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VBR vs. IJJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VBR vs. IJJ

Last updated Jul 22, 2026
Documentation

VBR (Vanguard Small-Cap Value ETF) and IJJ (iShares S&P Mid-Cap 400 Value ETF) are both exchange-traded funds - VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index, while IJJ is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index. Both are passively managed. Over the past 10 years, VBR returned 10.56%/yr vs 10.35%/yr for IJJ. With a 0.97 correlation, they move nearly in lockstep. VBR charges 0.05%/yr vs 0.18%/yr for IJJ.

Performance

VBR vs. IJJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value ETF (VBR) and iShares S&P Mid-Cap 400 Value ETF (IJJ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VBR achieves a 16.11% return, which is significantly higher than IJJ's 12.83% return. Both investments have delivered pretty close results over the past 10 years, with VBR having a 10.56% annualized return and IJJ not far behind at 10.35%.

VBR

1D
0.51%
1M
2.56%
6M
10.95%
YTD
16.11%
1Y
24.43%
3Y*
14.74%
5Y*
10.03%
10Y*
10.56%
ALL TIME*
9.65%

IJJ

1D
0.59%
1M
1.83%
6M
8.82%
YTD
12.83%
1Y
18.95%
3Y*
12.12%
5Y*
9.48%
10Y*
10.35%
ALL TIME*
10.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VBR vs. IJJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VBR
Vanguard Small-Cap Value ETF		16.11%9.09%12.40%16.00%-9.38%28.08%5.90%22.78%-12.28%11.81%
IJJ
iShares S&P Mid-Cap 400 Value ETF		12.83%7.27%11.63%15.24%-7.11%30.45%3.56%25.66%-12.06%12.04%

Correlation

The correlation between VBR and IJJ is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.98

Correlation (3Y)
Calculated over the trailing 3-year period

0.98

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2004

0.97

The correlation between VBR and IJJ has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

VBR vs. IJJ - Sectors Allocation Comparison

Sectors
VBR
IJJ

Financial Services

17.5%
21.8%

Industrials

17.4%
19.1%

Consumer Cyclical

12.5%
13.9%

Technology

12.1%
10.4%

Real Estate

10.5%
9.5%

Healthcare

8.3%
3.8%

Basic Materials

6.0%
5.7%

Utilities

4.6%
4.0%

Energy

4.3%
6.3%

Consumer Defensive

4.0%
4.8%

Communication Services

2.8%
0.8%

Financial Services

VBR
17.5%
IJJ
21.8%

Industrials

VBR
17.4%
IJJ
19.1%

Consumer Cyclical

VBR
12.5%
IJJ
13.9%

Technology

VBR
12.1%
IJJ
10.4%

Real Estate

VBR
10.5%
IJJ
9.5%

Healthcare

VBR
8.3%
IJJ
3.8%

Basic Materials

VBR
6.0%
IJJ
5.7%

Utilities

VBR
4.6%
IJJ
4.0%

Energy

VBR
4.3%
IJJ
6.3%

Consumer Defensive

VBR
4.0%
IJJ
4.8%

Communication Services

VBR
2.8%
IJJ
0.8%

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 Value ETF

iShares S&P Mid-Cap 400 Value ETF

Often compared with VBR:
VBR vs. AVUVVBR vs. VBVBR vs. VOOVBR vs. VBKVBR vs. VTIVBR vs. VIOVVBR vs. VSIAX
Often compared with IJJ:
IJJ vs. IJHIJJ vs. VOEIJJ vs. SPYIJJ vs. PSRIJJ vs. IVVIJJ vs. VOOIJJ vs. VOOV

Return for Risk

VBR vs. IJJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VBR
VBR Risk / Return Rank: 7171
Overall Rank
VBR Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
VBR Sortino Ratio Rank: 7272
Sortino Ratio Rank
VBR Omega Ratio Rank: 6565
Omega Ratio Rank
VBR Calmar Ratio Rank: 7474
Calmar Ratio Rank
VBR Martin Ratio Rank: 7474
Martin Ratio Rank
IJJ
IJJ Risk / Return Rank: 4848
Overall Rank
IJJ Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
IJJ Sortino Ratio Rank: 5252
Sortino Ratio Rank
IJJ Omega Ratio Rank: 4646
Omega Ratio Rank
IJJ Calmar Ratio Rank: 4747
Calmar Ratio Rank
IJJ Martin Ratio Rank: 5050
Martin Ratio Rank
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.

