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IJR vs. VSMAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IJR vs. VSMAX

Last updated Aug 4, 2026
Documentation

IJR (iShares Core S&P Small-Cap ETF) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds - IJR tracks the S&P SmallCap 600 Index while VSMAX tracks the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, IJR returned 10.83%/yr vs 11.06%/yr for VSMAX. Their 0.97 correlation means they have historically moved very closely together. IJR charges 0.06%/yr vs 0.05%/yr for VSMAX.

Performance

IJR vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Small-Cap ETF (IJR) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IJR achieves a 23.60% return, which is significantly higher than VSMAX's 15.17% return. Both investments have delivered pretty close results over the past 10 years, with IJR having a 10.83% annualized return and VSMAX not far ahead at 11.06%.

IJR

1D
1.65%
1M
0.94%
6M
15.73%
YTD
23.60%
1Y
38.11%
3Y*
14.47%
5Y*
8.07%
10Y*
10.83%
ALL TIME*
10.21%

VSMAX

1D
-0.24%
1M
-1.81%
6M
9.26%
YTD
15.17%
1Y
25.82%
3Y*
13.99%
5Y*
7.42%
10Y*
11.06%
ALL TIME*
8.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IJR

iShares Core S&P Small-Cap ETF
$497.97M$462.30M$544.01M

VSMAX

Vanguard Small-Cap Index Fund Admiral Shares
$0.00$0.00$0.00

IJR vs. VSMAX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IJR
iShares Core S&P Small-Cap ETF		23.60%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		15.17%8.83%14.23%18.17%-17.61%17.74%19.06%27.36%-9.33%16.24%

Correlation

The correlation between IJR and VSMAX is 0.94, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.94

Correlation (3Y)
Balances recent behavior with more history.

0.96

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.97

Correlation (10Y)
Provides a long-term view across more market conditions.

0.96

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2000

0.97

The correlation between IJR and VSMAX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

IJR vs. VSMAX - Sectors Allocation Comparison

Sectors
IJR
VSMAX

Financial Services

17.0%
12.4%

Industrials

15.6%
19.9%

Technology

15.5%
17.9%

Consumer Cyclical

13.2%
11.6%

Healthcare

12.4%
12.5%

Real Estate

7.6%
7.9%

Energy

4.9%
3.9%

Basic Materials

4.7%
4.4%

Consumer Defensive

4.2%
3.3%

Communication Services

3.2%
2.9%

Utilities

1.8%
3.3%

Financial Services

IJR
17.0%
VSMAX
12.4%

Industrials

IJR
15.6%
VSMAX
19.9%

Technology

IJR
15.5%
VSMAX
17.9%

Consumer Cyclical

IJR
13.2%
VSMAX
11.6%

Healthcare

IJR
12.4%
VSMAX
12.5%

Real Estate

IJR
7.6%
VSMAX
7.9%

Energy

IJR
4.9%
VSMAX
3.9%

Basic Materials

IJR
4.7%
VSMAX
4.4%

Consumer Defensive

IJR
4.2%
VSMAX
3.3%

Communication Services

IJR
3.2%
VSMAX
2.9%

Utilities

IJR
1.8%
VSMAX
3.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P Small-Cap ETF

Vanguard Small-Cap Index Fund Admiral Shares

Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJHIJR vs. IJSIJR vs. SCHAIJR vs. VBR
Often compared with VSMAX:
VSMAX vs. VIMAXVSMAX vs. FSSNXVSMAX vs. VSGAXVSMAX vs. VBVSMAX vs. VOOVSMAX vs. VBRVSMAX vs. IWM

Return for Risk

IJR vs. VSMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IJR
IJR Risk / Return Rank: 9090
Overall Rank
IJR Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 9090
Sortino Ratio Rank
IJR Omega Ratio Rank: 8686
Omega Ratio Rank
IJR Calmar Ratio Rank: 9393
Calmar Ratio Rank
IJR Martin Ratio Rank: 9191
Martin Ratio Rank
VSMAX
VSMAX Risk / Return Rank: 6161
Overall Rank
VSMAX Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
VSMAX Sortino Ratio Rank: 5252
Sortino Ratio Rank
VSMAX Omega Ratio Rank: 4747
Omega Ratio Rank
VSMAX Calmar Ratio Rank: 7979
Calmar Ratio Rank
VSMAX Martin Ratio Rank: 7777
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IJR vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Small-Cap ETF (IJR) 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.

IJRVSMAXDifference
Sharpe ratioReturn per unit of total volatility
2.22
1.46

+0.76

Sortino ratioReturn per unit of downside risk
3.22
2.13

+1.09

Omega ratioGain probability vs. loss probability

1.38

1.26

+0.13

Calmar ratioReturn relative to maximum drawdown

4.41

2.67

+1.74

Martin ratioReturn relative to average drawdown

15.06

9.77

+5.29

IJR vs. VSMAX - Sharpe Ratio Comparison

The current IJR Sharpe Ratio is 2.22, which is higher than the VSMAX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of IJR 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.

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Drawdowns

IJR vs. VSMAX - Drawdown Comparison

The maximum IJR drawdown since its inception was -58.15%, roughly equal to the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for IJR and VSMAX.

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Drawdown Indicators

IJRVSMAXDifference

Max Drawdown

Largest peak-to-trough decline

-58.15%

-59.68%

+1.53%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-8.97%

+0.29%

Max Drawdown (3Y)

Largest decline over 3 years

-28.02%

-25.25%

-2.77%

Max Drawdown (5Y)

Largest decline over 5 years

-28.02%

-28.14%

+0.12%

Max Drawdown (10Y)

Largest decline over 10 years

-44.36%

-41.82%

-2.54%

Current Drawdown

Current decline from peak

-0.30%

-2.59%

+2.29%

Average Drawdown

Average peak-to-trough decline

-9.23%

-9.64%

+0.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.54%

2.45%

+0.09%

Volatility

IJR vs. VSMAX - Volatility Comparison

iShares Core S&P Small-Cap ETF (IJR) has a higher volatility of 3.73% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 3.29%. This indicates that IJR's price experiences larger fluctuations and is considered to be riskier than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IJRVSMAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

3.29%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

11.70%

11.98%

-0.28%

Volatility (1Y)

Calculated over the trailing 1-year period

17.30%

16.47%

+0.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.26%

20.66%

+0.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.86%

21.51%

+1.35%

IJR vs. VSMAX - Expense Ratio Comparison

IJR has a 0.06% expense ratio, which is higher than VSMAX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IJR vs. VSMAX - Dividend Comparison

IJR's dividend yield for the trailing twelve months is around 1.11%, less than VSMAX's 1.21% yield.

PositionTTM20252024202320222021202020192018201720162015
IJR
iShares Core S&P Small-Cap ETF		1.11%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%
VSMAX
Vanguard Small-Cap Index Fund Admiral Shares		1.21%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

With a correlation of 0.94, IJR and VSMAX 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.

IJR has higher volatility (3.73%) compared to VSMAX (3.29%). In terms of maximum drawdown, IJR dropped -58.15% vs VSMAX's -59.68%.

IJR currently has the higher Sharpe Ratio (2.22 vs 1.46), 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.

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