ICISX vs. VSMVX

Last updated Jun 5, 2026

ICISX (VY Columbia Small Cap Value II Portfolio) 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, ICISX returned 10.45%/yr vs 10.25%/yr for VSMVX. Their correlation of 0.94 suggests significant overlap in exposure. ICISX charges 0.92%/yr vs 0.08%/yr for VSMVX.

Performance

ICISX vs. VSMVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY Columbia Small Cap Value II Portfolio (ICISX) 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, ICISX achieves a 16.35% return, which is significantly higher than VSMVX's 15.25% return. Both investments have delivered pretty close results over the past 10 years, with ICISX having a 10.45% annualized return and VSMVX not far behind at 10.25%.

ICISX

• 1D: -0.79%
• 1M: 1.12%
• YTD: 16.35%
• 6M: 16.43%
• 1Y: 36.48%
• 3Y*: 16.23%
• 5Y*: 7.50%
• 10Y*: 10.45%

VSMVX

• 1D: -1.15%
• 1M: 1.16%
• YTD: 15.25%
• 6M: 15.26%
• 1Y: 37.71%
• 3Y*: 14.11%
• 5Y*: 5.71%
• 10Y*: 10.25%

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

ICISX vs. VSMVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICISX VY Columbia Small Cap Value II Portfolio	16.35%	8.38%	11.15%	14.13%	-13.57%	34.53%	9.95%	20.26%	-17.54%	11.24%
VSMVX Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	15.25%	6.38%	7.53%	14.85%	-11.12%	30.85%	2.79%	24.47%	-12.67%	11.64%

Correlation

The correlation between ICISX and VSMVX 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	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Dec 18, 2012	0.94

The correlation between ICISX and VSMVX shifts across timeframes, from 0.83 (1 year) to 0.94 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ICISX vs. VSMVX — Risk / Return Rank

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

ICISX

ICISX Risk / Return Rank: 73
ICISX Sharpe Ratio Rank: 69
ICISX Sortino Ratio Rank: 70
ICISX Omega Ratio Rank: 56
ICISX Calmar Ratio Rank: 88
ICISX Martin Ratio Rank: 81

VSMVX

VSMVX Risk / Return Rank: 59
VSMVX Sharpe Ratio Rank: 48
VSMVX Sortino Ratio Rank: 49
VSMVX Omega Ratio Rank: 43
VSMVX Calmar Ratio Rank: 85
VSMVX Martin Ratio Rank: 69

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.

ICISX vs. VSMVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY Columbia Small Cap Value II Portfolio (ICISX) 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.

	ICISX	VSMVX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.05	+0.33
Sortino ratio: Return per unit of downside risk	3.42	2.94	+0.48
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.05
Calmar ratio: Return relative to maximum drawdown	4.27	4.02	+0.25
Martin ratio: Return relative to average drawdown	14.70	13.23	+1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICISX vs. VSMVX - Sharpe Ratio Comparison

The current ICISX Sharpe Ratio is 2.38, which is comparable to the VSMVX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of ICISX 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

	ICISX	VSMVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.05	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.26	+0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.43	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.50	-0.19

Drawdowns

ICISX vs. VSMVX - Drawdown Comparison

The maximum ICISX drawdown since its inception was -59.91%, which is greater than VSMVX's maximum drawdown of -47.61%. Use the drawdown chart below to compare losses from any high point for ICISX and VSMVX.

Drawdown Indicators

	ICISX	VSMVX	Difference
Max Drawdown Largest peak-to-trough decline	-59.91%	-47.61%	-12.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-9.33%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-28.81%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-28.05%	-28.81%	+0.76%
Max Drawdown (10Y) Largest decline over 10 years	-49.01%	-47.61%	-1.40%
Current Drawdown Current decline from peak	-0.79%	-1.15%	+0.36%
Average Drawdown Average peak-to-trough decline	-10.82%	-7.64%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	2.83%	-0.14%

Volatility

ICISX vs. VSMVX - Volatility Comparison

VY Columbia Small Cap Value II Portfolio (ICISX) and Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares (VSMVX) have volatilities of 4.42% and 4.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICISX	VSMVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	4.44%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	11.60%	11.58%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.11%	18.34%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	22.02%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	24.13%	-0.46%

ICISX vs. VSMVX - Expense Ratio Comparison

ICISX has a 0.92% expense ratio, which is higher than VSMVX's 0.08% expense ratio.

Dividends

ICISX vs. VSMVX - Dividend Comparison

ICISX's dividend yield for the trailing twelve months is around 24.02%, more than VSMVX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICISX VY Columbia Small Cap Value II Portfolio	24.02%	27.95%	11.14%	7.68%	17.24%	0.74%	4.30%	13.90%	14.67%	4.45%	4.26%	0.62%
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 ICISX and VSMVX in my portfolio?

ICISX and VSMVX 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, ICISX or VSMVX?

VSMVX has higher volatility (4.44%) compared to ICISX (4.42%). In terms of maximum drawdown, ICISX dropped -59.91% vs VSMVX's -47.61%.

Which has better risk-adjusted returns?

ICISX currently has the higher Sharpe Ratio (2.38 vs 2.05), 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.