VBR vs. IJJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) and iShares S&P Mid-Cap 400 Value ETF (IJJ). 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.

VBRIJJDifference
Sharpe ratioReturn per unit of total volatility
1.64
1.25

+0.39

Sortino ratioReturn per unit of downside risk
2.45
1.93

+0.52

Omega ratioGain probability vs. loss probability

1.29

1.22

+0.07

Calmar ratioReturn relative to maximum drawdown

2.77

1.80

+0.97

Martin ratioReturn relative to average drawdown

9.83

6.21

+3.61

VBR vs. IJJ - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.64, which is higher than the IJJ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of VBR and IJJ, 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

VBR vs. IJJ - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, which is greater than IJJ's maximum drawdown of -58.00%. Use the drawdown chart below to compare losses from any high point for VBR and IJJ.

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Drawdown Indicators

VBRIJJDifference

Max Drawdown

Largest peak-to-trough decline

-61.98%

-58.00%

-3.98%

Max Drawdown (1Y)

Largest decline over 1 year

-8.85%

-10.59%

+1.74%

Max Drawdown (3Y)

Largest decline over 3 years

-24.19%

-22.68%

-1.51%

Max Drawdown (5Y)

Largest decline over 5 years

-24.19%

-22.68%

-1.51%

Max Drawdown (10Y)

Largest decline over 10 years

-45.28%

-46.11%

+0.83%

Current Drawdown

Current decline from peak

-0.94%

-1.23%

+0.29%

Average Drawdown

Average peak-to-trough decline

-8.22%

-7.90%

-0.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

3.06%

-0.57%

Volatility

VBR vs. IJJ - Volatility Comparison

The current volatility for Vanguard Small-Cap Value ETF (VBR) is 2.89%, while iShares S&P Mid-Cap 400 Value ETF (IJJ) has a volatility of 3.21%. This indicates that VBR experiences smaller price fluctuations and is considered to be less risky than IJJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VBRIJJDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

3.21%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

10.49%

10.78%

-0.29%

Volatility (1Y)

Calculated over the trailing 1-year period

14.98%

15.21%

-0.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.57%

19.37%

+0.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.66%

21.97%

-0.31%

VBR vs. IJJ - Expense Ratio Comparison

VBR has a 0.05% expense ratio, which is lower than IJJ's 0.18% 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

VBR vs. IJJ - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.77%, more than IJJ's 1.59% yield.

PositionTTM20252024202320222021202020192018201720162015
IJJ
iShares S&P Mid-Cap 400 Value ETF		1.59%1.79%1.81%1.68%1.97%1.62%1.78%1.70%2.01%1.52%1.67%1.83%
VBR
Vanguard Small-Cap Value ETF		1.77%1.95%1.98%2.12%2.03%1.75%1.68%2.06%2.35%1.79%1.77%1.99%

Frequently Asked Questions

With a correlation of 0.98, VBR and IJJ 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.

IJJ has higher volatility (3.21%) compared to VBR (2.89%). In terms of maximum drawdown, VBR dropped -61.98% vs IJJ's -58.00%.

On 10-year performance, VBR leads with 10.56% vs 10.35% for IJJ. On fees, VBR is cheaper at 0.05% per year. On volatility, VBR has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VBR has performed better with a 10.56% return vs 10.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VBR is cheaper with a 0.05% expense ratio, compared with 0.18% for IJJ.

VBR has the higher dividend yield at 1.77%, compared with 1.59% for IJJ.

VBR is categorized as Small Cap Value Equities, while IJJ is Mid Cap Value Equities. VBR tracks CRSP US Small Cap Value Index, while IJJ tracks S&P MidCap 400 Value Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.05% for VBR and 0.18% for IJJ.

VBR currently has the higher Sharpe Ratio (1.64 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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