MPSSX vs. VSGIX

Last updated Jun 23, 2026

MPSSX (BNY Mellon Small Cap Multi-Strategy Fund) and VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) are both Small Cap Growth Equities funds. Over the past 10 years, MPSSX returned 9.62%/yr vs 11.90%/yr for VSGIX. With a 0.96 correlation, they move nearly in lockstep. MPSSX charges 1.01%/yr vs 0.06%/yr for VSGIX.

Performance

MPSSX vs. VSGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Small Cap Multi-Strategy Fund (MPSSX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MPSSX having a 19.11% return and VSGIX slightly lower at 18.39%. Over the past 10 years, MPSSX has underperformed VSGIX with an annualized return of 9.62%, while VSGIX has yielded a comparatively higher 11.90% annualized return.

MPSSX

• 1D: 2.36%
• 1M: 5.43%
• YTD: 19.11%
• 6M: 15.92%
• 1Y: 33.25%
• 3Y*: 13.90%
• 5Y*: 5.45%
• 10Y*: 9.62%

VSGIX

• 1D: 2.00%
• 1M: 2.79%
• YTD: 18.39%
• 6M: 14.68%
• 1Y: 32.93%
• 3Y*: 16.99%
• 5Y*: 5.59%
• 10Y*: 11.90%

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

MPSSX vs. VSGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MPSSX BNY Mellon Small Cap Multi-Strategy Fund	19.11%	11.99%	7.16%	9.32%	-18.37%	11.50%	30.67%	26.22%	-23.20%	18.40%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	18.39%	8.44%	14.95%	23.07%	-28.39%	5.70%	35.29%	32.77%	-5.70%	21.94%

Correlation

The correlation between MPSSX and VSGIX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Sep 29, 2000	0.96

The correlation between MPSSX and VSGIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

MPSSX vs. VSGIX — Risk / Return Rank

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

MPSSX

MPSSX Risk / Return Rank: 44
MPSSX Sharpe Ratio Rank: 41
MPSSX Sortino Ratio Rank: 41
MPSSX Omega Ratio Rank: 37
MPSSX Calmar Ratio Rank: 49
MPSSX Martin Ratio Rank: 51

VSGIX

VSGIX Risk / Return Rank: 45
VSGIX Sharpe Ratio Rank: 37
VSGIX Sortino Ratio Rank: 34
VSGIX Omega Ratio Rank: 32
VSGIX Calmar Ratio Rank: 62
VSGIX Martin Ratio Rank: 58

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.

MPSSX vs. VSGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Small Cap Multi-Strategy Fund (MPSSX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). 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.

	MPSSX	VSGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.63	+0.11
Sortino ratio: Return per unit of downside risk	2.51	2.26	+0.25
Omega ratio: Gain probability vs. loss probability	1.30	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.56	2.90	-0.34
Martin ratio: Return relative to average drawdown	9.81	10.84	-1.04

MPSSX vs. VSGIX - Sharpe Ratio Comparison

The current MPSSX Sharpe Ratio is 1.74, which is comparable to the VSGIX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of MPSSX and VSGIX, 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

MPSSX vs. VSGIX - Drawdown Comparison

The maximum MPSSX drawdown since its inception was -58.11%, roughly equal to the maximum VSGIX drawdown of -58.66%. Use the drawdown chart below to compare losses from any high point for MPSSX and VSGIX.

Drawdown Indicators

	MPSSX	VSGIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.11%	-58.66%	+0.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-11.38%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-25.78%	-27.47%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-30.76%	-38.36%	+7.60%
Max Drawdown (10Y) Largest decline over 10 years	-47.66%	-38.70%	-8.96%
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	-12.23%	-11.32%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	3.04%	+0.36%

Volatility

MPSSX vs. VSGIX - Volatility Comparison

The current volatility for BNY Mellon Small Cap Multi-Strategy Fund (MPSSX) is 6.17%, while Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) has a volatility of 7.29%. This indicates that MPSSX experiences smaller price fluctuations and is considered to be less risky than VSGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MPSSX	VSGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.17%	7.29%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	14.50%	15.86%	-1.36%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	20.29%	-1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.88%	23.70%	-1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.02%	23.05%	-0.03%

MPSSX vs. VSGIX - Expense Ratio Comparison

MPSSX has a 1.01% expense ratio, which is higher than VSGIX's 0.06% expense ratio.

Dividends

MPSSX vs. VSGIX - Dividend Comparison

MPSSX's dividend yield for the trailing twelve months is around 35.48%, more than VSGIX's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MPSSX BNY Mellon Small Cap Multi-Strategy Fund	35.48%	42.26%	9.22%	0.54%	2.77%	12.65%	0.61%	3.32%	4.06%	8.49%	0.53%	4.03%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	0.45%	0.55%	0.55%	0.68%	0.56%	0.37%	0.45%	0.58%	0.80%	0.82%	1.09%	0.98%

Frequently Asked Questions

Can I hold both MPSSX and VSGIX in my portfolio?

With a correlation of 0.91, MPSSX and VSGIX 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.

Which is riskier, MPSSX or VSGIX?

VSGIX has higher volatility (7.29%) compared to MPSSX (6.17%). In terms of maximum drawdown, MPSSX dropped -58.11% vs VSGIX's -58.66%.

Which has better risk-adjusted returns?

MPSSX currently has the higher Sharpe Ratio (1.74 vs 1.63), 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.