JESIX vs. VSMAX

Last updated Jun 4, 2026

JESIX (John Hancock Variable Insurance Trust Small Cap Index Trust) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds. Over the past 5 years, JESIX returned 6.28%/yr vs 7.34%/yr for VSMAX. Their correlation of 0.94 suggests significant overlap in exposure. JESIX charges 0.53%/yr vs 0.05%/yr for VSMAX.

Performance

JESIX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in John Hancock Variable Insurance Trust Small Cap Index Trust (JESIX) 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, JESIX achieves a 18.54% return, which is significantly higher than VSMAX's 14.94% return.

JESIX

• 1D: 0.92%
• 1M: 4.91%
• YTD: 18.54%
• 6M: 17.19%
• 1Y: 40.76%
• 3Y*: 18.08%
• 5Y*: 6.28%
• 10Y*: —

VSMAX

• 1D: 0.80%
• 1M: 4.24%
• YTD: 14.94%
• 6M: 14.89%
• 1Y: 29.65%
• 3Y*: 17.30%
• 5Y*: 7.34%
• 10Y*: 11.37%

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

JESIX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JESIX John Hancock Variable Insurance Trust Small Cap Index Trust	18.54%	12.35%	10.85%	16.52%	-20.25%	14.42%	19.06%	25.00%	-12.00%	9.14%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	14.94%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	14.64%

Correlation

The correlation between JESIX and VSMAX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.94

Over the past year, the correlation between JESIX and VSMAX has dropped to 0.73 - well below their long-term average of 0.94, suggesting their price drivers have been diverging.

Return for Risk

JESIX vs. VSMAX — Risk / Return Rank

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

JESIX

JESIX Risk / Return Rank: 83
JESIX Sharpe Ratio Rank: 85
JESIX Sortino Ratio Rank: 81
JESIX Omega Ratio Rank: 66
JESIX Calmar Ratio Rank: 93
JESIX Martin Ratio Rank: 90

VSMAX

VSMAX Risk / Return Rank: 54
VSMAX Sharpe Ratio Rank: 44
VSMAX Sortino Ratio Rank: 43
VSMAX Omega Ratio Rank: 40
VSMAX Calmar Ratio Rank: 77
VSMAX Martin Ratio Rank: 67

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.

JESIX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Variable Insurance Trust Small Cap Index Trust (JESIX) 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.

	JESIX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	1.94	+0.85
Sortino ratio: Return per unit of downside risk	3.85	2.74	+1.11
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	5.12	3.51	+1.61
Martin ratio: Return relative to average drawdown	18.37	12.97	+5.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JESIX vs. VSMAX - Sharpe Ratio Comparison

The current JESIX Sharpe Ratio is 2.79, which is higher than the VSMAX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of JESIX 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.

Sharpe Ratios by Period

	JESIX	VSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.79	1.94	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.36	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.39	-0.01

Drawdowns

JESIX vs. VSMAX - Drawdown Comparison

The maximum JESIX drawdown since its inception was -42.25%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for JESIX and VSMAX.

Drawdown Indicators

	JESIX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-42.25%	-59.68%	+17.43%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-8.97%	-2.08%
Max Drawdown (3Y) Largest decline over 3 years	-27.96%	-25.25%	-2.71%
Max Drawdown (5Y) Largest decline over 5 years	-32.05%	-28.14%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.82%	—
Current Drawdown Current decline from peak	-0.11%	0.00%	-0.11%
Average Drawdown Average peak-to-trough decline	-10.76%	-9.70%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	2.43%	+1.71%

Volatility

JESIX vs. VSMAX - Volatility Comparison

John Hancock Variable Insurance Trust Small Cap Index Trust (JESIX) has a higher volatility of 6.31% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 4.40%. This indicates that JESIX'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.

Volatility by Period

	JESIX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.31%	4.40%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	15.71%	11.72%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	20.31%	16.27%	+4.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.30%	20.71%	+2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.31%	21.57%	+2.74%

JESIX vs. VSMAX - Expense Ratio Comparison

JESIX has a 0.53% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

JESIX vs. VSMAX - Dividend Comparison

JESIX's dividend yield for the trailing twelve months is around 6.03%, more than VSMAX's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JESIX John Hancock Variable Insurance Trust Small Cap Index Trust	6.03%	7.15%	2.74%	2.52%	18.69%	8.36%	7.53%	10.63%	7.60%	0.25%	0.00%	0.00%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.18%	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 JESIX and VSMAX in my portfolio?

JESIX and VSMAX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JESIX or VSMAX?

JESIX has higher volatility (6.31%) compared to VSMAX (4.40%). In terms of maximum drawdown, JESIX dropped -42.25% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

JESIX currently has the higher Sharpe Ratio (2.79 vs 1.94), 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.