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VBK vs. ESML
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VBK vs. ESML

Last updated Aug 4, 2026
Documentation

VBK (Vanguard Small-Cap Growth ETF) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both Small Cap Growth Equities funds - VBK tracks the CRSP US Small Cap Growth Index while ESML tracks the MSCI USA Small Cap Extended ESG Focus Index. Both are passively managed. Over the past 5 years, VBK returned 4.55%/yr vs 8.21%/yr for ESML. Their correlation of 0.93 means they have usually moved in the same direction. VBK charges 0.05%/yr vs 0.17%/yr for ESML.

Performance

VBK vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Growth ETF (VBK) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VBK achieves a 14.98% return, which is significantly lower than ESML's 19.19% return.

VBK

1D
1.81%
1M
-3.14%
6M
10.32%
YTD
14.98%
1Y
25.41%
3Y*
15.04%
5Y*
4.55%
10Y*
10.92%
ALL TIME*
9.83%

ESML

1D
1.57%
1M
-0.56%
6M
12.05%
YTD
19.19%
1Y
33.37%
3Y*
15.64%
5Y*
8.21%
10Y*
—
ALL TIME*
10.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ESML

iShares ESG Aware MSCI USA Small-Cap ETF
$4.32M$5.41M$11.05M

VBK

Vanguard Small-Cap Growth ETF
$70.46M$72.06M$83.50M

VBK vs. ESML - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
VBK
Vanguard Small-Cap Growth ETF		14.98%8.50%16.50%21.45%-28.44%5.66%35.44%32.75%-8.05%
ESML
iShares ESG Aware MSCI USA Small-Cap ETF		19.19%10.62%12.01%17.27%-17.28%19.28%19.56%29.12%-10.72%

Correlation

The correlation between VBK and ESML is 0.93, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.93

Correlation (3Y)
Balances recent behavior with more history.

0.95

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.95

Correlation (All Time)
Calculated using the full available price history since Apr 12, 2018

0.93

The correlation between VBK and ESML has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

VBK vs. ESML - Sectors Allocation Comparison

Sectors
VBK
ESML

Technology

27.1%
21.1%

Industrials

23.4%
17.7%

Healthcare

17.9%
13.8%

Consumer Cyclical

8.9%
10.8%

Financial Services

5.7%
13.6%

Real Estate

3.7%
6.5%

Communication Services

3.6%
2.4%

Energy

3.4%
4.4%

Basic Materials

3.1%
3.6%

Consumer Defensive

2.0%
3.4%

Utilities

1.1%
2.6%

Technology

VBK
27.1%
ESML
21.1%

Industrials

VBK
23.4%
ESML
17.7%

Healthcare

VBK
17.9%
ESML
13.8%

Consumer Cyclical

VBK
8.9%
ESML
10.8%

Financial Services

VBK
5.7%
ESML
13.6%

Real Estate

VBK
3.7%
ESML
6.5%

Communication Services

VBK
3.6%
ESML
2.4%

Energy

VBK
3.4%
ESML
4.4%

Basic Materials

VBK
3.1%
ESML
3.6%

Consumer Defensive

VBK
2.0%
ESML
3.4%

Utilities

VBK
1.1%
ESML
2.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Small-Cap Growth ETF

iShares ESG Aware MSCI USA Small-Cap ETF

Often compared with VBK:
VBK vs. VBVBK vs. VBRVBK vs. AVUVVBK vs. VOOVBK vs. IJRVBK vs. SCHAVBK vs. VIOG
Often compared with ESML:
ESML vs. ISCGESML vs. XJRESML vs. FNDAESML vs. CWSESML vs. AVUVESML vs. VOOESML vs. SCHD

Return for Risk

VBK vs. ESML — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
VBK
VBK Risk / Return Rank: 5454
Overall Rank
VBK Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
VBK Sortino Ratio Rank: 5050
Sortino Ratio Rank
VBK Omega Ratio Rank: 4646
Omega Ratio Rank
VBK Calmar Ratio Rank: 6262
Calmar Ratio Rank
VBK Martin Ratio Rank: 6161
Martin Ratio Rank
ESML
ESML Risk / Return Rank: 8383
Overall Rank
ESML Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ESML Sortino Ratio Rank: 8383
Sortino Ratio Rank
ESML Omega Ratio Rank: 7878
Omega Ratio Rank
ESML Calmar Ratio Rank: 8888
Calmar Ratio Rank
ESML Martin Ratio Rank: 8686
Martin Ratio Rank
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.

