NAESX vs. VSMAX

Last updated Aug 1, 2026

NAESX (Vanguard Small Cap Index Fund) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds from Vanguard. Over the past 10 years, NAESX returned 10.81%/yr vs 10.94%/yr for VSMAX. Their 1.00 correlation means they have historically moved very closely together. NAESX charges 0.17%/yr vs 0.05%/yr for VSMAX.

Performance

NAESX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small Cap Index Fund (NAESX) 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 NAESX having a 15.36% return and VSMAX slightly higher at 15.44%. Both investments have delivered pretty close results over the past 10 years, with NAESX having a 10.81% annualized return and VSMAX not far ahead at 10.94%.

NAESX

• 1D: 0.91%
• 1M: -1.58%
• 6M: 10.29%
• YTD: 15.36%
• 1Y: 25.98%
• 3Y*: 13.81%
• 5Y*: 7.35%
• 10Y*: 10.81%
• ALL TIME*: 9.36%

VSMAX

• 1D: 0.91%
• 1M: -1.57%
• 6M: 10.35%
• YTD: 15.44%
• 1Y: 26.12%
• 3Y*: 13.94%
• 5Y*: 7.48%
• 10Y*: 10.94%
• ALL TIME*: 8.92%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NAESX Vanguard Small Cap Index Fund	$0.00	$0.00	$0.00
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	$0.00	$0.00	$0.00

NAESX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAESX Vanguard Small Cap Index Fund	15.36%	8.71%	12.83%	19.35%	-17.71%	17.60%	18.92%	27.22%	-9.44%	16.10%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	15.44%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between NAESX and VSMAX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	1.00
Correlation (All Time) Calculated using the full available price history since Nov 13, 2000	1.00

The correlation between NAESX and VSMAX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

NAESX vs. VSMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NAESX

NAESX Risk / Return Rank: 64
NAESX Sharpe Ratio Rank: 56
NAESX Sortino Ratio Rank: 58
NAESX Omega Ratio Rank: 51
NAESX Calmar Ratio Rank: 79
NAESX Martin Ratio Rank: 78

VSMAX

VSMAX Risk / Return Rank: 66
VSMAX Sharpe Ratio Rank: 58
VSMAX Sortino Ratio Rank: 60
VSMAX Omega Ratio Rank: 53
VSMAX Calmar Ratio Rank: 79
VSMAX Martin Ratio Rank: 80

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.

NAESX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small Cap Index Fund (NAESX) 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.

	NAESX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.40	-0.01
Sortino ratio: Return per unit of downside risk	2.04	2.05	-0.01
Omega ratio: Gain probability vs. loss probability	1.24	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	2.54	2.56	-0.02
Martin ratio: Return relative to average drawdown	9.32	9.40	-0.07

NAESX vs. VSMAX - Sharpe Ratio Comparison

The current NAESX Sharpe Ratio is 1.39, which is comparable to the VSMAX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of NAESX 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

NAESX vs. VSMAX - Drawdown Comparison

The maximum NAESX drawdown since its inception was -59.77%, roughly equal to the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for NAESX and VSMAX.

Drawdown Indicators

	NAESX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.77%	-59.68%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-8.97%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-25.28%	-25.25%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.19%	-28.14%	-0.05%
Max Drawdown (10Y) Largest decline over 10 years	-41.82%	-41.82%	0.00%
Current Drawdown Current decline from peak	-2.36%	-2.36%	0.00%
Average Drawdown Average peak-to-trough decline	-11.79%	-9.64%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	2.45%	+0.01%

Volatility

NAESX vs. VSMAX - Volatility Comparison

Vanguard Small Cap Index Fund (NAESX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) have volatilities of 3.31% and 3.32%, 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

	NAESX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	3.32%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	11.98%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	16.47%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.67%	20.67%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.55%	21.51%	+0.04%

NAESX vs. VSMAX - Expense Ratio Comparison

NAESX has a 0.17% 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

NAESX vs. VSMAX - Dividend Comparison

NAESX's dividend yield for the trailing twelve months is around 1.10%, less than VSMAX's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NAESX Vanguard Small Cap Index Fund	1.10%	1.22%	1.19%	1.43%	1.41%	1.12%	1.05%	1.27%	1.53%	1.24%	1.39%	1.35%
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

Can I hold both NAESX and VSMAX in my portfolio?

With a correlation of 1.00, NAESX 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.

Which is riskier, NAESX or VSMAX?

VSMAX has higher volatility (3.32%) compared to NAESX (3.31%). In terms of maximum drawdown, NAESX dropped -59.77% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

VSMAX currently has the higher Sharpe Ratio (1.40 vs 1.39), 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.