VBR vs. VBK

Last updated Jul 9, 2026

VBR (Vanguard Small-Cap Value ETF) and VBK (Vanguard Small-Cap Growth ETF) are both exchange-traded funds - VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index, while VBK is a Small Cap Growth Equities fund tracking the CRSP US Small Cap Growth Index. Both are passively managed. Over the past 10 years, VBR returned 10.67%/yr vs 11.46%/yr for VBK. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.

Performance

VBR vs. VBK - Performance Comparison

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

Returns By Period

In the year-to-date period, VBR achieves a 13.94% return, which is significantly lower than VBK's 16.71% return. Over the past 10 years, VBR has underperformed VBK with an annualized return of 10.67%, while VBK has yielded a comparatively higher 11.46% annualized return.

VBR

• 1D: -1.43%
• 1M: 2.24%
• 6M: 10.93%
• YTD: 13.94%
• 1Y: 21.59%
• 3Y*: 15.65%
• 5Y*: 8.93%
• 10Y*: 10.67%

VBK

• 1D: -0.67%
• 1M: 2.35%
• 6M: 11.23%
• YTD: 16.71%
• 1Y: 26.39%
• 3Y*: 16.54%
• 5Y*: 4.61%
• 10Y*: 11.46%

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

VBR vs. VBK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBR Vanguard Small-Cap Value ETF	13.94%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%
VBK Vanguard Small-Cap Growth ETF	16.71%	8.50%	16.50%	21.45%	-28.44%	5.66%	35.44%	32.75%	-5.70%	21.87%

Correlation

The correlation between VBR and VBK is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 30, 2004	0.90

The correlation between VBR and VBK has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.

VBR vs. VBK - Sectors Allocation Comparison

Sectors	VBR	VBK
Financial Services	17.5%	5.7%
Industrials	17.4%	24.6%
Consumer Cyclical	12.5%	8.9%
Technology	12.1%	28.5%
Real Estate	10.5%	3.7%
Healthcare	8.3%	14.9%
Basic Materials	6.0%	3.0%
Utilities	4.6%	1.3%
Energy	4.3%	4.1%
Consumer Defensive	4.0%	2.1%
Communication Services	2.8%	3.4%

Return for Risk

VBR vs. VBK — Risk / Return Rank

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

VBR

VBR Risk / Return Rank: 53
VBR Sharpe Ratio Rank: 49
VBR Sortino Ratio Rank: 52
VBR Omega Ratio Rank: 46
VBR Calmar Ratio Rank: 59
VBR Martin Ratio Rank: 60

VBK

VBK Risk / Return Rank: 48
VBK Sharpe Ratio Rank: 44
VBK Sortino Ratio Rank: 42
VBK Omega Ratio Rank: 39
VBK Calmar Ratio Rank: 56
VBK Martin Ratio Rank: 60

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. VBK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Small-Cap Value ETF (VBR) and Vanguard Small-Cap Growth ETF (VBK). 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	VBK	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.32	+0.12
Sortino ratio: Return per unit of downside risk	2.15	1.87	+0.28
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.03
Calmar ratio: Return relative to maximum drawdown	2.45	2.32	+0.13
Martin ratio: Return relative to average drawdown	8.65	8.62	+0.03

VBR vs. VBK - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.44, which is comparable to the VBK Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of VBR and VBK, 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. VBK - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, which is greater than VBK's maximum drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for VBR and VBK.

Drawdown Indicators

	VBR	VBK	Difference
Max Drawdown Largest peak-to-trough decline	-61.98%	-58.68%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-11.44%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.19%	-27.54%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.19%	-38.39%	+14.20%
Max Drawdown (10Y) Largest decline over 10 years	-45.28%	-38.70%	-6.58%
Current Drawdown Current decline from peak	-1.90%	-3.79%	+1.89%
Average Drawdown Average peak-to-trough decline	-8.24%	-10.12%	+1.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	3.07%	-0.57%

Volatility

VBR vs. VBK - Volatility Comparison

The current volatility for Vanguard Small-Cap Value ETF (VBR) is 3.90%, while Vanguard Small-Cap Growth ETF (VBK) has a volatility of 6.13%. This indicates that VBR experiences smaller price fluctuations and is considered to be less risky than VBK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBR	VBK	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	6.13%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	15.61%	-4.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.11%	20.15%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.70%	23.66%	-3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	22.87%	-1.22%

VBR vs. VBK - Expense Ratio Comparison

Both VBR and VBK have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VBR vs. VBK - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.81%, more than VBK's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBK Vanguard Small-Cap Growth ETF	0.43%	0.54%	0.54%	0.68%	0.55%	0.36%	0.44%	0.57%	0.79%	0.82%	1.08%	0.98%
VBR Vanguard Small-Cap Value ETF	1.81%	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 VBK in my portfolio?

VBR and VBK have a correlation of 0.80, 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 VBK?

VBK has higher volatility (6.13%) compared to VBR (3.90%). In terms of maximum drawdown, VBR dropped -61.98% vs VBK's -58.68%.

Which ETF is better, VBR or VBK?

On 10-year performance, VBK leads with 11.46% vs 10.67% for VBR. Both ETFs have the same 0.05% expense ratio. On volatility, VBR has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBR or VBK?

Over the 10-year period, VBK has performed better with a 11.46% return vs 10.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBR or VBK?

VBR and VBK have the same expense ratio: 0.05% per year.

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

VBR has the higher dividend yield at 1.81%, compared with 0.43% for VBK.

What is the main difference between VBR and VBK?

VBR is categorized as Small Cap Value Equities, while VBK is Small Cap Growth Equities. VBR tracks CRSP US Small Cap Value Index, while VBK tracks CRSP US Small Cap Growth Index.

Which has better risk-adjusted returns?

VBR currently has the higher Sharpe Ratio (1.44 vs 1.32), 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.