VBTLX vs. VSMAX
VBTLX (Vanguard Total Bond Market Index Fund Admiral Shares) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - VBTLX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, VBTLX returned 1.59%/yr vs 11.26%/yr for VSMAX. At a correlation of -0.18, they often move in opposite directions. VBTLX charges 0.04%/yr vs 0.05%/yr for VSMAX.
Performance
VBTLX vs. VSMAX - Performance Comparison
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Returns By Period
In the year-to-date period, VBTLX achieves a 0.32% return, which is significantly lower than VSMAX's 14.97% return. Over the past 10 years, VBTLX has underperformed VSMAX with an annualized return of 1.59%, while VSMAX has yielded a comparatively higher 11.26% annualized return.
VBTLX
- 1D
- 0.10%
- 1M
- -0.07%
- YTD
- 0.32%
- 6M
- 0.55%
- 1Y
- 5.35%
- 3Y*
- 4.01%
- 5Y*
- 0.12%
- 10Y*
- 1.59%
VSMAX
- 1D
- 0.71%
- 1M
- 2.48%
- YTD
- 14.97%
- 6M
- 14.31%
- 1Y
- 28.55%
- 3Y*
- 17.69%
- 5Y*
- 7.26%
- 10Y*
- 11.26%
VBTLX vs. VSMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 0.32% | 7.17% | 1.26% | 5.74% | -13.16% | -1.81% | 7.72% | 8.73% | -0.25% | 3.56% |
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 14.97% | 8.83% | 14.23% | 18.17% | -17.61% | 17.74% | 19.06% | 27.36% | -9.33% | 16.24% |
Correlation
The correlation between VBTLX and VSMAX is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2001 | -0.18 |
The correlation between VBTLX and VSMAX shifts across timeframes, from -0.18 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VBTLX vs. VSMAX — Risk / Return Rank
VBTLX
VSMAX
VBTLX vs. VSMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). 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.
| VBTLX | VSMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.32 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 3.34 | -1.75 |
| Martin ratioReturn relative to average drawdown | 4.74 | 12.32 | -7.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBTLX | VSMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 1.84 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.35 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | 0.52 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.76 | 0.39 | +0.37 |
Drawdowns
VBTLX vs. VSMAX - Drawdown Comparison
The maximum VBTLX drawdown since its inception was -18.81%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VBTLX and VSMAX.
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Drawdown Indicators
| VBTLX | VSMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.81% | -59.68% | +40.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.89% | -8.97% | +6.08% |
Max Drawdown (3Y)Largest decline over 3 years | -6.00% | -25.25% | +19.25% |
Max Drawdown (5Y)Largest decline over 5 years | -18.14% | -28.14% | +10.00% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -41.82% | +23.01% |
Current DrawdownCurrent decline from peak | -2.28% | 0.00% | -2.28% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -9.69% | +7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 2.43% | -1.46% |
Volatility
VBTLX vs. VSMAX - Volatility Comparison
The current volatility for Vanguard Total Bond Market Index Fund Admiral Shares (VBTLX) is 1.31%, while Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a volatility of 4.35%. This indicates that VBTLX experiences smaller price fluctuations and is considered to be less risky than VSMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBTLX | VSMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.31% | 4.35% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.78% | 11.73% | -8.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.96% | 16.26% | -12.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.01% | 20.71% | -14.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.98% | 21.56% | -16.58% |
VBTLX vs. VSMAX - Expense Ratio Comparison
VBTLX has a 0.04% expense ratio, which is lower than VSMAX's 0.05% 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
VBTLX vs. VSMAX - Dividend Comparison
VBTLX's dividend yield for the trailing twelve months is around 3.99%, more than VSMAX's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares | 3.99% | 3.87% | 3.69% | 3.10% | 2.59% | 1.96% | 2.39% | 2.74% | 2.57% | 2.56% | 2.53% | 2.82% |
VSMAX Vanguard Small-Cap Index Fund Admiral Shares | 1.18% | 1.33% | 1.30% | 1.56% | 1.54% | 1.24% | 1.14% | 1.39% | 1.67% | 1.35% | 1.49% | 1.48% |
Frequently Asked Questions
VBTLX and VSMAX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VSMAX has higher volatility (4.35%) compared to VBTLX (1.31%). In terms of maximum drawdown, VBTLX dropped -18.81% vs VSMAX's -59.68%.
VSMAX currently has the higher Sharpe Ratio (1.84 vs 1.17), 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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