VEVIX vs. VSMAX

Last updated Aug 4, 2026

VEVIX (Victory Sycamore Established Value Fund Class I) and VSMAX (Vanguard Small-Cap Index Fund Admiral Shares) are both mutual funds - VEVIX is a Mid Cap Value Equities fund actively managed by Victory, while VSMAX is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. VEVIX is actively managed, while VSMAX is passively managed. Over the past 10 years, VEVIX returned 11.20%/yr vs 11.06%/yr for VSMAX. Their correlation of 0.92 means they have usually moved in the same direction. VEVIX charges 0.58%/yr vs 0.05%/yr for VSMAX.

Performance

VEVIX vs. VSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Victory Sycamore Established Value Fund Class I (VEVIX) and Vanguard Small-Cap Index Fund Admiral Shares (VSMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEVIX achieves a 14.42% return, which is significantly lower than VSMAX's 15.17% return. Both investments have delivered pretty close results over the past 10 years, with VEVIX having a 11.20% annualized return and VSMAX not far behind at 11.06%.

VEVIX

• 1D: -0.02%
• 1M: -0.16%
• 6M: 7.57%
• YTD: 14.42%
• 1Y: 17.79%
• 3Y*: 9.72%
• 5Y*: 8.01%
• 10Y*: 11.20%
• ALL TIME*: 11.61%

VSMAX

• 1D: -0.24%
• 1M: -1.81%
• 6M: 9.26%
• YTD: 15.17%
• 1Y: 25.82%
• 3Y*: 13.99%
• 5Y*: 7.42%
• 10Y*: 11.06%
• ALL TIME*: 8.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VEVIX Victory Sycamore Established Value Fund Class I	$0.00	$0.00	$0.00
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	$0.00	$0.00	$0.00

VEVIX vs. VSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEVIX Victory Sycamore Established Value Fund Class I	14.42%	2.64%	10.12%	10.42%	-2.54%	31.92%	8.11%	28.80%	-10.05%	16.02%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	15.17%	8.83%	14.23%	18.17%	-17.61%	17.74%	19.06%	27.36%	-9.33%	16.24%

Correlation

The correlation between VEVIX and VSMAX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Mar 1, 2010	0.92

The correlation between VEVIX and VSMAX shifts across timeframes, from 0.82 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VEVIX vs. VSMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VEVIX

VEVIX Risk / Return Rank: 47
VEVIX Sharpe Ratio Rank: 42
VEVIX Sortino Ratio Rank: 47
VEVIX Omega Ratio Rank: 39
VEVIX Calmar Ratio Rank: 59
VEVIX Martin Ratio Rank: 46

VSMAX

VSMAX Risk / Return Rank: 61
VSMAX Sharpe Ratio Rank: 51
VSMAX Sortino Ratio Rank: 52
VSMAX Omega Ratio Rank: 47
VSMAX Calmar Ratio Rank: 79
VSMAX Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VEVIX vs. VSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Victory Sycamore Established Value Fund Class I (VEVIX) 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.

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.

	VEVIX	VSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.46	-0.11
Sortino ratio: Return per unit of downside risk	2.07	2.13	-0.06
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	2.21	2.67	-0.46
Martin ratio: Return relative to average drawdown	7.05	9.77	-2.72

VEVIX vs. VSMAX - Sharpe Ratio Comparison

The current VEVIX Sharpe Ratio is 1.34, which is comparable to the VSMAX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VEVIX and VSMAX, 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

VEVIX vs. VSMAX - Drawdown Comparison

The maximum VEVIX drawdown since its inception was -41.01%, smaller than the maximum VSMAX drawdown of -59.68%. Use the drawdown chart below to compare losses from any high point for VEVIX and VSMAX.

Drawdown Indicators

	VEVIX	VSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.01%	-59.68%	+18.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.46%	-8.97%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-20.28%	-25.25%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	-20.28%	-28.14%	+7.86%
Max Drawdown (10Y) Largest decline over 10 years	-41.01%	-41.82%	+0.81%
Current Drawdown Current decline from peak	-1.47%	-2.59%	+1.12%
Average Drawdown Average peak-to-trough decline	-4.21%	-9.64%	+5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	2.45%	-0.12%

Volatility

VEVIX vs. VSMAX - Volatility Comparison

The current volatility for Victory Sycamore Established Value Fund Class I (VEVIX) is 2.62%, while Vanguard Small-Cap Index Fund Admiral Shares (VSMAX) has a volatility of 3.29%. This indicates that VEVIX 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.

Volatility by Period

	VEVIX	VSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.62%	3.29%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	8.56%	11.98%	-3.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.24%	16.47%	-4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	20.66%	-3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.16%	21.51%	-2.35%

VEVIX vs. VSMAX - Expense Ratio Comparison

VEVIX has a 0.58% expense ratio, which is higher than VSMAX's 0.05% expense ratio.

Dividends

VEVIX vs. VSMAX - Dividend Comparison

VEVIX's dividend yield for the trailing twelve months is around 4.50%, more than VSMAX's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VEVIX Victory Sycamore Established Value Fund Class I	4.50%	4.77%	11.58%	6.16%	8.27%	8.39%	5.47%	6.11%	10.68%	3.30%	1.48%	11.57%
VSMAX Vanguard Small-Cap Index Fund Admiral Shares	1.21%	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

Can I hold both VEVIX and VSMAX in my portfolio?

VEVIX and VSMAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEVIX or VSMAX?

VSMAX has higher volatility (3.29%) compared to VEVIX (2.62%). In terms of maximum drawdown, VEVIX dropped -41.01% vs VSMAX's -59.68%.

Which has better risk-adjusted returns?

VSMAX currently has the higher Sharpe Ratio (1.46 vs 1.34), 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.