VBR vs. VSIAX

Last updated Jun 24, 2026

VBR (Vanguard Small-Cap Value ETF) and VSIAX (Vanguard Small-Cap Value Index Fund Admiral Shares) are both Small Cap Value Equities funds from Vanguard tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 10 years, VBR returned 11.01%/yr vs 11.03%/yr for VSIAX. With a 0.99 correlation, they move nearly in lockstep. VBR charges 0.05%/yr vs 0.07%/yr for VSIAX.

Performance

VBR vs. VSIAX - 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 Value Index Fund Admiral Shares (VSIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with VBR having a 13.29% return and VSIAX slightly higher at 13.43%. Both investments have delivered pretty close results over the past 10 years, with VBR having a 11.01% annualized return and VSIAX not far ahead at 11.03%.

VBR

• 1D: -0.11%
• 1M: 2.54%
• YTD: 13.29%
• 6M: 11.72%
• 1Y: 26.18%
• 3Y*: 16.90%
• 5Y*: 8.59%
• 10Y*: 11.01%

VSIAX

• 1D: 0.20%
• 1M: 2.69%
• YTD: 13.43%
• 6M: 11.91%
• 1Y: 26.42%
• 3Y*: 16.94%
• 5Y*: 8.87%
• 10Y*: 11.03%

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

VBR vs. VSIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VBR Vanguard Small-Cap Value ETF	13.29%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	22.78%	-12.28%	11.81%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	13.43%	9.09%	11.34%	17.06%	-9.31%	28.10%	5.80%	22.76%	-12.24%	11.80%

Correlation

The correlation between VBR and VSIAX is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 27, 2011	0.99

The correlation between VBR and VSIAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

VBR vs. VSIAX - Sectors Allocation Comparison

Sectors	VBR	VSIAX
Financial Services	17.5%	17.5%
Industrials	17.4%	17.4%
Consumer Cyclical	12.5%	12.5%
Technology	12.1%	12.1%
Real Estate	10.5%	10.5%
Healthcare	8.3%	8.3%
Basic Materials	6.0%	6.0%
Utilities	4.6%	4.6%
Energy	4.3%	4.3%
Consumer Defensive	4.0%	4.0%
Communication Services	2.8%	2.8%

Return for Risk

VBR vs. VSIAX — Risk / Return Rank

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

VBR

VBR Risk / Return Rank: 55
VBR Sharpe Ratio Rank: 52
VBR Sortino Ratio Rank: 54
VBR Omega Ratio Rank: 48
VBR Calmar Ratio Rank: 62
VBR Martin Ratio Rank: 61

VSIAX

VSIAX Risk / Return Rank: 53
VSIAX Sharpe Ratio Rank: 45
VSIAX Sortino Ratio Rank: 48
VSIAX Omega Ratio Rank: 40
VSIAX Calmar Ratio Rank: 73
VSIAX 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. VSIAX - 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 Value Index Fund Admiral Shares (VSIAX). 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	VSIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.82	-0.10
Sortino ratio: Return per unit of downside risk	2.54	2.68	-0.14
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.02
Calmar ratio: Return relative to maximum drawdown	2.97	3.15	-0.18
Martin ratio: Return relative to average drawdown	10.49	11.17	-0.68

VBR vs. VSIAX - Sharpe Ratio Comparison

The current VBR Sharpe Ratio is 1.72, which is comparable to the VSIAX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of VBR and VSIAX, 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. VSIAX - Drawdown Comparison

The maximum VBR drawdown since its inception was -61.98%, which is greater than VSIAX's maximum drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for VBR and VSIAX.

Drawdown Indicators

	VBR	VSIAX	Difference
Max Drawdown Largest peak-to-trough decline	-61.98%	-45.39%	-16.59%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-8.87%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.19%	-24.09%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.19%	-24.09%	-0.10%
Max Drawdown (10Y) Largest decline over 10 years	-45.28%	-45.39%	+0.11%
Current Drawdown Current decline from peak	-1.14%	-1.02%	-0.12%
Average Drawdown Average peak-to-trough decline	-8.25%	-5.48%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.50%	2.50%	0.00%

Volatility

VBR vs. VSIAX - Volatility Comparison

Vanguard Small-Cap Value ETF (VBR) and Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX) have volatilities of 3.98% and 4.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBR	VSIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	4.02%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	10.66%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	15.36%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.73%	19.73%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.71%	22.47%	-0.76%

VBR vs. VSIAX - Expense Ratio Comparison

VBR has a 0.05% expense ratio, which is lower than VSIAX's 0.07% 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. VSIAX - Dividend Comparison

VBR's dividend yield for the trailing twelve months is around 1.73%, which matches VSIAX's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VBR Vanguard Small-Cap Value ETF	1.73%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	1.73%	1.95%	1.98%	2.10%	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 VSIAX in my portfolio?

With a correlation of 1.00, VBR and VSIAX 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.

Which is riskier, VBR or VSIAX?

VSIAX has higher volatility (4.02%) compared to VBR (3.98%). In terms of maximum drawdown, VBR dropped -61.98% vs VSIAX's -45.39%.

Which has better risk-adjusted returns?

VSIAX currently has the higher Sharpe Ratio (1.82 vs 1.72), 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.