PXSCX vs. VSMAX

Last updated Jun 4, 2026

PXSCX (Pax Small Cap Fund) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds. Over the past 10 years, PXSCX returned 8.61%/yr vs 11.37%/yr for VSMAX. Their correlation of 0.94 suggests significant overlap in exposure. PXSCX charges 1.15%/yr vs 0.05%/yr for VSMAX.

Performance

PXSCX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pax Small Cap Fund (PXSCX) 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, PXSCX achieves a 12.12% return, which is significantly lower than VSMAX's 14.94% return. Over the past 10 years, PXSCX has underperformed VSMAX with an annualized return of 8.61%, while VSMAX has yielded a comparatively higher 11.37% annualized return.

PXSCX

• 1D: 0.39%
• 1M: 2.92%
• YTD: 12.12%
• 6M: 11.74%
• 1Y: 32.52%
• 3Y*: 15.86%
• 5Y*: 6.06%
• 10Y*: 8.61%

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)

PXSCX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXSCX Pax Small Cap Fund	12.12%	11.53%	14.55%	13.51%	-22.99%	30.34%	11.81%	23.29%	-15.96%	8.78%
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%	16.24%

Correlation

The correlation between PXSCX and VSMAX is 0.90, 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	0.90
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	0.95
Correlation (All Time) Calculated using the full available price history since Mar 31, 2008	0.94

The correlation between PXSCX and VSMAX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.

Return for Risk

PXSCX vs. VSMAX — Risk / Return Rank

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

PXSCX

PXSCX Risk / Return Rank: 53
PXSCX Sharpe Ratio Rank: 47
PXSCX Sortino Ratio Rank: 47
PXSCX Omega Ratio Rank: 42
PXSCX Calmar Ratio Rank: 66
PXSCX Martin Ratio Rank: 62

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.

PXSCX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pax Small Cap Fund (PXSCX) 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.

	PXSCX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.94	+0.09
Sortino ratio: Return per unit of downside risk	2.87	2.74	+0.13
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	3.12	3.51	-0.39
Martin ratio: Return relative to average drawdown	12.19	12.97	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PXSCX vs. VSMAX - Sharpe Ratio Comparison

The current PXSCX Sharpe Ratio is 2.03, which is comparable to the VSMAX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of PXSCX 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

	PXSCX	VSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.94	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.36	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.53	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.39	+0.02

Drawdowns

PXSCX vs. VSMAX - Drawdown Comparison

The maximum PXSCX drawdown since its inception was -51.55%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for PXSCX and VSMAX.

Drawdown Indicators

	PXSCX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.55%	-59.68%	+8.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.06%	-8.97%	-2.09%
Max Drawdown (3Y) Largest decline over 3 years	-25.52%	-25.25%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-32.25%	-28.14%	-4.11%
Max Drawdown (10Y) Largest decline over 10 years	-41.38%	-41.82%	+0.44%
Current Drawdown Current decline from peak	-0.15%	0.00%	-0.15%
Average Drawdown Average peak-to-trough decline	-9.27%	-9.70%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.43%	+0.39%

Volatility

PXSCX vs. VSMAX - Volatility Comparison

Pax Small Cap Fund (PXSCX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) have volatilities of 4.45% and 4.40%, 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

	PXSCX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.45%	4.40%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	12.51%	11.72%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	16.99%	16.27%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	20.71%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	21.57%	-0.69%

PXSCX vs. VSMAX - Expense Ratio Comparison

PXSCX has a 1.15% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

PXSCX vs. VSMAX - Dividend Comparison

PXSCX's dividend yield for the trailing twelve months is around 5.77%, more than VSMAX's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXSCX Pax Small Cap Fund	5.77%	6.47%	5.19%	0.00%	2.47%	9.60%	3.87%	0.89%	14.72%	1.56%	2.24%	0.64%
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 PXSCX and VSMAX in my portfolio?

With a correlation of 0.90, PXSCX 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, PXSCX or VSMAX?

PXSCX has higher volatility (4.45%) compared to VSMAX (4.40%). In terms of maximum drawdown, PXSCX dropped -51.55% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

PXSCX currently has the higher Sharpe Ratio (2.03 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.