VBR vs. PNNT
VBR (Vanguard Small-Cap Value ETF) is Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index, while PNNT (PennantPark Investment Corporation) is a stock. Over the past 10 years, VBR returned 10.99%/yr vs 7.07%/yr for PNNT. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
VBR vs. PNNT - Performance Comparison
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Returns By Period
In the year-to-date period, VBR achieves a 14.60% return, which is significantly higher than PNNT's -29.84% return. Over the past 10 years, VBR has outperformed PNNT with an annualized return of 10.99%, while PNNT has yielded a comparatively lower 7.07% annualized return.
VBR
- 1D
- 0.87%
- 1M
- 4.91%
- YTD
- 14.60%
- 6M
- 12.92%
- 1Y
- 27.94%
- 3Y*
- 16.09%
- 5Y*
- 8.36%
- 10Y*
- 10.99%
PNNT
- 1D
- 1.58%
- 1M
- -8.53%
- YTD
- -29.84%
- 6M
- -27.65%
- 1Y
- -33.82%
- 3Y*
- 0.38%
- 5Y*
- 0.83%
- 10Y*
- 7.07%
VBR vs. PNNT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBR Vanguard Small-Cap Value ETF | 14.60% | 9.09% | 12.40% | 16.00% | -9.38% | 28.08% | 5.90% | 22.78% | -12.28% | 11.81% |
PNNT PennantPark Investment Corporation | -29.84% | -2.96% | 16.56% | 37.25% | -8.90% | 61.71% | -17.99% | 14.30% | 2.05% | -0.65% |
Correlation
The correlation between VBR and PNNT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2007 | 0.54 |
The correlation between VBR and PNNT shifts across timeframes, from 0.41 (1 year) to 0.54 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VBR vs. PNNT — Risk / Return Rank
VBR
PNNT
VBR vs. PNNT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) and PennantPark Investment Corporation (PNNT). 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.
| VBR | PNNT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.08 | ||
| Sortino ratioReturn per unit of downside risk | +4.38 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 0.78 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | -0.80 | +3.97 |
| Martin ratioReturn relative to average drawdown | 11.22 | -1.65 | +12.86 |
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Drawdowns
VBR vs. PNNT - Drawdown Comparison
The maximum VBR drawdown since its inception was -61.98%, smaller than the maximum PNNT drawdown of -82.16%. Use the drawdown chart below to compare losses from any high point for VBR and PNNT.
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Drawdown Indicators
| VBR | PNNT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.98% | -82.16% | +20.18% |
Max Drawdown (1Y)Largest decline over 1 year | -8.85% | -42.61% | +33.76% |
Max Drawdown (3Y)Largest decline over 3 years | -24.19% | -42.61% | +18.42% |
Max Drawdown (5Y)Largest decline over 5 years | -24.19% | -42.61% | +18.42% |
Max Drawdown (10Y)Largest decline over 10 years | -45.28% | -69.14% | +23.86% |
Current DrawdownCurrent decline from peak | 0.00% | -40.28% | +40.28% |
Average DrawdownAverage peak-to-trough decline | -8.26% | -15.29% | +7.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.50% | 20.58% | -18.08% |
Volatility
VBR vs. PNNT - Volatility Comparison
The current volatility for Vanguard Small-Cap Value ETF (VBR) is 4.43%, while PennantPark Investment Corporation (PNNT) has a volatility of 9.97%. This indicates that VBR experiences smaller price fluctuations and is considered to be less risky than PNNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBR | PNNT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.43% | 9.97% | -5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 10.65% | 23.95% | -13.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.36% | 27.06% | -11.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.79% | 23.79% | -4.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.74% | 32.76% | -11.02% |
Dividends
VBR vs. PNNT - Dividend Comparison
VBR's dividend yield for the trailing twelve months is around 1.71%, less than PNNT's 24.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PNNT PennantPark Investment Corporation | 24.94% | 16.11% | 12.85% | 11.65% | 10.43% | 6.93% | 11.71% | 11.03% | 11.30% | 10.42% | 14.62% | 18.12% |
VBR Vanguard Small-Cap Value ETF | 1.71% | 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
VBR and PNNT have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PNNT has higher volatility (9.97%) compared to VBR (4.43%). In terms of maximum drawdown, VBR dropped -61.98% vs PNNT's -82.16%.
VBR currently has the higher Sharpe Ratio (1.83 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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