UBVLX vs. VSIIX

Last updated Jun 25, 2026

UBVLX (Undiscovered Managers Behavioral Value Fund) and VSIIX (Vanguard Small-Cap Value Index Fund Institutional Shares) are both Small Cap Value Equities funds. Over the past 10 years, UBVLX returned 10.66%/yr vs 11.02%/yr for VSIIX. Their correlation of 0.95 suggests significant overlap in exposure. UBVLX charges 0.90%/yr vs 0.06%/yr for VSIIX.

Performance

UBVLX vs. VSIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Undiscovered Managers Behavioral Value Fund (UBVLX) 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, UBVLX achieves a 8.94% return, which is significantly lower than VSIIX's 13.25% return. Both investments have delivered pretty close results over the past 10 years, with UBVLX having a 10.66% annualized return and VSIIX not far ahead at 11.02%.

UBVLX

• 1D: 0.78%
• 1M: 1.63%
• YTD: 8.94%
• 6M: 7.96%
• 1Y: 14.52%
• 3Y*: 14.04%
• 5Y*: 8.18%
• 10Y*: 10.66%

VSIIX

• 1D: -0.16%
• 1M: 2.52%
• YTD: 13.25%
• 6M: 11.39%
• 1Y: 25.08%
• 3Y*: 16.89%
• 5Y*: 8.61%
• 10Y*: 11.02%

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

UBVLX vs. VSIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UBVLX Undiscovered Managers Behavioral Value Fund	8.94%	1.79%	13.11%	14.69%	-1.16%	34.25%	3.52%	23.27%	-15.23%	13.43%
VSIIX Vanguard Small-Cap Value Index Fund Institutional Shares	13.25%	9.10%	11.37%	17.06%	-9.31%	28.12%	5.81%	22.81%	-12.24%	11.80%

Correlation

The correlation between UBVLX and VSIIX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 7, 1999	0.95

The correlation between UBVLX and VSIIX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

UBVLX vs. VSIIX — Risk / Return Rank

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

UBVLX

UBVLX Risk / Return Rank: 17
UBVLX Sharpe Ratio Rank: 14
UBVLX Sortino Ratio Rank: 17
UBVLX Omega Ratio Rank: 14
UBVLX Calmar Ratio Rank: 21
UBVLX Martin Ratio Rank: 18

VSIIX

VSIIX Risk / Return Rank: 49
VSIIX Sharpe Ratio Rank: 41
VSIIX Sortino Ratio Rank: 44
VSIIX Omega Ratio Rank: 37
VSIIX Calmar Ratio Rank: 67
VSIIX Martin Ratio Rank: 56

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.

UBVLX vs. VSIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Undiscovered Managers Behavioral Value Fund (UBVLX) 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.

	UBVLX	VSIIX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.72	-0.78
Sortino ratio: Return per unit of downside risk	1.52	2.54	-1.03
Omega ratio: Gain probability vs. loss probability	1.17	1.30	-0.13
Calmar ratio: Return relative to maximum drawdown	1.52	2.97	-1.46
Martin ratio: Return relative to average drawdown	4.21	10.54	-6.33

UBVLX vs. VSIIX - Sharpe Ratio Comparison

The current UBVLX Sharpe Ratio is 0.94, which is lower than the VSIIX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of UBVLX 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

UBVLX vs. VSIIX - Drawdown Comparison

The maximum UBVLX drawdown since its inception was -67.24%, which is greater than VSIIX's maximum drawdown of -62.05%. Use the drawdown chart below to compare losses from any high point for UBVLX and VSIIX.

Drawdown Indicators

	UBVLX	VSIIX	Difference
Max Drawdown Largest peak-to-trough decline	-67.24%	-62.05%	-5.19%
Max Drawdown (1Y) Largest decline over 1 year	-10.32%	-8.87%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-21.46%	-24.09%	+2.63%
Max Drawdown (5Y) Largest decline over 5 years	-21.46%	-24.09%	+2.63%
Max Drawdown (10Y) Largest decline over 10 years	-52.08%	-45.38%	-6.70%
Current Drawdown Current decline from peak	-1.32%	-1.17%	-0.15%
Average Drawdown Average peak-to-trough decline	-9.25%	-8.50%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.71%	2.50%	+1.21%

Volatility

UBVLX vs. VSIIX - Volatility Comparison

Undiscovered Managers Behavioral Value Fund (UBVLX) and Vanguard Small-Cap Value Index Fund Institutional Shares (VSIIX) have volatilities of 3.92% and 4.02%, 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

	UBVLX	VSIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	4.02%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	10.79%	10.66%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	15.33%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.25%	19.73%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.58%	21.80%	+2.78%

UBVLX vs. VSIIX - Expense Ratio Comparison

UBVLX has a 0.90% expense ratio, which is higher than VSIIX's 0.06% expense ratio.

Dividends

UBVLX vs. VSIIX - Dividend Comparison

UBVLX's dividend yield for the trailing twelve months is around 8.64%, more than VSIIX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UBVLX Undiscovered Managers Behavioral Value Fund	8.64%	9.41%	7.39%	8.35%	8.96%	3.44%	0.99%	4.98%	11.62%	4.67%	3.24%	3.80%
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 UBVLX and VSIIX in my portfolio?

With a correlation of 0.92, UBVLX and VSIIX 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, UBVLX or VSIIX?

VSIIX has higher volatility (4.02%) compared to UBVLX (3.92%). In terms of maximum drawdown, UBVLX dropped -67.24% vs VSIIX's -62.05%.

Which has better risk-adjusted returns?

VSIIX currently has the higher Sharpe Ratio (1.72 vs 0.94), 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.