VBK vs. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Growth ETF (VBK) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

VBKESMLDifference
Sharpe ratioReturn per unit of total volatility
1.25
1.96

-0.71

Sortino ratioReturn per unit of downside risk
1.81
2.84

-1.03

Omega ratioGain probability vs. loss probability

1.22

1.34

-0.12

Calmar ratioReturn relative to maximum drawdown

2.23

3.71

-1.48

Martin ratioReturn relative to average drawdown

7.52

12.97

-5.45

VBK vs. ESML - Sharpe Ratio Comparison

The current VBK Sharpe Ratio is 1.25, which is lower than the ESML Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of VBK and ESML, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

VBK vs. ESML - Drawdown Comparison

The maximum VBK drawdown since its inception was -58.68%, which is greater than ESML's maximum drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for VBK and ESML.

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Drawdown Indicators

VBKESMLDifference

Max Drawdown

Largest peak-to-trough decline

-58.68%

-41.97%

-16.71%

Max Drawdown (1Y)

Largest decline over 1 year

-11.44%

-9.04%

-2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-27.54%

-26.68%

-0.86%

Max Drawdown (5Y)

Largest decline over 5 years

-38.39%

-28.61%

-9.78%

Max Drawdown (10Y)

Largest decline over 10 years

-38.70%

—

—

Current Drawdown

Current decline from peak

-5.22%

-2.44%

-2.78%

Average Drawdown

Average peak-to-trough decline

-10.10%

-8.83%

-1.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.39%

2.58%

+0.81%

Volatility

VBK vs. ESML - Volatility Comparison

Vanguard Small-Cap Growth ETF (VBK) has a higher volatility of 5.46% compared to iShares ESG Aware MSCI USA Small-Cap ETF (ESML) at 4.11%. This indicates that VBK's price experiences larger fluctuations and is considered to be riskier than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VBKESMLDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.46%

4.11%

+1.35%

Volatility (6M)

Calculated over the trailing 6-month period

15.90%

12.38%

+3.52%

Volatility (1Y)

Calculated over the trailing 1-year period

20.39%

17.13%

+3.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

23.67%

21.21%

+2.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.92%

23.29%

-0.37%

VBK vs. ESML - Expense Ratio Comparison

VBK has a 0.05% expense ratio, which is lower than ESML's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VBK vs. ESML - Dividend Comparison

VBK's dividend yield for the trailing twelve months is around 0.44%, less than ESML's 0.91% yield.

PositionTTM20252024202320222021202020192018201720162015
ESML
iShares ESG Aware MSCI USA Small-Cap ETF		0.91%1.08%1.22%1.31%1.46%0.94%0.99%1.10%1.07%0.00%0.00%0.00%
VBK
Vanguard Small-Cap Growth ETF		0.44%0.54%0.54%0.68%0.55%0.36%0.44%0.57%0.79%0.82%1.08%0.98%

Frequently Asked Questions

With a correlation of 0.93, VBK and ESML 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.

VBK has higher volatility (5.46%) compared to ESML (4.11%). In terms of maximum drawdown, VBK dropped -58.68% vs ESML's -41.97%.

On 5-year performance, ESML leads with 8.21% vs 4.55% for VBK. On fees, VBK is cheaper at 0.05% per year. On volatility, ESML has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ESML has performed better with a 8.21% return vs 4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VBK is cheaper with a 0.05% expense ratio, compared with 0.17% for ESML.

ESML has the higher dividend yield at 0.91%, compared with 0.44% for VBK.

VBK tracks CRSP US Small Cap Growth Index, while ESML tracks MSCI USA Small Cap Extended ESG Focus Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VBK and 0.17% for ESML.

ESML currently has the higher Sharpe Ratio (1.96 vs 1.25), 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.

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