 10.71%/yr for VSIAX. Their correlation of 0.83 suggests significant overlap in exposure. HRSMX charges 1.09%/yr vs 0.07%/yr for VSIAX.

Performance

HRSMX vs. VSIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, HRSMX achieves a 37.43% return, which is significantly higher than VSIAX's 13.21% return. Over the past 10 years, HRSMX has outperformed VSIAX with an annualized return of 20.62%, while VSIAX has yielded a comparatively lower 10.71% annualized return.

HRSMX

• 1D: 2.12%
• 1M: 2.98%
• YTD: 37.43%
• 6M: 33.05%
• 1Y: 78.19%
• 3Y*: 35.45%
• 5Y*: 16.56%
• 10Y*: 20.62%

VSIAX

• 1D: 0.71%
• 1M: 2.49%
• YTD: 13.21%
• 6M: 11.20%
• 1Y: 27.56%
• 3Y*: 15.69%
• 5Y*: 9.38%
• 10Y*: 10.71%

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

HRSMX vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HRSMX Hood River Small-Cap Growth Fund	37.43%	23.85%	35.48%	21.52%	-27.99%	23.19%	60.80%	24.13%	-6.91%	20.60%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	13.21%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%

Correlation

The correlation between HRSMX and VSIAX is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.83

The correlation between HRSMX and VSIAX shifts across timeframes, from 0.70 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HRSMX vs. VSIAX — Risk / Return Rank

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

HRSMX

HRSMX Risk / Return Rank: 88
HRSMX Sharpe Ratio Rank: 92
HRSMX Sortino Ratio Rank: 79
HRSMX Omega Ratio Rank: 73
HRSMX Calmar Ratio Rank: 97
HRSMX Martin Ratio Rank: 97

VSIAX

VSIAX Risk / Return Rank: 53
VSIAX Sharpe Ratio Rank: 45
VSIAX Sortino Ratio Rank: 47
VSIAX Omega Ratio Rank: 40
VSIAX Calmar Ratio Rank: 72
VSIAX Martin Ratio Rank: 60

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.

HRSMX vs. VSIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hood River Small-Cap Growth Fund (HRSMX) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX). 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.

	HRSMX	VSIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.82	+1.03
Sortino ratio: Return per unit of downside risk	3.44	2.67	+0.76
Omega ratio: Gain probability vs. loss probability	1.44	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	6.40	3.15	+3.25
Martin ratio: Return relative to average drawdown	25.75	11.17	+14.58

HRSMX vs. VSIAX - Sharpe Ratio Comparison

The current HRSMX Sharpe Ratio is 2.85, which is higher than the VSIAX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of HRSMX and VSIAX, 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

HRSMX vs. VSIAX - Drawdown Comparison

The maximum HRSMX drawdown since its inception was -64.92%, which is greater than VSIAX's maximum drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for HRSMX and VSIAX.

Drawdown Indicators

	HRSMX	VSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.92%	-45.39%	-19.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.29%	-8.87%	-3.42%
Max Drawdown (3Y) Largest decline over 3 years	-33.04%	-24.09%	-8.95%
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	-24.09%	-14.40%
Max Drawdown (10Y) Largest decline over 10 years	-40.74%	-45.39%	+4.65%
Current Drawdown Current decline from peak	-0.16%	-1.21%	+1.05%
Average Drawdown Average peak-to-trough decline	-13.05%	-5.48%	-7.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.49%	+0.56%

Volatility

HRSMX vs. VSIAX - Volatility Comparison

Hood River Small-Cap Growth Fund (HRSMX) has a higher volatility of 9.52% compared to Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) at 4.32%. This indicates that HRSMX's price experiences larger fluctuations and is considered to be riskier than VSIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HRSMX	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.52%	4.32%	+5.20%
Volatility (6M) Calculated over the trailing 6-month period	22.27%	10.66%	+11.61%
Volatility (1Y) Calculated over the trailing 1-year period	27.61%	15.33%	+12.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.49%	19.76%	+7.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.08%	22.47%	+3.61%

HRSMX vs. VSIAX - Expense Ratio Comparison

HRSMX has a 1.09% expense ratio, which is higher than VSIAX's 0.07% expense ratio.

Dividends

HRSMX vs. VSIAX - Dividend Comparison

HRSMX's dividend yield for the trailing twelve months is around 3.08%, more than VSIAX's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HRSMX Hood River Small-Cap Growth Fund	3.08%	4.23%	3.75%	0.00%	0.00%	19.96%	6.28%	0.00%	4.59%	6.74%	0.00%	5.73%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.73%	1.95%	1.98%	2.10%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

Can I hold both HRSMX and VSIAX in my portfolio?

HRSMX and VSIAX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HRSMX or VSIAX?

HRSMX has higher volatility (9.52%) compared to VSIAX (4.32%). In terms of maximum drawdown, HRSMX dropped -64.92% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

HRSMX currently has the higher Sharpe Ratio (2.85 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.