VFSAX vs. VFIAX

Last updated Jun 25, 2026

VFSAX (Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares) and VFIAX (Vanguard 500 Index Fund Admiral Shares) are both mutual funds - VFSAX is a Foreign Small & Mid Cap Equities fund managed by Vanguard, while VFIAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, VFSAX returned 5.44%/yr vs 13.11%/yr for VFIAX. A 0.77 correlation means they provide meaningful diversification when combined. VFSAX charges 0.16%/yr vs 0.04%/yr for VFIAX.

Performance

VFSAX vs. VFIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VFSAX achieves a 7.48% return, which is significantly lower than VFIAX's 8.19% return.

VFSAX

• 1D: -2.67%
• 1M: -3.16%
• YTD: 7.48%
• 6M: 7.36%
• 1Y: 20.67%
• 3Y*: 15.91%
• 5Y*: 5.44%
• 10Y*: —

VFIAX

• 1D: -1.44%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 6.86%
• 1Y: 22.31%
• 3Y*: 20.77%
• 5Y*: 13.11%
• 10Y*: 15.59%

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

VFSAX vs. VFIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	7.48%	29.89%	2.58%	15.13%	-21.30%	12.68%	11.90%	13.47%
VFIAX Vanguard 500 Index Fund Admiral Shares	8.19%	17.83%	24.97%	26.24%	-18.16%	28.65%	18.32%	20.46%

Correlation

The correlation between VFSAX and VFIAX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.77

The correlation between VFSAX and VFIAX has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

VFSAX vs. VFIAX - Sectors Allocation Comparison

Sectors	VFSAX	VFIAX
Industrials	20.8%	7.6%
Basic Materials	15.0%	1.7%
Financial Services	13.7%	10.9%
Technology	13.4%	39.1%
Real Estate	7.9%	1.8%
Energy	7.5%	3.2%
Consumer Cyclical	7.5%	9.8%
Healthcare	5.5%	8.3%
Utilities	3.3%	2.5%
Consumer Defensive	2.5%	4.5%
Communication Services	2.1%	10.5%

Return for Risk

VFSAX vs. VFIAX — Risk / Return Rank

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

VFSAX

VFSAX Risk / Return Rank: 34
VFSAX Sharpe Ratio Rank: 35
VFSAX Sortino Ratio Rank: 32
VFSAX Omega Ratio Rank: 36
VFSAX Calmar Ratio Rank: 31
VFSAX Martin Ratio Rank: 35

VFIAX

VFIAX Risk / Return Rank: 52
VFIAX Sharpe Ratio Rank: 49
VFIAX Sortino Ratio Rank: 44
VFIAX Omega Ratio Rank: 46
VFIAX Calmar Ratio Rank: 53
VFIAX Martin Ratio Rank: 66

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.

VFSAX vs. VFIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) and Vanguard 500 Index Fund Admiral Shares (VFIAX). 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.

	VFSAX	VFIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.90	-0.33
Sortino ratio: Return per unit of downside risk	2.16	2.58	-0.42
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	1.95	2.67	-0.72
Martin ratio: Return relative to average drawdown	7.23	12.00	-4.78

VFSAX vs. VFIAX - Sharpe Ratio Comparison

The current VFSAX Sharpe Ratio is 1.57, which is comparable to the VFIAX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of VFSAX and VFIAX, 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

VFSAX vs. VFIAX - Drawdown Comparison

The maximum VFSAX drawdown since its inception was -39.86%, smaller than the maximum VFIAX drawdown of -55.20%. Use the drawdown chart below to compare losses from any high point for VFSAX and VFIAX.

Drawdown Indicators

	VFSAX	VFIAX	Difference
Max Drawdown Largest peak-to-trough decline	-39.86%	-55.20%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.48%	-8.90%	-2.58%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-18.75%	+4.02%
Max Drawdown (5Y) Largest decline over 5 years	-33.81%	-24.53%	-9.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.83%	—
Current Drawdown Current decline from peak	-4.83%	-3.13%	-1.70%
Average Drawdown Average peak-to-trough decline	-9.21%	-9.38%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.09%	1.98%	+1.11%

Volatility

VFSAX vs. VFIAX - Volatility Comparison

Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares (VFSAX) has a higher volatility of 6.00% compared to Vanguard 500 Index Fund Admiral Shares (VFIAX) at 4.90%. This indicates that VFSAX's price experiences larger fluctuations and is considered to be riskier than VFIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VFSAX	VFIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	4.90%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	12.39%	9.93%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	12.57%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.20%	17.00%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	18.08%	-1.00%

VFSAX vs. VFIAX - Expense Ratio Comparison

VFSAX has a 0.16% expense ratio, which is higher than VFIAX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

VFSAX vs. VFIAX - Dividend Comparison

VFSAX's dividend yield for the trailing twelve months is around 3.18%, more than VFIAX's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFIAX Vanguard 500 Index Fund Admiral Shares	1.05%	1.12%	1.24%	1.45%	1.68%	1.24%	1.53%	1.87%	2.05%	1.78%	2.02%	2.10%
VFSAX Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	3.18%	3.31%	3.36%	3.06%	2.22%	2.67%	1.85%	3.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFSAX and VFIAX in my portfolio?

VFSAX and VFIAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFSAX or VFIAX?

VFSAX has higher volatility (6.00%) compared to VFIAX (4.90%). In terms of maximum drawdown, VFSAX dropped -39.86% vs VFIAX's -55.20%.

Which has better risk-adjusted returns?

VFIAX currently has the higher Sharpe Ratio (1.90 vs 1.57), 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.