SMMD vs. VIOG

Last updated Jul 17, 2026

SMMD (iShares Russell 2500 ETF) and VIOG (Vanguard S&P Small-Cap 600 Growth ETF) are both Small Cap Growth Equities funds - SMMD tracks the Russell 2500 Index while VIOG tracks the S&P SmallCap 600 Growth Index. Both are passively managed. Over the past 5 years, SMMD returned 8.99%/yr vs 7.74%/yr for VIOG. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

SMMD vs. VIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2500 ETF (SMMD) and Vanguard S&P Small-Cap 600 Growth ETF (VIOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMMD achieves a 20.90% return, which is significantly lower than VIOG's 23.76% return.

SMMD

• 1D: 0.35%
• 1M: 0.58%
• 6M: 12.63%
• YTD: 20.90%
• 1Y: 32.16%
• 3Y*: 16.58%
• 5Y*: 8.99%
• 10Y*: —

VIOG

• 1D: 0.01%
• 1M: 3.07%
• 6M: 15.82%
• YTD: 23.76%
• 1Y: 29.95%
• 3Y*: 14.94%
• 5Y*: 7.74%
• 10Y*: 11.11%

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

SMMD vs. VIOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMMD iShares Russell 2500 ETF	20.90%	11.72%	11.87%	17.71%	-18.53%	18.30%	19.98%	28.01%	-10.58%	11.27%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	23.76%	5.40%	9.23%	16.92%	-21.14%	22.49%	19.68%	21.16%	-4.57%	11.10%

Correlation

The correlation between SMMD and VIOG is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 7, 2017	0.92

The correlation between SMMD and VIOG has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

SMMD vs. VIOG - Sectors Allocation Comparison

Sectors	SMMD	VIOG
Industrials	22.7%	18.7%
Technology	15.8%	21.2%
Financial Services	13.7%	13.4%
Healthcare	13.2%	14.7%
Consumer Cyclical	9.2%	10.7%
Real Estate	7.9%	6.5%
Basic Materials	4.5%	3.0%
Energy	3.7%	3.8%
Consumer Defensive	3.4%	3.4%
Utilities	2.8%	1.7%
Communication Services	2.5%	2.9%

Return for Risk

SMMD vs. VIOG — Risk / Return Rank

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

SMMD

SMMD Risk / Return Rank: 74
SMMD Sharpe Ratio Rank: 71
SMMD Sortino Ratio Rank: 73
SMMD Omega Ratio Rank: 66
SMMD Calmar Ratio Rank: 80
SMMD Martin Ratio Rank: 82

VIOG

VIOG Risk / Return Rank: 70
VIOG Sharpe Ratio Rank: 65
VIOG Sortino Ratio Rank: 70
VIOG Omega Ratio Rank: 60
VIOG Calmar Ratio Rank: 80
VIOG Martin Ratio Rank: 77

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.

SMMD vs. VIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2500 ETF (SMMD) and Vanguard S&P Small-Cap 600 Growth ETF (VIOG). 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.

	SMMD	VIOG	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.70	+0.14
Sortino ratio: Return per unit of downside risk	2.62	2.54	+0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.30	+0.02
Calmar ratio: Return relative to maximum drawdown	3.34	3.33	+0.01
Martin ratio: Return relative to average drawdown	12.59	11.38	+1.21

SMMD vs. VIOG - Sharpe Ratio Comparison

The current SMMD Sharpe Ratio is 1.83, which is comparable to the VIOG Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of SMMD and VIOG, 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

SMMD vs. VIOG - Drawdown Comparison

The maximum SMMD drawdown since its inception was -41.06%, roughly equal to the maximum VIOG drawdown of -41.73%. Use the drawdown chart below to compare losses from any high point for SMMD and VIOG.

Drawdown Indicators

	SMMD	VIOG	Difference
Max Drawdown Largest peak-to-trough decline	-41.06%	-41.73%	+0.67%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-9.03%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-25.50%	-27.35%	+1.85%
Max Drawdown (5Y) Largest decline over 5 years	-28.26%	-29.15%	+0.89%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.73%	—
Current Drawdown Current decline from peak	-1.60%	-2.49%	+0.89%
Average Drawdown Average peak-to-trough decline	-8.28%	-7.57%	-0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.56%	2.64%	-0.08%

Volatility

SMMD vs. VIOG - Volatility Comparison

The current volatility for iShares Russell 2500 ETF (SMMD) is 3.87%, while Vanguard S&P Small-Cap 600 Growth ETF (VIOG) has a volatility of 4.34%. This indicates that SMMD experiences smaller price fluctuations and is considered to be less risky than VIOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMMD	VIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.87%	4.34%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	13.28%	13.05%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	17.76%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.88%	21.51%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.31%	22.81%	-0.50%

SMMD vs. VIOG - Expense Ratio Comparison

Both SMMD and VIOG have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SMMD vs. VIOG - Dividend Comparison

SMMD's dividend yield for the trailing twelve months is around 1.06%, more than VIOG's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMMD iShares Russell 2500 ETF	1.06%	1.28%	1.27%	1.44%	1.79%	1.12%	1.31%	1.50%	2.45%	0.68%	0.00%	0.00%
VIOG Vanguard S&P Small-Cap 600 Growth ETF	0.76%	1.04%	1.03%	1.15%	1.17%	0.69%	0.68%	1.09%	0.76%	0.87%	0.92%	1.04%

Frequently Asked Questions

Can I hold both SMMD and VIOG in my portfolio?

With a correlation of 0.94, SMMD and VIOG 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, SMMD or VIOG?

VIOG has higher volatility (4.34%) compared to SMMD (3.87%). In terms of maximum drawdown, SMMD dropped -41.06% vs VIOG's -41.73%.

Which ETF is better, SMMD or VIOG?

On 5-year performance, SMMD leads with 8.99% vs 7.74% for VIOG. Both ETFs have the same 0.15% expense ratio. On volatility, SMMD has been the lower-risk option at 3.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMMD or VIOG?

Over the 5-year period, SMMD has performed better with a 8.99% return vs 7.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMMD or VIOG?

SMMD and VIOG have the same expense ratio: 0.15% per year.

Which ETF pays a higher dividend yield, SMMD or VIOG?

SMMD has the higher dividend yield at 1.06%, compared with 0.76% for VIOG.

What is the main difference between SMMD and VIOG?

SMMD tracks Russell 2500 Index, while VIOG tracks S&P SmallCap 600 Growth Index. They also come from different issuers: iShares and Vanguard.

Which has better risk-adjusted returns?

SMMD currently has the higher Sharpe Ratio (1.83 vs 1.70), 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.