SLPIX vs. VSMAX

Last updated Jun 4, 2026

SLPIX (ProFunds Small Cap Fund) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both Small Cap Blend Equities funds. Over the past 10 years, SLPIX returned 8.55%/yr vs 11.37%/yr for VSMAX. With a 0.98 correlation, they move nearly in lockstep. SLPIX charges 1.78%/yr vs 0.05%/yr for VSMAX.

Performance

SLPIX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProFunds Small Cap Fund (SLPIX) 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, SLPIX achieves a 17.90% return, which is significantly higher than VSMAX's 14.94% return. Over the past 10 years, SLPIX has underperformed VSMAX with an annualized return of 8.55%, while VSMAX has yielded a comparatively higher 11.37% annualized return.

SLPIX

• 1D: 0.90%
• 1M: 4.76%
• YTD: 17.90%
• 6M: 16.43%
• 1Y: 38.40%
• 3Y*: 15.65%
• 5Y*: 4.08%
• 10Y*: 8.55%

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)

SLPIX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLPIX ProFunds Small Cap Fund	17.90%	8.83%	9.14%	14.58%	-22.26%	12.45%	16.22%	23.05%	-12.98%	12.05%
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 SLPIX and VSMAX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 3, 2002	0.98

The correlation between SLPIX and VSMAX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

SLPIX vs. VSMAX — Risk / Return Rank

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

SLPIX

SLPIX Risk / Return Rank: 58
SLPIX Sharpe Ratio Rank: 52
SLPIX Sortino Ratio Rank: 49
SLPIX Omega Ratio Rank: 42
SLPIX Calmar Ratio Rank: 80
SLPIX Martin Ratio Rank: 65

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.

SLPIX vs. VSMAX - Risk-Adjusted Trends Comparison

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

	SLPIX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.94	+0.20
Sortino ratio: Return per unit of downside risk	2.95	2.74	+0.21
Omega ratio: Gain probability vs. loss probability	1.35	1.33	+0.02
Calmar ratio: Return relative to maximum drawdown	3.67	3.51	+0.16
Martin ratio: Return relative to average drawdown	12.73	12.97	-0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLPIX vs. VSMAX - Sharpe Ratio Comparison

The current SLPIX Sharpe Ratio is 2.14, which is comparable to the VSMAX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of SLPIX 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

	SLPIX	VSMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	1.94	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.36	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	0.53	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.39	-0.10

Drawdowns

SLPIX vs. VSMAX - Drawdown Comparison

The maximum SLPIX drawdown since its inception was -59.60%, roughly equal to the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for SLPIX and VSMAX.

Drawdown Indicators

	SLPIX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-59.60%	-59.68%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-8.97%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-28.17%	-25.25%	-2.92%
Max Drawdown (5Y) Largest decline over 5 years	-33.95%	-28.14%	-5.81%
Max Drawdown (10Y) Largest decline over 10 years	-43.26%	-41.82%	-1.44%
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-11.74%	-9.70%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.20%	2.43%	+0.77%

Volatility

SLPIX vs. VSMAX - Volatility Comparison

ProFunds Small Cap Fund (SLPIX) has a higher volatility of 5.58% compared to Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) at 4.40%. This indicates that SLPIX'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

	SLPIX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	4.40%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	11.72%	+1.81%
Volatility (1Y) Calculated over the trailing 1-year period	19.10%	16.27%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.72%	20.71%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	21.57%	+1.60%

SLPIX vs. VSMAX - Expense Ratio Comparison

SLPIX has a 1.78% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

SLPIX vs. VSMAX - Dividend Comparison

SLPIX's dividend yield for the trailing twelve months is around 0.69%, less than VSMAX's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SLPIX ProFunds Small Cap Fund	0.69%	0.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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 SLPIX and VSMAX in my portfolio?

With a correlation of 0.97, SLPIX 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, SLPIX or VSMAX?

SLPIX has higher volatility (5.58%) compared to VSMAX (4.40%). In terms of maximum drawdown, SLPIX dropped -59.60% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

SLPIX currently has the higher Sharpe Ratio (2.14 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.