TSCIX vs. VSGIX

Last updated Jun 23, 2026

TSCIX (AMG TimesSquare Small Cap Growth Fund) and VSGIX (Vanguard Small-Cap Growth Index Fund Institutional Shares) are both Small Cap Growth Equities funds. Over the past 10 years, TSCIX returned 10.65%/yr vs 11.90%/yr for VSGIX. With a 0.95 correlation, they move nearly in lockstep. TSCIX charges 0.99%/yr vs 0.06%/yr for VSGIX.

Performance

TSCIX vs. VSGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG TimesSquare Small Cap Growth Fund (TSCIX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSCIX achieves a 11.74% return, which is significantly lower than VSGIX's 18.39% return. Over the past 10 years, TSCIX has underperformed VSGIX with an annualized return of 10.65%, while VSGIX has yielded a comparatively higher 11.90% annualized return.

TSCIX

• 1D: 2.50%
• 1M: 3.58%
• YTD: 11.74%
• 6M: 8.38%
• 1Y: 14.96%
• 3Y*: 9.39%
• 5Y*: 1.68%
• 10Y*: 10.65%

VSGIX

• 1D: 2.00%
• 1M: 2.79%
• YTD: 18.39%
• 6M: 14.68%
• 1Y: 32.93%
• 3Y*: 16.99%
• 5Y*: 5.59%
• 10Y*: 11.90%

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

TSCIX vs. VSGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSCIX AMG TimesSquare Small Cap Growth Fund	11.74%	0.84%	8.50%	16.73%	-26.42%	7.34%	35.36%	44.90%	-4.05%	21.17%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	18.39%	8.44%	14.95%	23.07%	-28.39%	5.70%	35.29%	32.77%	-5.70%	21.94%

Correlation

The correlation between TSCIX and VSGIX 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	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 24, 2000	0.95

The correlation between TSCIX and VSGIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

TSCIX vs. VSGIX — Risk / Return Rank

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

TSCIX

TSCIX Risk / Return Rank: 9
TSCIX Sharpe Ratio Rank: 9
TSCIX Sortino Ratio Rank: 9
TSCIX Omega Ratio Rank: 9
TSCIX Calmar Ratio Rank: 8
TSCIX Martin Ratio Rank: 9

VSGIX

VSGIX Risk / Return Rank: 45
VSGIX Sharpe Ratio Rank: 37
VSGIX Sortino Ratio Rank: 34
VSGIX Omega Ratio Rank: 32
VSGIX Calmar Ratio Rank: 62
VSGIX Martin Ratio Rank: 58

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.

TSCIX vs. VSGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG TimesSquare Small Cap Growth Fund (TSCIX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX). 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.

	TSCIX	VSGIX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.63	-0.93
Sortino ratio: Return per unit of downside risk	1.07	2.26	-1.19
Omega ratio: Gain probability vs. loss probability	1.14	1.28	-0.14
Calmar ratio: Return relative to maximum drawdown	0.78	2.90	-2.12
Martin ratio: Return relative to average drawdown	2.56	10.84	-8.29

TSCIX vs. VSGIX - Sharpe Ratio Comparison

The current TSCIX Sharpe Ratio is 0.70, which is lower than the VSGIX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of TSCIX and VSGIX, 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

TSCIX vs. VSGIX - Drawdown Comparison

The maximum TSCIX drawdown since its inception was -49.74%, smaller than the maximum VSGIX drawdown of -58.66%. Use the drawdown chart below to compare losses from any high point for TSCIX and VSGIX.

Drawdown Indicators

	TSCIX	VSGIX	Difference
Max Drawdown Largest peak-to-trough decline	-49.74%	-58.66%	+8.92%
Max Drawdown (1Y) Largest decline over 1 year	-18.91%	-11.38%	-7.53%
Max Drawdown (3Y) Largest decline over 3 years	-29.48%	-27.47%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-40.51%	-38.36%	-2.15%
Max Drawdown (10Y) Largest decline over 10 years	-40.51%	-38.70%	-1.81%
Current Drawdown Current decline from peak	-2.50%	-0.30%	-2.20%
Average Drawdown Average peak-to-trough decline	-11.63%	-11.32%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.75%	3.04%	+2.71%

Volatility

TSCIX vs. VSGIX - Volatility Comparison

AMG TimesSquare Small Cap Growth Fund (TSCIX) and Vanguard Small-Cap Growth Index Fund Institutional Shares (VSGIX) have volatilities of 7.15% and 7.29%, 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

	TSCIX	VSGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	7.29%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	17.38%	15.86%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	21.09%	20.29%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.76%	23.70%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.68%	23.05%	+0.63%

TSCIX vs. VSGIX - Expense Ratio Comparison

TSCIX has a 0.99% expense ratio, which is higher than VSGIX's 0.06% expense ratio.

Dividends

TSCIX vs. VSGIX - Dividend Comparison

TSCIX has not paid dividends to shareholders, while VSGIX's dividend yield for the trailing twelve months is around 0.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TSCIX AMG TimesSquare Small Cap Growth Fund	0.00%	0.00%	0.69%	0.00%	6.63%	22.45%	13.38%	22.41%	30.72%	10.75%	3.70%	11.91%
VSGIX Vanguard Small-Cap Growth Index Fund Institutional Shares	0.45%	0.55%	0.55%	0.68%	0.56%	0.37%	0.45%	0.58%	0.80%	0.82%	1.09%	0.98%

Frequently Asked Questions

Can I hold both TSCIX and VSGIX in my portfolio?

With a correlation of 0.94, TSCIX and VSGIX 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, TSCIX or VSGIX?

VSGIX has higher volatility (7.29%) compared to TSCIX (7.15%). In terms of maximum drawdown, TSCIX dropped -49.74% vs VSGIX's -58.66%.

Which has better risk-adjusted returns?

VSGIX currently has the higher Sharpe Ratio (1.63 vs 0.70), 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.