MSCGX vs. VSMAX

Last updated Jun 24, 2026

MSCGX (Mercer US Small/Mid Cap Equity Fund) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds. Over the past 5 years, MSCGX returned 7.50%/yr vs 7.37%/yr for VSMAX. Their correlation of 0.91 suggests significant overlap in exposure. MSCGX charges 0.48%/yr vs 0.05%/yr for VSMAX.

Performance

MSCGX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Mercer US Small/Mid Cap Equity Fund (MSCGX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MSCGX having a 15.68% return and VSMAX slightly higher at 15.72%.

MSCGX

• 1D: 0.63%
• 1M: 4.05%
• YTD: 15.68%
• 6M: 13.63%
• 1Y: 26.03%
• 3Y*: 16.04%
• 5Y*: 7.50%
• 10Y*: —

VSMAX

• 1D: 0.25%
• 1M: 2.87%
• YTD: 15.72%
• 6M: 13.57%
• 1Y: 29.05%
• 3Y*: 17.53%
• 5Y*: 7.37%
• 10Y*: 11.78%

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

MSCGX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MSCGX Mercer US Small/Mid Cap Equity Fund	15.68%	6.52%	13.39%	15.35%	-16.91%	24.32%	12.40%	5.34%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	15.72%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	6.80%

Correlation

The correlation between MSCGX and VSMAX is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 12, 2019	0.91

The correlation between MSCGX and VSMAX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Return for Risk

MSCGX vs. VSMAX — Risk / Return Rank

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

MSCGX

MSCGX Risk / Return Rank: 59
MSCGX Sharpe Ratio Rank: 51
MSCGX Sortino Ratio Rank: 55
MSCGX Omega Ratio Rank: 43
MSCGX Calmar Ratio Rank: 79
MSCGX Martin Ratio Rank: 67

VSMAX

VSMAX Risk / Return Rank: 55
VSMAX Sharpe Ratio Rank: 45
VSMAX Sortino Ratio Rank: 45
VSMAX Omega Ratio Rank: 40
VSMAX Calmar Ratio Rank: 79
VSMAX 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.

MSCGX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mercer US Small/Mid Cap Equity Fund (MSCGX) 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.

	MSCGX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.82	+0.12
Sortino ratio: Return per unit of downside risk	2.87	2.59	+0.28
Omega ratio: Gain probability vs. loss probability	1.33	1.31	+0.02
Calmar ratio: Return relative to maximum drawdown	3.41	3.38	+0.03
Martin ratio: Return relative to average drawdown	12.29	12.44	-0.14

MSCGX vs. VSMAX - Sharpe Ratio Comparison

The current MSCGX Sharpe Ratio is 1.94, which is comparable to the VSMAX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of MSCGX 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.

Drawdowns

MSCGX vs. VSMAX - Drawdown Comparison

The maximum MSCGX drawdown since its inception was -41.30%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for MSCGX and VSMAX.

Drawdown Indicators

	MSCGX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.30%	-59.68%	+18.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.22%	-8.97%	-0.25%
Max Drawdown (3Y) Largest decline over 3 years	-24.28%	-25.25%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-35.66%	-28.14%	-7.52%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.82%	—
Current Drawdown Current decline from peak	0.00%	-0.33%	+0.33%
Average Drawdown Average peak-to-trough decline	-12.65%	-9.68%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.43%	+0.04%

Volatility

MSCGX vs. VSMAX - Volatility Comparison

The current volatility for Mercer US Small/Mid Cap Equity Fund (MSCGX) is 4.56%, while Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a volatility of 4.96%. This indicates that MSCGX experiences smaller price fluctuations and is considered to be less risky than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSCGX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	4.96%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	11.83%	12.22%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	16.23%	16.68%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.85%	20.75%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.44%	21.59%	+3.85%

MSCGX vs. VSMAX - Expense Ratio Comparison

MSCGX has a 0.48% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

MSCGX vs. VSMAX - Dividend Comparison

MSCGX's dividend yield for the trailing twelve months is around 6.66%, more than VSMAX's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSCGX Mercer US Small/Mid Cap Equity Fund	6.66%	7.71%	10.73%	3.77%	8.42%	20.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.17%	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 MSCGX and VSMAX in my portfolio?

MSCGX and VSMAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSCGX or VSMAX?

VSMAX has higher volatility (4.96%) compared to MSCGX (4.56%). In terms of maximum drawdown, MSCGX dropped -41.30% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

MSCGX currently has the higher Sharpe Ratio (1.94 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.