SMGIX vs. VIIIX

Last updated Aug 4, 2026

SMGIX (Columbia Contrarian Core Fund) and VIIIX (Vanguard Institutional Index Fund Institutional Plus Shares) are both mutual funds - SMGIX is a Large Cap Blend Equities fund managed by Columbia, while VIIIX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SMGIX returned 14.43%/yr vs 15.23%/yr for VIIIX. Their 0.97 correlation means they have historically moved very closely together. SMGIX charges 0.75%/yr vs 0.02%/yr for VIIIX.

Performance

SMGIX vs. VIIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Contrarian Core Fund (SMGIX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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 SMGIX having a 9.71% return and VIIIX slightly higher at 10.12%. Over the past 10 years, SMGIX has underperformed VIIIX with an annualized return of 14.43%, while VIIIX has yielded a comparatively higher 15.23% annualized return.

SMGIX

• 1D: 0.97%
• 1M: 0.52%
• 6M: 8.79%
• YTD: 9.71%
• 1Y: 18.92%
• 3Y*: 19.11%
• 5Y*: 12.39%
• 10Y*: 14.43%
• ALL TIME*: 13.15%

VIIIX

• 1D: 0.71%
• 1M: 0.14%
• 6M: 7.96%
• YTD: 10.12%
• 1Y: 21.48%
• 3Y*: 19.82%
• 5Y*: 12.98%
• 10Y*: 15.23%
• ALL TIME*: 9.44%

*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)
SMGIX Columbia Contrarian Core Fund	$0.00	$0.00	$0.00
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	$0.00	$0.00	$0.00

SMGIX vs. VIIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMGIX Columbia Contrarian Core Fund	9.71%	17.35%	23.33%	32.12%	-18.64%	24.18%	22.21%	32.95%	-8.95%	20.57%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	10.12%	17.87%	26.29%	25.79%	-18.14%	28.69%	18.41%	31.48%	-4.41%	21.82%

Correlation

The correlation between SMGIX and VIIIX is 0.97 - 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.	0.97
Correlation (3Y) Balances recent behavior with more history.	0.98
Correlation (5Y) Shows whether the relationship held over a longer period.	0.98
Correlation (10Y) Provides a long-term view across more market conditions.	0.98
Correlation (All Time) Calculated using the full available price history since Jul 7, 1997	0.97

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

Return for Risk

SMGIX vs. VIIIX — Risk / Return Rank

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

SMGIX

SMGIX Risk / Return Rank: 38
SMGIX Sharpe Ratio Rank: 39
SMGIX Sortino Ratio Rank: 36
SMGIX Omega Ratio Rank: 37
SMGIX Calmar Ratio Rank: 38
SMGIX Martin Ratio Rank: 43

VIIIX

VIIIX Risk / Return Rank: 59
VIIIX Sharpe Ratio Rank: 56
VIIIX Sortino Ratio Rank: 52
VIIIX Omega Ratio Rank: 52
VIIIX Calmar Ratio Rank: 61
VIIIX Martin Ratio Rank: 74

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.

SMGIX vs. VIIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Contrarian Core Fund (SMGIX) and Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX). 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.

	SMGIX	VIIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.53	-0.26
Sortino ratio: Return per unit of downside risk	1.77	2.12	-0.35
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.05
Calmar ratio: Return relative to maximum drawdown	1.70	2.21	-0.51
Martin ratio: Return relative to average drawdown	6.58	9.47	-2.90

SMGIX vs. VIIIX - Sharpe Ratio Comparison

The current SMGIX Sharpe Ratio is 1.27, which is comparable to the VIIIX Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SMGIX and VIIIX, 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

SMGIX vs. VIIIX - Drawdown Comparison

The maximum SMGIX drawdown since its inception was -50.62%, smaller than the maximum VIIIX drawdown of -55.18%. Use the drawdown chart below to compare losses from any high point for SMGIX and VIIIX.

Drawdown Indicators

	SMGIX	VIIIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.62%	-55.18%	+4.56%
Max Drawdown (1Y) Largest decline over 1 year	-9.99%	-8.90%	-1.09%
Max Drawdown (3Y) Largest decline over 3 years	-19.92%	-18.75%	-1.17%
Max Drawdown (5Y) Largest decline over 5 years	-32.20%	-24.50%	-7.70%
Max Drawdown (10Y) Largest decline over 10 years	-32.45%	-33.79%	+1.34%
Current Drawdown Current decline from peak	-1.03%	-1.42%	+0.39%
Average Drawdown Average peak-to-trough decline	-6.71%	-9.97%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.07%	+0.51%

Volatility

SMGIX vs. VIIIX - Volatility Comparison

Columbia Contrarian Core Fund (SMGIX) has a higher volatility of 3.90% compared to Vanguard Institutional Index Fund Institutional Plus Shares (VIIIX) at 3.52%. This indicates that SMGIX's price experiences larger fluctuations and is considered to be riskier than VIIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMGIX	VIIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.52%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	10.11%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	13.41%	12.87%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.11%	17.00%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.99%	18.07%	+0.92%

SMGIX vs. VIIIX - Expense Ratio Comparison

SMGIX has a 0.75% expense ratio, which is higher than VIIIX's 0.02% expense ratio.

Dividends

SMGIX vs. VIIIX - Dividend Comparison

SMGIX's dividend yield for the trailing twelve months is around 6.74%, more than VIIIX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMGIX Columbia Contrarian Core Fund	6.74%	7.39%	9.69%	3.08%	10.61%	13.70%	7.69%	5.87%	10.17%	4.89%	0.76%	5.86%
VIIIX Vanguard Institutional Index Fund Institutional Plus Shares	2.49%	2.11%	3.66%	2.66%	3.39%	4.79%	3.07%	2.86%	2.45%	1.84%	2.38%	2.47%

Frequently Asked Questions

Can I hold both SMGIX and VIIIX in my portfolio?

With a correlation of 0.97, SMGIX and VIIIX 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, SMGIX or VIIIX?

SMGIX has higher volatility (3.90%) compared to VIIIX (3.52%). In terms of maximum drawdown, SMGIX dropped -50.62% vs VIIIX's -55.18%.

Which has better risk-adjusted returns?

VIIIX currently has the higher Sharpe Ratio (1.53 vs 1.27), 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.