VBR vs. SMIG

Last updated Jun 26, 2026

VBR (Vanguard Small-Cap Value ETF) and SMIG (Bahl & Gaynor Small/Mid Cap Income Growth ETF) are both Small Cap Value Equities funds. VBR is passively managed, while SMIG is actively managed. Over the past 3 years, VBR returned 17.12%/yr vs 14.04%/yr for SMIG. Their correlation of 0.93 suggests significant overlap in exposure. VBR charges 0.05%/yr vs 0.60%/yr for SMIG.

Performance

VBR vs. SMIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Small-Cap Value ETF (VBR) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VBR having a 15.13% return and SMIG slightly lower at 14.90%.

VBR

• 1D: 0.81%
• 1M: 3.04%
• YTD: 15.13%
• 6M: 13.26%
• 1Y: 28.31%
• 3Y*: 17.12%
• 5Y*: 8.78%
• 10Y*: 11.55%

SMIG

• 1D: 0.83%
• 1M: 2.42%
• YTD: 14.90%
• 6M: 13.37%
• 1Y: 17.18%
• 3Y*: 14.04%
• 5Y*: —
• 10Y*: —

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

VBR vs. SMIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VBR Vanguard Small-Cap Value ETF	15.13%	9.09%	12.40%	16.00%	-9.38%	4.03%
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	14.90%	0.78%	17.63%	13.62%	-11.83%	5.23%

Correlation

The correlation between VBR and SMIG is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 26, 2021	0.93

The correlation between VBR and SMIG has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

VBR vs. SMIG - Sectors Allocation Comparison

Sectors	VBR	SMIG
Financial Services	17.5%	21.1%
Industrials	17.4%	18.2%
Consumer Cyclical	12.5%	13.5%
Technology	12.1%	10.7%
Real Estate	10.5%	9.8%
Healthcare	8.3%	2.7%
Basic Materials	6.0%	2.0%
Utilities	4.6%	9.8%
Energy	4.3%	10.4%
Consumer Defensive	4.0%	1.9%
Communication Services	2.8%	2.2%

Return for Risk

VBR vs. SMIG — Risk / Return Rank

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

VBR

VBR Risk / Return Rank: 68
VBR Sharpe Ratio Rank: 66
VBR Sortino Ratio Rank: 70
VBR Omega Ratio Rank: 61
VBR Calmar Ratio Rank: 73
VBR Martin Ratio Rank: 71

SMIG

SMIG Risk / Return Rank: 44
SMIG Sharpe Ratio Rank: 46
SMIG Sortino Ratio Rank: 49
SMIG Omega Ratio Rank: 42
SMIG Calmar Ratio Rank: 45
SMIG Martin Ratio Rank: 37

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. SMIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). 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	SMIG	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.44	+0.43
Sortino ratio: Return per unit of downside risk	2.73	2.18	+0.55
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	3.21	2.03	+1.19
Martin ratio: Return relative to average drawdown	11.35	5.26	+6.08

VBR vs. SMIG - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.86, which is comparable to the SMIG Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of VBR and SMIG, 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

VBR vs. SMIG - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, which is greater than SMIG's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for VBR and SMIG.

Drawdown Indicators

	VBR	SMIG	Difference
Max Drawdown Largest peak-to-trough decline	-61.98%	-19.65%	-42.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-8.52%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-24.19%	-19.23%	-4.96%
Max Drawdown (5Y) Largest decline over 5 years	-24.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.28%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.25%	-6.47%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.27%	-0.77%

Volatility

VBR vs. SMIG - Volatility Comparison

Vanguard Small-Cap Value ETF (VBR) has a higher volatility of 3.90% compared to Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG) at 3.56%. This indicates that VBR's price experiences larger fluctuations and is considered to be riskier than SMIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBR	SMIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.56%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	10.69%	8.51%	+2.18%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	12.05%	+3.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	16.15%	+3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	16.15%	+5.56%

VBR vs. SMIG - Expense Ratio Comparison

VBR has a 0.05% expense ratio, which is lower than SMIG's 0.60% expense ratio.

Dividends

VBR vs. SMIG - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.71%, more than SMIG's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF	1.68%	1.82%	1.75%	1.91%	2.00%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both VBR and SMIG in my portfolio?

VBR and SMIG have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBR or SMIG?

VBR has higher volatility (3.90%) compared to SMIG (3.56%). In terms of maximum drawdown, VBR dropped -61.98% vs SMIG's -19.65%.

Which ETF is better, VBR or SMIG?

On 3-year performance, VBR leads with 17.12% vs 14.04% for SMIG. On fees, VBR is cheaper at 0.05% per year. On volatility, SMIG has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBR or SMIG?

Over the 3-year period, VBR has performed better with a 17.12% return vs 14.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBR or SMIG?

VBR is cheaper with a 0.05% expense ratio, compared with 0.60% for SMIG.

Which ETF pays a higher dividend yield, VBR or SMIG?

VBR has the higher dividend yield at 1.71%, compared with 1.68% for SMIG.

What is the main difference between VBR and SMIG?

They also come from different issuers: Vanguard and Bahl & Gaynor. Their fees differ too: 0.05% for VBR and 0.60% for SMIG.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.86 vs 1.44), 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.