TISEX vs. VSIIX

Last updated Jun 23, 2026

TISEX (TIAA-CREF Quant Small-Cap Equity Fund) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both mutual funds - TISEX is a Small Cap Blend Equities fund managed by TIAA Investments, while VSIIX is a Small Cap Value Equities fund managed by Vanguard. Over the past 10 years, TISEX returned 13.30%/yr vs 10.72%/yr for VSIIX. With a 0.96 correlation, they move nearly in lockstep. TISEX charges 0.41%/yr vs 0.06%/yr for VSIIX.

Performance

TISEX vs. VSIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Quant Small-Cap Equity Fund (TISEX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TISEX achieves a 21.65% return, which is significantly higher than VSIIX's 13.21% return. Over the past 10 years, TISEX has outperformed VSIIX with an annualized return of 13.30%, while VSIIX has yielded a comparatively lower 10.72% annualized return.

TISEX

• 1D: 2.18%
• 1M: 3.87%
• YTD: 21.65%
• 6M: 18.57%
• 1Y: 46.28%
• 3Y*: 21.87%
• 5Y*: 11.72%
• 10Y*: 13.30%

VSIIX

• 1D: 0.70%
• 1M: 2.49%
• YTD: 13.21%
• 6M: 11.20%
• 1Y: 27.58%
• 3Y*: 15.70%
• 5Y*: 9.39%
• 10Y*: 10.72%

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

TISEX vs. VSIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TISEX TIAA-CREF Quant Small-Cap Equity Fund	21.65%	16.31%	16.29%	18.72%	-15.49%	25.00%	12.81%	23.94%	-12.33%	14.07%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	13.21%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%

Correlation

The correlation between TISEX and VSIIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 30, 2002	0.96

The correlation between TISEX and VSIIX has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.

Return for Risk

TISEX vs. VSIIX — Risk / Return Rank

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

TISEX

TISEX Risk / Return Rank: 79
TISEX Sharpe Ratio Rank: 78
TISEX Sortino Ratio Rank: 71
TISEX Omega Ratio Rank: 60
TISEX Calmar Ratio Rank: 94
TISEX Martin Ratio Rank: 94

VSIIX

VSIIX Risk / Return Rank: 53
VSIIX Sharpe Ratio Rank: 45
VSIIX Sortino Ratio Rank: 47
VSIIX Omega Ratio Rank: 40
VSIIX Calmar Ratio Rank: 73
VSIIX Martin Ratio Rank: 59

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.

TISEX vs. VSIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Quant Small-Cap Equity Fund (TISEX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX). 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.

	TISEX	VSIIX	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.82	+0.55
Sortino ratio: Return per unit of downside risk	3.19	2.67	+0.51
Omega ratio: Gain probability vs. loss probability	1.39	1.31	+0.08
Calmar ratio: Return relative to maximum drawdown	5.04	3.15	+1.89
Martin ratio: Return relative to average drawdown	18.74	11.17	+7.57

TISEX vs. VSIIX - Sharpe Ratio Comparison

The current TISEX Sharpe Ratio is 2.38, which is higher than the VSIIX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of TISEX and VSIIX, 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

TISEX vs. VSIIX - Drawdown Comparison

The maximum TISEX drawdown since its inception was -59.91%, roughly equal to the maximum VSIIX drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for TISEX and VSIIX.

Drawdown Indicators

	TISEX	VSIIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.91%	-62.05%	+2.14%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-8.87%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-26.18%	-24.09%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-27.92%	-24.09%	-3.83%
Max Drawdown (10Y) Largest decline over 10 years	-45.76%	-45.38%	-0.38%
Current Drawdown Current decline from peak	0.00%	-1.21%	+1.21%
Average Drawdown Average peak-to-trough decline	-9.35%	-8.51%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.49%	-0.02%

Volatility

TISEX vs. VSIIX - Volatility Comparison

TIAA-CREF Quant Small-Cap Equity Fund (TISEX) has a higher volatility of 6.78% compared to Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) at 4.30%. This indicates that TISEX's price experiences larger fluctuations and is considered to be riskier than VSIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TISEX	VSIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	4.30%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	14.13%	10.66%	+3.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.53%	15.33%	+4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.15%	19.75%	+2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.44%	21.84%	+1.60%

TISEX vs. VSIIX - Expense Ratio Comparison

TISEX has a 0.41% expense ratio, which is higher than VSIIX's 0.06% expense ratio.

Dividends

TISEX vs. VSIIX - Dividend Comparison

TISEX's dividend yield for the trailing twelve months is around 7.49%, more than VSIIX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TISEX TIAA-CREF Quant Small-Cap Equity Fund	7.49%	9.11%	12.26%	2.08%	6.47%	21.14%	0.63%	5.41%	20.46%	10.29%	3.48%	7.75%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	1.74%	1.96%	1.99%	2.10%	2.04%	1.76%	1.69%	2.07%	2.36%	1.80%	1.77%	1.99%

Frequently Asked Questions

Can I hold both TISEX and VSIIX in my portfolio?

TISEX and VSIIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TISEX or VSIIX?

TISEX has higher volatility (6.78%) compared to VSIIX (4.30%). In terms of maximum drawdown, TISEX dropped -59.91% vs VSIIX's -62.05%.

Which has better risk-adjusted returns?

TISEX currently has the higher Sharpe Ratio (2.38 vs 1.82), 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.